ANNUAL REPORT 2 011 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d annual report 2 0 11 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d contents

04. 08. 12. 14. KEY LETTER FROM MISSION, VISION 2011 FIGURES THE CHAIRMAN & VALUES MILESTONES

20. 22. 30. 114. ORGANIZATIONAL CHART INTERNATIONAL ACCIONA IN 2011 innovaTIOn

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 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d KEY FIGURES Acciona Annual Report 2011 // 4

share performance 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%

30% +26%

20%

10%

0% 1-11 2-11 3-11 4-11 5-11 6-11 7-11 8-11 9-11 10-11 11-11 12-11

-10% -13%

-20%

-30% WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d KEY FIGURES Acciona Annual Report 2011 // 5

TURNOVER (million euros) EBITDA (million euros) EBT (million euros)

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

TURNOVER (million euros) EBITDA (million euros) EBT (million euros)

1,312 1,211 240 6,646 224 6,263 2011 2011 2010 2010 2010 2011 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d KEY FIGURES Acciona Annual Report 2011 // 6

ACCIONA has proposed that the Shareholders’ Meeting approve the payment of 190.7 million euros in dividends, with an implied dividend yield of 4.4%**

dividends per share Payouts/net income dividend yield (1) (euros) (%) (%) 245% 3.65

3.01 3.10 3.00 2.92 3.5% 4.4% 4.4%

118% 100% 2.0% 2.1% 94% 67%

2007 2008 2009 2010 2011* 2007* 2008* 2009 2010 2011** 2007 2008 2009 2010 2011*

(1) * Pending approval by the Shareholders’ Meeting. * Excluding results from Endesa. Dividends as a % of the average share price in the year. ** Pending approval by the Shareholders’ Meeting. * Pending approval by the Shareholders’ Meeting. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d KEY FIGURES Acciona Annual Report 2011 // 7

Turnover amounted to 6.646 billion euros in 2011, up from 6.263 billion euros in 2010

dividend yield (1) TURNOVER (euros) EBITDA (euros) EBT (euros) (%)

7,208 6,749 1,312 6,515 6,646 6,263 1,211 1,069 1,043 978 501

353 320

240 212

2007* 2008* 2009 2010 2011 2007* 2008* 2009 2010 2011 2007* 2008* 2009 2010 2011

* Excluding results from Endesa. * Excluding results from Endesa. * Excluding results from Endesa. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d letter from the chairman Acciona Annual Report 2011 // 8

letter from the chairman

José Manuel Entrecanales. Chairman & CEO of ACCIONA

Dear Shareholders,

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

“Energy sector reform in Spain is clearly a priority in order to reduce our untenable energy dependence and guarantee economic sustainability”

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

In 2011 ACCIONA was selective and invested 989 million euros, of which 802 million euros were assigned to the organic growth of ACCIONA Energy

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

installation of a floating wind turbine namely the “Code of Conduct”; from It’s obvious that there’s still a long way generator in Spanish territorial waters now on, it contains not only the new to go, and that there are economic and sometime in 2013; ACCIONA Agua, for legal requirements that are needed other challenges that affect our social its part, brought into operation the first for bringing about change, but also, contribution and our defense of the experimental wastewater treatment plant as an annex, our “Ethical Principles for environment. using advanced anaerobic nitrification. Suppliers”. Finally, we have subscribed to the “Good Tax Practices Code” in an But in these times of great uncertainty, the All of this has garnered ACCIONA effort to round-off the existing control, principles on which we base our actions, acclaim and recognition from a number prevention and compliance systems and which are underpinned by values of leading international organizations. currently in place. that take the long view, come into their In 2011, and for the fifth year running, own and help us to take on, with equal we renewed as a component in the Dow In 2011, our social contribution to measures of responsibility and optimism, Jones Sustainability Index; and we joined a number of projects came to the the commitments that frame our day-to- the FTSE4Good Index and the Carbon equivalent of 4.06% of dividend. In day efforts wherever we operate. Performance Leadership Index (CPLI) addition, ACCIONA’s commitment to Europe300, and this comes as a good show society also, and logically, extends to the I am firmly convinced that our company of support for our business model and our environment. In 2011 we reined in our model brings consistency not only notion of Sustainability. CO2 emissions by 19%, used 28% less to reasonable and hopeful levels of energy than in 2010, and recycled and environmental conservation, but also to Among our many Good Governance reuse water accounted for 20% of the the sustainable and balanced development practices, one stands out in particular, Company’s total water use. of our society. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d mission, vision and values WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d misión, visión y valores Acciona Informe Anual 2011 // 13

Our MISSION is to be leaders in building, Our values developing and managing infrastructure, energy and services, and to contribute actively HONESTY. LONG-TERM VIEW. to social well-being, We strive for transparency, dialogue and Our pledge to sustainability confirms our sustainable development participation in all of our actions. commitment to finding forward-looking and value creation for LEADERSHIP. solutions and business models. We believe that innovation and FINANCIAL STRENGTH. our stakeholders. foresight will allow us to be pioneers We guarantee the viability and profitability and leaders in future trends in all of our businesses, creating a relationship aspects of our business activity. of trust with our shareholders and EXCELLENCE. stakeholders. ACCIONA aims to set the benchmark in CUSTOMER FOCUS. Our VISION the markets where it operates. Our customers’ satisfaction is one of the is to face the challenge CONCERN FOR THE fundamental principles of our bid for of achieving ENVIRONMENT. excellence. In 2011, ACCIONA avoided the emission INNOVATION.

sustainable development of 11.7 million metric tons of CO 2, an One of ACCIONA’s strategic pillars. in all of our business increase of 2% on 2010. CARE FOR PEOPLE. areas so that SOCIAL RESPONSIBILITY. Our system is based on integration and ACCIONA’s commitment to sustainable equal opportunities. We aim to create the generations development is evidenced by its a work environment that promotes of today and tomorrow ranking as a sector leader in the professional development, and respect for will have a better life. Dow Jones Sustainability Index in our employees’ personal lives, as well as recent years. their health and safety. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d 2011 milestones WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d MILESTONES Acciona Annual Report 2011 // 15

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

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

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

Adif and ACCIONA will jointly develop rotation strategy, which seeks to optimize ACCIONA won the contract from the railway projects in Colombia. Adif will value creation in developing projects and Costa Rican Institute of Electricity to build provide technical support to ACCIONA drive Company growth. its first wind farm in Costa Rica, worth 90 in bidding for projects to build new ACCIONA Energy connected the Peña million euros. The wind farm (45 MW) will corridors and upgrade existing ones, as Nebina wind farm (Zamora, Spain) to comprise thirty-three 1.5 MW ACCIONA part of the Colombian government’s major the grid, bringing the total number of Windpower-designed WTGs. modernization plans. company-owned and third party wind farms installed in Spain to date to more DECEMBER OCTOBER than 200. Those wind farms have a total ACCIONA and Adif will work together ACCIONA signed the 2ºC Challenge capacity of 5,976 MW, accounting for 28% in 2012 to increase the use of renewable Communiqué, promoted by the Corporate of Spain’s wind capacity. energies in Spain’s railway network. Leaders Network for Climate Action (CLN) ACCIONA will supply renewables-based and the EU Corporate Leaders Group on NOVEMBER electricity for more than 70% of Adif’s HT Climate Change (EUCLG), in which more ACCIONA Chairman & CEO electricity requirements. than 185 leading companies from 29 José Manuel Entrecanales was re- ACCIONA Energy commenced operation countries call on governments to take appointed for a two-year mandate of the Golice wind farm (38 MW), the decisive action against climate change. to the Executive Committee of the company’s first facility in Poland, which ACCIONA Energy completed the World Business Council for Sustainable cost approximately 57 million euros. The assembly of the wind turbines in its third Development (WBCSD), which comprises farm will generate clean energy equivalent facility in India, the Tuppadahalli wind farm 200 multinationals focused on to the needs of around 40,000 families (56.1 MW), which cost 58 million euros. providing business-oriented solutions and will avoid the emission of 77,625 tons

ACCIONA completed the sale of Splau! and proposals to encourage sustainable of CO2 into the atmosphere each year. Shopping Center, in Cornellà (Barcelona), development. ACCIONA received the Codespa Award to Unibail-Rodamco, a commercial real ACCIONA’s net profit tripled to 314 in the Solidarity category at the 15th estate company, for 185 million euros. million euros in the first nine months edition of the awards in recognition of its This transaction is part of ACCIONA’s asset of 2011. Electricity at Home (Luz en casa) project, WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d MILESTONES Acciona Annual Report 2011 // 19

developed with ACCIONA Microenergy build water tunnels and related infrastructure as the Carbon Performance Leadership Index Foundation. part of the Cerro Negro Norte mining project in (CPLI), created by the Carbon Disclosure ACCIONA, together with ACCIONA Agua Copiapó Valley, in Atacama Region III (Chile). Project (CDP), in recognition of its climate and ACCIONA Infrastructure, was chosen by ACCIONA was included for the first change initiatives. Compañía Minera del Pacífico (Grupo CAP) to time among top European companies in

Milestones after year-end

ACCIONA Windpower signed a contract with ACCIONA commenced operation of El Chaparro ACCIONA Energy commenced construction NaturEner to supply 189 MW to the Rim Rock wind farm (16 MW) in Guadalajara (Spain), which will of its first facility in Croatia: the Jelinak wind Wind Farm, in Montana (USA). meet the consumption needs of 12,000 households. farm (30 MW), in the Split-Dalmatia area. ACCIONA was awarded the contract for Including this farm, the Company has 560 MW of The farm, comprising twenty 1.5-MW ACCIONA the construction, upkeep and operation wind capacity in the Castile-La Mancha region. Windpower-designed WTGs, strengthens the of the section of the Almanzora highway ACCIONA Agua was awarded a contract by Aguas Company’s footprint abroad, making it the first between Purchena and the A-7 (Autovía del Nacionales EPM to build, design, operate and Spanish wind power developer with a facility in Mediterráneo). maintain the Bello wastewater treatment plant in that country. ACCIONA was named one of the 100 most Medellin (Colombia) for 260 million euros. The plant The President of Mexico, Felipe Calderón, sustainable companies in the world, according will initially serve more than three million people. inaugurated Latin America’s largest wind farm to the index created by Corporate Knights ACCIONA maintained its growth policy despite complex, owned by ACCIONA, in Oaxaca. magazine. The Company received the distinction the adverse economic situation, with capital It comprises three facilities with a total at the World Economic Forum meeting in expenditure amounting to 989 million euros capacity of 360 MW, and will provide Davos (Switzerland). in 2011. electricity to meet the needs of 700,000 families. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d organization chart WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d CHAIRMAN & CEO José Manuel Entrecanales* VICE-CHAIRMAN Juan Ignacio Entrecanales*

Chief of staff Macarena Carrión* (DGA)

CHIEF FINANCIAL OFFICER GENERAL COUNSEL Juan Gallardo* (SED) Jorge Vega-Penichet* (SED)

CORP. DEVELOPMENT OFFICER CHIEF GLOBAL BUSINESS & CHIEF INVESTOR RELATIONS DEVELOPMENT OFFICER Juan Muro-Lara* (SED) Fidel Andueza* (SED)

CHIEF CORPORATE INSTITUTIONAL RELATIONS RESOURCES OFFICER Joaquín Mollinedo* (SED) Alfonso Callejo* (SED)

CHIEF INNOVATION AND CHIEF GLOBAL BRAND AND QUALITY OFFICER MARKETING OFFICER Félix Rivas (ED) Pío Cabanillas* (SED)

ENERGY INFRASTRUCTURE WATER & ENVIRONMENT Carmen Becerril* (President) Pedro Martínez (President) Luis Castilla* (President) Rafael Mateo* (SED)

REAL ESTATE TRASMEDITERRANEA OTHER BUSINESSES Isabel Antúnez (SED) Antonio Grávalos (SED) Ricardo Molina (SED)

* Member of the Executive Committee SED: Senior Executive Director At 1 January 2012 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d INTERNATIONAL Acciona Annual Report 2011 // 22

international

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

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

more than 162,750 metric tons of CO2 each presence in the Australian water market WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d INTERNATIONAL Acciona Annual Report 2011 // 24

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

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

Chile with ACCIONA Infrastructure during the Energía de Bogotá. Thirdly, Empresa de ACCIONA has been operating in Chile construction phase—yet another example Acueducto y Alcantarillado de Bogotá since 1993. The Infrastructure division was of cooperation between the Company’s awarded ACCIONA a contract to build the the first of the company’s businesses to divisions. These projects are expected to sewer and storm drain systems in Bello open an office there, and was followed by become operational in 2013. Horizonte neighborhood, in Bogota. ACCIONA Energy and ACCIONA Agua. In 2011, ACCIONA reached an agreement The Chairman of Adif, Antonio González ACCIONA was awarded two projects in to sell its holdings in the “Autopista Marín, and the President of ACCIONA 2011 by Grupo CAP: a 20-year contract Vespucio Sur” and “Red Vial Litoral Central” Infrastructure, Pedro Martínez, signed a to design, build, commission and operate toll road concessions in Chile to Italian cooperation agreement in September 2011 a seawater desalination plant in Valle de group Atlantia, for €293m. to develop railway projects in Colombia, Copiapó (Atacama region), and a contract including the construction of new corridors to build pipelines for desalinated water Colombia and the refurbishment of existing ones, as and ore concentrate slurry as part of the The Infrastructure division was awarded part of the Colombian government’s 2011- Cerro Negro Norte mining project. The three major contracts in 2011. Firstly, it 2014 modernization plans. latter represents the development of a is to build a 170-kilometre gas pipeline comprehensive solution for transporting between Apiay and Monterrey for state- ACCIONA is also involved in logistics and iron ore concentrate from the CNN owned company Ecopetrol. Secondly, it transport works in the country, and its mining plant to the filtering plant, in commenced the construction of phase winery, Hijos de Antonio Barceló, has sales Puerto Punta Totoralillo, via a special II of a 36-kilometre gas pipeline for offices there. slurry pipeline. ACCIONA Agua, which Transportadora de Gas Internacional, a was awarded the contracts, will work local company owned by State-company WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d INTERNATIONAL Acciona Annual Report 2011 // 27

ACCIONA Energy commenced operation of USA India Italy its third wind ACCIONA has 662 MW of installed ACCIONA was the first Spanish company to ACCIONA’s three main business areas operate farm in India wind capacity and 64 MW of solar develop and operate a wind farm in India. in Italy. In energy, the Company focuses and will begin thermoelectric (CSP) energy in the US. ACCIONA Energy commenced operation of mainly on wind; Italy is the sixth-largest Outside Spain, the US is the company’s its third facility in India, the Tuppadahalli wind market in the world. ACCIONA Energy construction in biggest market for renewable energies, wind farm (56 MW), which cost €58m. is currently building its fourth wind power with investment totaling US$1 billion. In Just like its two other wind farms in India, facility in the country: the Santa Ana wind 2012 of its 2011, ACCIONA built the Dempsey Ridge Tuppadahalli is registered as a Clean farm (64 MW), in the Calabria region. wind farm (132 MW), in Oklahoma. The Development Mechanism (CDM) under the fourth facility facility is 100% owned by ACCIONA and is Kyoto Protocol. ACCIONA Agua has 40 projects in Italy, the Company’s sixth wind farm in the US. ranging from drinking water to wastewater ACCIONA continues to grow in India, and treatment, serving over 2.5 million people. In It will generate clean energy equivalent to has installed capacity of 85.8 MW, making December 2011, the company was awarded the needs of 46,000 households, avoiding it the leading Spanish wind farm developer the contract to upgrade one of the largest the emission of 339,000 metric tons of there with proprietary assets. ACCIONA waste water treatment plants in Italy and the

CO2 into the atmosphere each year. Energy will commence construction in 2012 largest in Sardinia. ACCIONA operates the largest seawater of its fourth wind farm (100 MW), which will desalination plant in the US, located in more than double its capacity in the country. ACCIONA is also focusing on transport Tampa Bay, Florida; the plant uses Reverse infrastructure and hospitals in Italy. Osmosis technology and is managed in a ACCIONA Infrastructure and ACCIONA joint venture with American Water. Agua opened offices in New Delhi with a view to expanding their activities in India. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d INTERNATIONAL Acciona Annual Report 2011 // 28

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

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

At the forefront of technological advances ACCIONA Infrastructure is a global front-runner in construction and stands at the leading edge of R&D.

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

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

Work under contract in Spain during 2011:

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

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

Works carried out in 2011

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

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

International presence

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

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

ACCIONA Engineering

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

In addition to this project, ACCIONA Djibouti Final study for designs for stabilisation works Engineering secured the contract for drafting Technical assistance in the negotiations of the bank of the Northern trunk road, also the National Strategic Plan for Adapting phase for the works tender of the solid waste for the Ministry of Public Works, Housing and to Climate Change along the Gabonese programme of the Ville de Djibouti, a contract Urban Development. seaboard, increasing the portfolio of of the EU Delegation in Djibouti. references in the environmental sector and Italy thus making it a major international player in Ecuador Works project: Route E78 Grosseto-Fano, this sector. Final designs of works in rural parishes for Grosseto-Siena section, for the country’s interception and treatment of wastewater National Roads Corporation. The following are other international discharged into the Guayllabamba and San contracts that are worth highlighting: Pedro rivers, from the Empresa Metropolitana Macedonia de Alcantarillado y Agua Potable [Metropolitan Communications plan for the National Bolivia Company of Drains and Drinking Water]. Regional Development Programme, for the A technical, economic, social and Macedonia Ministry of Finance. environmental study for construction of the El Salvador Punku-Ivirgarzama Mountain Road in Bolivia Design of the works for protecting and Poland for Cochabamba regional authorities. stabilising the left buttress of the Cerrón Contract to supply falling weight deflectometer Grande hydroelectric plant, River Lempa (FWD) equipment for the General Directorate for Croatia executive commission. National Roads, in Wroclaw. Support for members of the operational Design works for protection against small Review of the state of road use on the structure of the Environmental Protection rockslides in the clearing house of the Cinco de regional roads of Katowice, for the Regional Operational Programme for the Central Noviembre [Fifth of November] hydroelectric Roads Office in Katowice. Agency of Finance and Contracts. plant, River Lempa executive commission. Carry out improvements in water supply A study on structuring and basic engineering Romania and hygiene and build a wastewater for the first phase of the San Salvador Modernisation of the tramway line in treatment plant in the area of Knin for Metropolitan Area integrated transport system, the municipality of Cluj-Napioca, section: HRVASTE VODE. for the Ministry of Public Works, Housing and Monastru-Piata Garii-Bulevardul, for the Cluj- Urban Development. Napioca Town Council. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 40

Other contracts include the works carried In the hydraulic works sector important Production of the inventory and monitoring out by ACCIONA Engineering for other contracts were secured; the most notable the road network of the Tenerife Island Council. group companies in countries such as ones are the following: Necessary monitoring trials to determine Australia, Bulgaria, Canada, Chile, Colombia, Project design for hydraulic infrastructure the values of status indicators for the public the United Arab Emirates, Morocco, Mexico, (pipelines, pumping stations and tanks) – works concession contract for conservation Mozambique, Peru and Portugal. Batch 4 for the Isabel II Canal. and use of the A-321 motorway, section: Support work for monitoring projects and Bonete-Alicante, for Ineco (a transport In the national market, Spain’s Railway works under the National Plan for Water engineering company). Infrastructure Administrator, Adif, has Quality, Sanitation and Water Treatment consolidated its position as the Company’s (2007-2015) for the Duero Water Authority. Equally, in the area of structural main client with three large concessions in Preliminary plan for a regulating pool in engineering, in addition to numerous the railway sector, as follows: the municipal district of Afamen for the smaller contracts, the contract granted by Drawing up basic construction projects for Ebro Water Authority. Spain’s Endesa electric utility is significant. the new station at Huelva. The project is to carry out the replacement Drawing up the platform project for the In the area of roads, we can highlight of suspension cables and anchorages of roof Antequera–Granada high speed railway line, the contract for technical assistance for arches in the coal burning facilities in As section: Granada access. inspection of the use of sectors Z1, Z2 and Pontes. Drawing up the construction project Z3, Zaragoza province. Within the Regional for the new Levant high speed rail access, Government of Aragon’s ‘NETWORK’ section: Alicante access. project, as well as various extensions to contracts previously awarded by the General To these one must add the award of Roads Office. the General Management of Railway Infrastructure to carry out the: In relation to Infrastructure Management, Construction project of the Madrid- ACCIONA Engineering was consolidated as Extremadura-Portuguese border high speed a benchmarks in Spain, securing important rail (HSR) in its urban integration phase contracts including the following: with the railway in Talavera de la Reina. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 41

ACCIONA Concessions

ACCIONA Concessions is one of the main Because of this and with the aim of providing leaders in private infrastructure promotion in impetus to promoting private investment, the world, both in the number of projects as government puts the private sector in charge well as the amount of business. The Company of execution (construction, improvement manages a portfolio of 22 concessions, spread and/or restoration) of public works and the across Spain, Canada, Mexico, Chile and Brazil use of said infrastructure for a specific period. and in transport infrastructure sectors (roads, Handing over infrastructure concessions to ACCIONA railways, ports and irrigation) and social services the private sector overcomes some of the infrastructure (universities and hospitals). traditional stumbling blocks arising in projects, Concessions e.g. insufficient resource assignation, excessive is a world The need to increase and improve dependency on the budget, etc. front-runner infrastructure and specific services at the citizen’s disposal drives Public Administrations Within this process of collaboration with in private to use the concessional method as an Public Administrations, ACCIONA continues infrastructure additional tool for long term collaboration with its marked international expansion and development with the private sector. With this collaboration has been shortlisted for several contracts, private enterprise contributes its experience, while looking into investment opportunities in discipline and management capacity, thus countries such as the United States, Canada, facilitating the correct development of Chile, Brazil and Australia. complex management projects. In the Spanish arena different types of In addition to the experience and discipline concession have been studied during this year, common to the private sector, the use of some of which turned into contracts, as is the this formula allows for rescheduling initial case with the Almanzora Motorway, A-334 investment throughout the entire life of the (Purchena-A7 section) in Andalusia and the infrastructure, at the same time as adding hospital complex at the University of Vigo. In budgetary security by passing most of the the meantime bids for various tenders which risks on to the private sector, among which have been entered are still awaiting a decision. the fixed cost and duration for construction are paramount. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 42

Within ACCIONA Concessions, ACCIONA Hospital Services focuses on hospital Contracts concessions—an operations model that is gaining favour in the healthcare sector in recent years. This division came into being VIGO HOSPITAL with the aim of leading, nationally and A public works concession for designing the technical, internationally, the integral management financial and construction project of the new hospital in Vigo of design, construction, finance, operation, as well as developing specific non-clinical services of the maintenance and development projects for University of Vigo Healthcare Complex (CHUVI). The body healthcare infrastructure using the concession responsible for the contract is the Galicia Regional Health formula. From its inception it has participated Service and the contract has a duration of 23 years (three for in numerous bids and many of these have construction and set-up and twenty years for development. resulted in contracts, among which the following stand out: ACCIONA leads the concessionary association set up for the purpose of the contract and which comprises several members, namely Puentes y Calzadas, OCA, Concessia and Altair (Dalkia Group).

The CHUVI comprises the new Vigo Hospital with a capacity ACCIONA Hospital of 1,465 beds and the existing Meixoeiro and ‘Nicolás Services leads integral Peña’ hospitals (422 and 120 beds) and involves an initial management of investment of more than 300 million euros. healthcare infrastructure The non-clinical services ACCIONA will provide are restaurant projects using the facilities, cleaning, laundry and linen, electro-medical maintenance, pest control, internal/external transport, concession formula security, energy supply and distribution, a water supply plant and upkeep of roads and gardens. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 43

Asset turnover This transaction is part of the concessions asset San Luis de Potosi University (Mexico): In June 2011, ACCIONA sold its shares in the turnover plan that envisages selling mature Phase IV was started in April, which completes concessions for the South Vespucio Motorway assets in order to drive new investment, one of project start-up. and Central Coast Road Network in Chile to the Company’s strategic areas. Royal Jubilee Hospital (British Columbia, an Italian group for the sum of 9.3 million UF Canada): the hospital went into service in (unidades de fomento [an inflation indexed ACCIONA will continue to work in the Chile January 2011. unit]), equivalent to 293 million euros. The concessions business, where it has the 40- transaction involved 50% of the Autopista year concession on Route 160, long-term Financing Vespucio, Litoral Central and Operación y financing of which was previously completed Financing operations completed Logística de Infraestructura companies. in December 2010. during the year Rodovia do Aço Motorway (Brazil). The agreement also confirmed the payment Deployment commitment in favour of ACCIONA for an The following infrastructure was inaugurated Re-financing operations outstanding construction claim payment with in 2011 as part of the concession system: carried out during the year the Chilean Ministry of Public Works (MOP) Port of Roda de Bara (Tarragona, Spain). for an amount of 375,000 UF (11.8 million Zaragoza tramway (Aragon, Spain): A2 Motorway, Section 2 euros) that will be paid whenever the MOP Phase I started on the 19th of April. (Guadalajara, Spain). confirms the administrative decision and Aguacanal project (Navarre, Spain): ACCIONA Concessions Chile (Chile). settles the South Vespucio Motorway. all sectors of the Navarre Canal irrigation area in Spain were put into service in May. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 44

National concessions International infrastructure portfolio infrastructure

TRAMWAYS AND URBAN RAILWAYS. TRUNK ROADS, MOTORWAYS AND HIGHWAYS. Under development: Under construction and development: Trambaix (Baix Llobregat tramway), (Barcelona). Route 160. Section: Tres Pinos-Northern Trambesos (Glories–Besos tramway), (Barcelona). access to Coronel, (Chile). Rodovia do Aço, BR-393/RJ, (Brazil). Under construction and development: Zaragoza tramway. Under construction: A-30 motorway in Montreal, (Quebec, Canada). TRUNK ROADS, MOTORWAYS AND HIGHWAYS. Southeast Stoney Trail Motorway (Alberta, Canada) Under development: Windsor Essex Parkway (Ontario, Canada) Madrid-Guadalajara R-2 toll motorway and M-50, sub-section A-II to A-I. UNIVERSITIES. CM-42 trunk road, Consuegra–Tomelloso section. Under development: Villafranca–El Burgo de Ebro motorway (Zaragoza). Universidad Politecnica de San Luis Potosi, (Mexico).

Under construction and development: HOSPITALS. A-2 motorway. Section R-2 L.P Soria/Guadalajara. Under development: El Bajio Regional High Speciality Hospital and PORTS. Under development: Support Unit (Mexico). Sports Port at Roda de Bará (Tarragona). Royal Jubilee Hospital (British Columbia, Canada).

IRRIGATION WORKS. Under development: Under construction: Irrigation area of the Navarre–Aguacanal Canal. Fort Saint John Hospital, (British Columbia, Canada).

HEALTHCARE SERVICES. Under development: Infanta Sofia University Hospital (San Sebastian de los Reyes, Madrid).

Under construction: Can Misses Great Hospital (Ibiza, Balearic Islands). Vigo University Hospital (Vigo, Galicia). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 45

ACCIONA Installation Services S.A.

ACCIONA Installation Services S.A. belongs driving and regulating fluids, both in their Electrical installations for the Olivenza solar to the ACCIONA Infrastructure Division; the liquid and gaseous states; structure assembly; energy plant (Badajoz). Company specialises in design, assembly and electrical and electro-pneumatic connections, Electrical installations for the Orellana solar maintenance of all types of civil and industrial installation, command and control, energy plant Solar Field (Badajoz). electro-mechanical facilities. ACCIONA implementation and lighting. Medium-low voltage electricity supply, Installation Services has a team of highly Alicante Incubation Centre (Alicante). qualified professionals with wide experience Among the most important works undertaken Electrical and HVAC systems, Terminal 2, in the sector. during 2011 are the following: Manises Airport (Valencia). Santander Port facilities (Santander). ACCIONA Installation Services’ business is Maintenance of the CARS building at Alterations to Barcelona Hospital structured into two major areas: infrastructure Torrejon Air Base (Madrid). (Barcelona). and energy: Extension to dock facilities at the Rota Plumbing and electrical installation works at Naval Base (Cadiz). the Can Misses Hospital (Ibiza). Infrastructure. HVAC system at Moron (Seville). Goya tram shed facilities, Zaragoza tramway Energy. Mechanical assembly of pipelines for the (Zaragoza). Solar Field of the Moron solar energy plant HVAC system, Révoli apartments (Grand INFRASTRUCTURE (Seville). Canary). Infrastructure covers all activity relating to Electrical installations and implementation Osorio Sawmill construction and electrical engineering development, assembly and of the Moron solar energy plant (Seville). installations. maintenance of heating, ventilating and air HVAC system for Soria prison (Soria). Various works at Fuerteventura Airport conditioning (HVAC) systems, power systems, Alterations to offices at c/Báscones, 22 (Fuerteventura). security and control systems, communication (Madrid) Electrical installations at Lanzarote and data transmission systems, fire detection Facilities for the 2nd phase of the San Juan sanitation works (Lanzarote). and protection systems and eco-efficient de Dios Hospital (Córdoba). Fine Arts building electrical installations building solutions in all kinds of construction Mechanical assembly of pipelines for (Tenerife). and civil engineering infrastructure in both the Olivenza solar energy plant Solar Field public and private sectors. Likewise it designs (Badajoz). and executes auxiliary facilities of industrial Electrical installations for the Olivenza solar type works, especially those relating to piping, energy plant Solar Field (Badajoz). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 46

ENERGY The Energy Division’s work covers electrical Excellence and power production, overhead and underground sustainability transmission, transformation and distribution for outputs up to 400kV across the whole of Spain in the following kinds of activity: ACCIONA Installation Services possesses the following certificates and accredited qualifications: Basic and support engineering. Works control and supervision. Quality Management, certified according Construction of electricity substations and to UNE-EN-ISO 9001:2008. medium and low voltage lines, both overhead Occupational Risk Prevention Management, and underground, including engineering, civil certified according to OSHAS 18001:2007 . engineering, electro-mechanical assembly Environmental Management, certified according phases as well as carrying out tests and trials to UNE-EN-ISO 14001:2004. on them. R&D Management, certified according to UNE 166002. Substation and network maintenance.

Among the most important works undertaken Maintenance on the Sierra de Segura in 2011 are the following: substation. Maintenance of several Medium and low voltage maintenance in ACCIONA Energy facilities (Wind power). zone 2 of the Barcelona metropolitan area. Maintenance of several Maintenance of Eypesa medium and low ACCIONA Energy facilities (Solar power). voltage facilities and works. Electrical installation and Review and alterations to the Almeria-Jaen- maintenance of hubs. Granada safeguards. Civil engineering and line works on the Galicia high voltage maintenance. Orellana substation and solar energy plant. Castile and Leon high voltage line. Olivenza 220 kV solar energy plant Port of Gijon Substation 132/24 kV. substation. Extension to 30kV medium voltage North east electrical substations electrical facilities at Cogollos wind farm. maintenance. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 47

Ancillary building companies

When ACCIONA Infrastructure takes Tierra Armada provides high-tech precast Restoration – Civil engineering: on projects requiring greater technical components such as reinforced earth or Bridges in Santo Domingo, Rosario and San complexity, it turns to a group of specialised buttressed retaining walls, arches and Vicente, Baja California. Mexico. companies that belong entirely to ACCIONA. caissons, sound-absorbing screens, precast Ameca Bridges. Mexico. Through this group of companies, ACCIONA beams and precast structures, all on a Autema Bridge repair. Barcelona (Spain). Infrastructure, as parent company, can turnkey basis, that considerably facilitate Vía Emilio Ortuño Bridge alterations, incorporate into its projects the precision, works management. Benidorm (Spain). experience and specialisation of each group Menard is in the business of applying all Fitting-out the Customs office, member in its own area of expertise. kinds of soil treatments and improvements Pasajes (Spain). for both public and private concerns. Reconstruction: Former CACI factory A. FREYSSINET GROUP heritage, Badalona (Spain). The Freyssinet Group is made up of A1. Freyssinet companies which provide a wide range of Among the works carried out by Freyssinet Prestressed – Construction: specialised products and services for the in 2011, the following stand out: Jovellanos Building, Oviedo (Spain). construction sector. These companies do business under the names of Freyssinet, Construction: Prestressed – Civil engineering: Tierra Armada and Menard, and are all highly Bridge over the River Napo (Ecuador). Villa María Bridge (Argentina). respected in the sector. Bridge A in Conchitas (Argentina). Freyssinet works on projects that require Restoration-Construction: Ezeiza Bridge (Argentina). the use of stay cables, pre-stressing, heavy Restoration of the Sima Alcazaba Patio, Bridges in San Marcos (Mexico). load manipulation, repair and restoration Alcala de Guadaíra, Seville. Spain. Las Palmas ring road, Phase IV, of buildings and structures, design and Alterations to the Musakola sports Grand Canary (Spain). manufacturing of special accessories to complex, Arrasate. Spain. Malaga West ring road E-7 and E-8, support structures, road expansion joints, Restoration of the Mareas Mill, El Caño. Malaga (Spain). seismic shock absorbers and so on. Spain. Viaduct over the River Sar (Spain). Bridge over the River Niteroi 2010 (Brazil). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 48

A2. Tierra Armada HSR Nudo De La Encina; Phase 1 (Spain). Foundations using on site pile work and Among the works carried out by Tierra Vte C-820 and C-822. Section: anchors for the Antequera-Granada high Armada in 2011, the most noteworthy are: Santiago del Teide-Adeje (Spain). speed rail line. Antequera – Peña de los Zapote III Bridge (Mexico). Enamorados section (Malaga, Antequera – Tierra Armada and Pretasa walls: Peña de los Enamorados, joint venture). C-25; Section: Sant Sadurni A3. Menard Compensation injections, micro piles, on site D´Osomort – Arbucies (Spain). Among the works carried out by Menard in pile work and auscultation for the new Vigo – HSR-North Airport. Jerez (Spain). 2011, the following are worth mentioning: Urzaiz Station, Atlantic HSR, northern access VTE C-820 and C-822. Section: to Vigo (Pontevedra, Vigo — Das Maceiras Santiago Del Teide-Adeje (Spain). Crushed stone columns: tunnel, southern entry, joint venture). HSR La Encina Junction; Phase 1 (Spain). HSR Huelva Station (Spain). Foundations with prefabricated piles in Soria Ent. Guzman (Mexico). Penitentiary (Soria, ACCIONA). Wall in the Portuguese Centre (Venezuela). Mortar Columns: Foundations with prefabricated piles for the Escondida Mine (Chile). HSR track widening Torrejon new hospital on University Avenue (Vigo, Vigo Widening the Br 104/Pe (Brazil). de Velasco-Pinto (Spain). New Hospital, joint venture). Rosario ring road (Argentina). Foundations using on site pile work in the B. GT CEISU CONSTRUCTION Solar Energy Plant in Moron (Seville, Moron Terratrel walls: This is the leading company in the sector Solar Energy Plant, joint venture). Pehuenche Pass (Argentina). of special foundations, soil improvement Foundations using on site pile work for and environment. GTCEISU works in the soil beams, container terminal on Isla Verde Arches and caissons: mechanics field, covering the whole gamut Exterior, 2nd Phase, in Algeciras (Cadiz, Cuyutlan Tunnels (Mexico). of excavation, drilling and soil treatment ACCIONA). systems. Foundations with micro piles for Fiochi bulk Beams: terminal (Santander, ACCIONA). North west HSR; Villaverde Some of the work carried out by Screening walls for the Sagrera Station De Medina Villafranca de Duero (Spain). GTCEISU in 2011: structure (Barcelona, HSR Sagrera structure, joint venture). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona inFRASTRUCTURE Acciona Annual Report 2011 // 49

ACCIONA Infrastructure Maintenance

ACCIONA Infrastructure Maintenance is Of the contracts awarded to ACCIONA in the business of building and providing Infrastructure Maintenance in 2011 the most comprehensive maintenance services for significant were: road infrastructure (motorways, highways, streets), hydraulic infrastructure (canals, Several contracts concerning road upkeep ACCIONA Infrastructure reservoirs) and environmental infrastructure. and operation of the N-320, N-320A and Maintenance has a It is generally involved in activities having to N-204 roads in the province of Guadalajara, workforce of nearly do with upkeep, primarily for publicly-owned for the Ministry of Development. infrastructure. Several contracts for road upkeep and operation of the N-342 and N-502 roads in 310 people Its central offices are in Madrid, and from the province of Cordoba, for the Ministry of and is working on there it covers the nation, working in Development. practically every autonomous region. At Several contracts for road upkeep of the 13 contracts present ACCIONA Infrastructure Maintenance roads in the northern area of Seville, for the is working on 13 contracts of different sorts. Regional Government of Andalusia. To do so, it has a workforce of close to 310 people and an extensive pool of machinery and additional resources. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 50

Acciona Energy

86% of the Company’s outstanding penetration in the renewable energy sector in 2011 has occurred outside of Spain.

IN SHORT

ACCIONA Energy ENERGY Consequently, the final balance showed the installed a total of ACCIONA Energy showed strong generation of 17.749 GWh, which was 4.4% development in renewables in 2011, a less than the preceding year. total 701 MW, which was four times the 701 MW in amount developed in the preceding fiscal Among the most notable milestones reached renewables in 2011, year. Eighty-six per cent of the installation during the year were: four times the previous took place outside of Spain, reinforcing the Construction and start-up of a complex of Company’s international presence. ACCIONA three wind farms in Oaxaca (Mexico) with a year’s amount ended the year owning 8,211 MW, of which total of 306 MW, making it the biggest wind 7,329 MW are attributable. facility in Latin America. The first wind farm in Poland, placing the Production dropped slightly owing to lower country 13th in renewable facilities owned hydroelectric and wind energy generation in by the Company. Spain and the reduction to a minimum of New wind farms in Australia, the United States, cogeneration station production due to the Canada and India; the latter country will see a sale of most assets in this technology. new ACCIONA wind farm start-up in 2012. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 51

Start-up of the Palma del Rio thermosolar from industry activity, development and other ACCIONA’s energy arm returned 72.6% for station, the fourth in Spain, with a fifth in sources (a 34.3% drop). EBITDA (almost six points higher than in construction which will start operations in 2010). 2012. The increase in income from generation Award of a wind farm in Costa Rica, which was fundamentally based on the electric Earnings Before Taxes (EBT) reached 101 will start operations in 2013. pool price recovery in Spain against its million euros, a 24.1% increase over the A notable increase in marketing average price in the same 2010 fiscal year preceding year. renewable energy to large customers in (36.3% more). This improvement in prices Spain, increasing by threefold the 2010 offset the lower production of the wind and Regarding other economic indicators, the figures and winning contracts that will hydroelectric facilities. gross investment of the division in 2011 was allow the same threefold increase in 802 million euros (an increase of 25%) and energy supplied in 2012. The EBITDA of the Energy division amounted the net debt at the close of the fiscal year to 956 million euros, an increase of 16.4%. reached 6.173 billion euros (10% above the FINANCES The generation business brought in 1.059 figure reached at the close of the preceding ACCIONA’s energy division showed a turnover billion euros, with an increase of 16.1%, fiscal year). of 1.65 billion euros (10.2% greater than in while industry activity and development 2010), of which 1.522 billion (92%) came returned a figure of 103 million euros in from electricity generation income (16.8% up the red. The EBITDA margin increased from on the previous year) and 128 million euros 54.9% to 57.9% WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 52

BUSINESS PROGRESS Capacity: 8,211 MW total

ACCIONA added 701 MW to its operations asset portfolio in 2011, while shedding 75.8 MW by selling off various cogeneration (67.8 MW) and biomass (8 MW) facilities. This meant a net increase of 625 MW and an overall total at the end of the year of 8,211.4 MW, which was equal to 8.2% greater than the preceding year. Total attributable power reached 7,329 MW, a 9.3% increase in /////ACCIONA-OWNED CAPACITY, BY TECHNOLOGY (in mw) relation to the preceding year. TECHNOLOGIES TOTAL 2010 INCORPORATED 2011 TOTAL 2011 Wind 6,269.9 650.6 6,920.5 In addition to its strength in property, Hydraulic 911.9 - 911.9 ACCIONA has installed in prior years a Thermosolar 214 50 264 total of 1,554 MW for its customers, which brings a total installed power, owned by the Biomass 65 (-8) 57 company and for third parties, of 9,766 MW. Photovoltaic 48.3 - 48.3 Thermal 0.7 - 0.7 In 2011 ACCIONA installed 96.5 MW TOTAL renewables 7,509.8 692.6 8,202.4 in Spain (46.5 in wind energy and 50 in Cogeneration 76.8 (-67.8) 9 thermosolar energy) and 604.1 MW in other countries, all for wind power: TOTAL general 7,586.6 624.8 8,211.4 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 53

Wind facilities make up 84.3% ACCIONA-owned Installed capacity in 2011 capacity

Total 604.1 MW 96.5 MW other countries 700.6 spain (86.2%) MW (13.8%) 306 MW in Mexico, 132 MW in the United States, 56.1 MW in India, 38 MW in Poland, 40.5 MW in Canada and 31.5 MW in Australia. In these two latter countries the power corresponds to wind farms that had already installed wind turbines in 2010. Overall capacity at end - 2011 Thanks to the considerable weight of this overseas implementation, the share of the Company’s international assets went from 23.5% to 29.1% of the total at the end of the fiscal year. Total 2,393 MW 8,211.4 5,818.4 MW In accumulated figures by technology, wind other countries spain (29.1%) MW (70.9%) facilities make up 84.3% of ACCIONA- owned capacity; hydroelectric stations, 11.1%; thermosolar facilities, 3.2%; biomass stations, 0.7%; PV solar stations, 0.6% and cogeneration facilities, 0.1%. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 54

ACCIONA Energy: implementation at 31 Dec. 2011 (In MW)

38 poland 150 germany

181 canadA

24 686 hungary United States 5,818 62 spain south Korea Wind 622 Thermosolar 64 Wind 4.637 Hydraulic 912 Thermosolar 200 556 Biomass 57 86 Photovoltaic 2 india mexico Solar thermal 1 Cogeneration 9

165 48 portugal greece Wind 119 Photovoltaic 46 92 305 italy australia

Own facilities Only third party facilities

Unless specified, the technology is wind power. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 55

Production: slightly down on 2010

ACCIONA facilities generated 17,749 GWh /////Development of ACCIONA total electricity production by country* (millions of kilowatt hours) in 2011, 4.4% Countries 2010 ( GWh) 2011 ( GWh) Difference (%) less than in 2010. In attributable terms, Spain 13,878 12,234 -11.8 ACCIONA production was 15,637 GWh, a 4.3% fall. This was due to the strong Renewables 13,370 12,214 -8.6 decrease in hydroelectric production Cogeneration 508 20 -96 (922 GWh less due to the increased load U.S.A. 1,639 1,765 +7.7 factor of 2010), the lower wind production Mexico 723 1,046 +44.7 in Spain (656 GWh less) and the virtual Australia 758 914 +20.6 elimination of cogeneration production after ACCIONA sold off most stations in the first Canada 369 518 +40.4 quarter of 2011 (488 GWh less). Portugal 386 364 -5.7 Germany 241 289 +19.9 By contrast, wind production grew in Korea 195 203 +4.1 other countries (up 818 GWh) as well India 91 141 +54.9 as thermosolar station generation (up Italy 129 123 -4.7 239 GWh) and biomass (up 177 GWh). Greece 110 107 -2.7 Hungary 55 45 -18.2 TOTAL general 18,574 17,749 -4.4 TOTAL renewables 18,066 17,728 -1.9

*All ACCIONA Energy facilities outside of Spain are for renewables. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 56

Thermosolar production rose by In percentage terms, there were falls in By country, ACCIONA generated 68.9% of hydroelectric (32%) and cogeneration its overall production in Spain, followed by (96%). However, increases were registered the United States (9.9%), Mexico (5.9%), 111 % while by thermosolar (111%), biomass (69%) solar Australia (5.1%), Canada (2.9%), Portugal biomass saw a 69% PV (6%) and wind (1%). Wind generation (2%), Germany (1.6%) and Korea (1.1%). and hydro power accounted for 83% and Other countries such as India, Italy, Greece increase 11% of the Company’s electrical production and Hungary accounted for less than 1% of respectively. Biomass and thermosolar the total production of the Company. together added up to 5% and the rest came from solar PV and cogeneration sources. Exclusively renewable generation reached 17,728 GWh (1.9% down on 2010).

Source of ACCIONA electricity production in 2011 (Percentage of total)

Spain 68,9% Portugal 2% United States 9,9% Germany 1,6% Mexico 5,9% Korea 1,1% Australia 5,2% Other countries* 2,5% Canada 2,9%

*Includes production in India, Italy, Greece and Hungary.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 57

4.5% of electricity demand in Spain

The Company’s electricity generation in /////ACCIONA TOTAL ELECTRICITY PRODUCTION DEVELOPMENT BY TECHNOLOGY Spain (12,234 GWh) represented 4.5% of TECNOLOGY 2010 ( GWh) 2011 ( GWh) Difference (%) the national electricity demand (270,361 GWh), according to the 2011 draft Report Wind 14,648 14,810 +1.1 of the Spanish Electricity System of the REE. Hydraulic 2,855 1,934 -32.3 Biomass 257 434 +68.9 Special regime electricity generation (and Thermosolar 215 454 +111 therefore excluding that originating from Photovoltaic 91 97 +6.1 the Company’s hydroelectric stations Cogeneration 508 20 -96 under the ordinary regime) amounted to 10,928 GWh, which represents 11.7% of TOTAL GENERAL 18,574 17,749 -4.4 the Spanish production under this regime. TOTAL RENEWABLES 18,066 17,728 -1.9

By technologies, ACCIONA’s wind production in Spain (9,518 GWh) ACCIONA’s production by technology in 2011 amounted to 22.6% of overall production in the country; thermosolar generation (324 GWh) made up 16% while biomass generation (434 GWh) came in at 9.4%.

In attributable data, the 10,790 GWh Wind 83,4% Thermosolar 2,6% generated by ACCIONA in Spain amounted Hydraulic 10,9% Photovoltaic 0,5% Biomass 2,5% Cogeneration 0,1% to 4% of the total electricity demand in Spain while special regime production (9,484 GWh) made up 10.1% and wind generation (8,075 GWh) came in at 19.2%. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 58

11.4 million metric tons of CO2 emissions avoided In 2011 the Taking into account the emissions factor of The emissions prevented in 2011 in each of the countries in which ACCIONA electricity production facilities were greater emissions prevented produced electricity in 2011 (different in than 7% tin relation to 2010 (despite the cleansed the relation to the electricity generation mix lower production) and which means the of each one), the CO emissions prevented effort cleaned the atmosphere in an amount atmosphere of 2 come to a total 11.36 million metric tons. equal to 568 million trees in photosynthesis. the equivalent of 568 million trees in photosynthesis Consumption by 3.3 million inhabitants

The 17,749 GWh of electrical demand met ACCIONA’s production in each country with by ACCIONA covered the consumption the electricity demand ratio per inhabitant of 3.3 million people in twelve countries. (according to data from the International This number is calculated by comparing Energy Agency). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 59

At end-2011 ACCIONA 1. Wind Power owned 6,921 MW’s worth of AN ADDITIONAL 651 MW /////DEVELOPMENT OF WIND ENERGY IMPLEMENTATION BY COUNTRY* capacity, in ACCIONA ended 2011 with 6,921 MW COUNTRY TOTAL 2010 ( MW) INSTALLED 2011 ( MW) TOTAL 2010 ( MW) in wind energy (6,054 MW attributable) installed in 225 wind farms in thirteen Spain 4,590.85 46.5 4,637.35 225 wind countries. During the fiscal year 650.6 MW U.S.A. 489.63 132.0 621.63 farms across were installed in eleven wind facilities: Mexico 250.50 306.0 556.50 13 countries Australia 273.00 31.5 304.50 Mexico: Oaxaca II, Oaxaca III and Oaxaca Canada 140.50 40.5 181.00 IV are three wind farms which add up to a Germany 150.30 - 150.30 total of 306 MW (102 MW each). United States: Dempsey Ridge (132 MW), Portugal 119.70 - 119.70 in the state of Oklahoma. South Korea 61.50 - 61.50 India: Tuppadahalli, a 56.1 MW wind farm Italy 91.80 - 91.80 in the state of Karnataka. Greece 48.45 - 48.45 Australia: 31.5 MW at the Gunning wind India 29.70 56.10 85.80 farm in New South Wales. Hungary 24.00 - 24.00 Canada: 40.5 MW at the Nova Scotia Lamèque wind farm. Poland - 38.0 38.00 TOTAL WIND 6,269.93 650.6 6,920.53 *Data totals for participating facilities. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 60

Poland: Golice (38 MW), the first wind Spain: Els Escambrons (48 MW) and Throughout the year ACCIONA will also farm in this country. Castellana (12 MW) wind farms. install several experimental wind farms in Spain: Peña Nebina (20 MW), El Chaparro Poland: Gostyn (33 MW). Spain with this wind turbine model. (16 MW) and the completion of Benalaz II Italy: Santa Anna (64 MW). (10.5 MW). Croatia: Jelinak (30 MW). Further plans for the company in 2012 include starting construction of a new wind New installation was particularly notable The wind farms in Spain and Italy will farm in India of 100 MW and towards the in Mexico (47% of the total installed be built with 3 MW wind turbines with end of the year the wind farm of Chiripa by ACCIONA in 2011), which marks it ACCIONA wind power technology. (49.5 MW) awarded in Costa Rica. as a leading company for technological development in this country.

Total wind capacity at the end of 2011 At the close of 2011 total wind implementation in Spain (4,637 MW) was 67% of the total installed by ACCIONA in this technology (six points less than in 2010). The United States represented 9%, Mexico 8%, Australia 4.4%, Canada 2.6% Total and Germany 2.2%. These were followed 2,283.2% 4,637.3 MW by Portugal (1.7%), Italy (1.3%) and India other countries 6,920.5 spain (32.5%) (67.5%) (1.2%). Coming in under 1% were South MW Korea, Greece, Poland and Hungary.

At the close of the year ACCIONA had five TOTAL: facilities under construction with a total of 6.920,5 MW 187 MW (60 of which were in Spain and 127 MW in other countries). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 61

A 1% RISE IN PRODUCTION /////Development of total wind production by country* ACCIONA’s total wind production in 2011 COUNTRY 2010 ( GWh) 2011 ( GWh) DIFFERENCE (%) reached 14,810 GWh, meaning an increase of Spain 10,174 9,518 -6.4 1.1% in relation to the preceding year. Wind farms in Spain produced 9,518 GWh (6.4% U.S.A. 1,505 1,635 +8.6 less) and those located in other countries Mexico 723 1,046 +44.7 produced 5,292 GWh (18.3% more). Australia 758 914 +20.6 Canada 369 518 +40.4 Spain represented 64.3% of the total wind Portugal 298 271 -9.1 generation of the company (five points less than in 2010). The United States made Germany 241 289 +19.9 up 11%, Mexico 7.1%, Australia 6.2% South Korea 195 203 +4.1 and Canada 3.5%. These were followed Italy 129 123 -4.7 by Portugal (2.5%), Germany (1.9%) and Greece 110 107 -2.7 South Korea (1.4%). At the bottom of India 91 141 +54.9 the list with less than 1% production, Hungary 55 45 -18.2 were India, Italy, Greece and Hungary, in descending order. TOTAL WIND 14,648 14,810 +1.1 *Total data for participating facilities. In attributable terms, ACCIONA wind generation was 12,731 GWh, up 2.3% Wind production by country on 2010. (Data in percentages)

Spain 64.3% Germany 2% U.S.A. 11% Portugal 1.8% Mexico 7.1% South Korea 1.4% Australia 6.2% Other Canada 3.5% countries* 2.8% * Includes production in India, Italy, Greece and Hungary. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 62

2. Hydro Energy

PRODUCTION DOWN 32% Hydroelectric Production ACCIONA’s hydroelectric stations showed a (GWh) strong decrease in 2011 in relation to 2010. They produced 1,933.5 GWh which was -32.3% 32.3% less than the previous year, which had 2,855.3 experienced a notably high rainfall.

Hydroelectric production made up 10.9% of ACCIONA’s total electricity generation 1,933.5 in 2011 (4.5 points under its performance in 2010) and 12.4% of its attributable production (all ACCIONA hydroelectric stations are 100% owned by the Company).

At end-2011, ACCIONA had 912 MW of hydro capacity distributed across 80 stations. 2010 2011 Of these, 680 MW are under the ordinary (conventional) regime for electrical energy generation and its production is marketed Distribution of Hydroelectric Production in the electricity pool without the premium being assigned to the renewable energy regime. Another 232 MW are integrated in the special regime where the production is sold with the aforementioned premium.

The facilities under the ordinary regime 628 GWh 1,305.5 GWh generated 1,305.5 GWh in 2011 (67.5% of special ordinary regime the total) and the special regime stations regime (67.5%) (32.5%) generated 628 GWh (32.5%). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 63

3. Thermosolar

A 5TH PLANT IS NOW IN OPERATION ACCIONA will then have five plants The stations in Spain generated 324 GWh Thermosolar Installation ACCIONA Energy grid-connected a new in operation in the country (three in (four times more than in the preceding (MW) thermosolar plant in 2011 in Spain, the fourth Extremadura and two in Andalusia) and fiscal year) and the 130 GWh plant in the in the country and the fifth in the world. one 64 MW facility in the Nevada Desert United States. +23.4% The Palma del Rio station (an extension of (United States). In all, it will have 314 264 the Palma del Rio II station which started up proprietary MW in operation. In February 2011, ACCIONA Energy in 2010) is a 50 MW facility with parabolic sold to Mitsubishi Corporation 15% of 214 cylinder technology. Thanks to this plant, Solar thermoelectric production of the the ACCIONA Termosolar, S.L. capital, the Company reached 264 MW in operating company in 2011 came to 454 GWh, a company owned by the thermosolar power, placing it among the global front- an amount easily doubling that of 2010 stations of Alvarado, Majadas and Palma runners in thermoelectric solar facilities. (111% more) due to the full year of del Río I and II, within the framework of production by the plants that started the existing strategic agreement between In the summer of 2012 ACCIONA is operations in the preceding fiscal year both groups. scheduled launch a new 50 MW facility in and the partial production of the station Spain located in Orellana (Extremadura). connected to the network in 2011. 2010 2011

Location of ACCIONA thermosolar plants Thermosolar Production (GWh) United States spain +111.2%

454

215

in operation UNDER construction 2010 2011 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 64

4. Solar PV Power

NEW PROJECTS Attributable solar PV production was Solar PV Production ACCIONA’s solar PV development in 2011 64.7 GWh, not including the amount (GWh) focused on preparing and researching new corresponding to the participation of projects for presentation for international Mitsubishi Corporation in company owning +6.1% bidding. the solar plant of Amareleja (34%).

In terms of production, ACCIONA ACCIONA owns a total of 48.3 MWp (32.5 96.5 91 generated total 96.6 GWh, 6.1% more attributable MWp) and has built for third than in the preceding year. The main part parties, especially through the solar farms, of this electricity generation (92.7 GWh) an additional 67.1 MWp. In 2011, ACCIONA came from the photovoltaic station of built a solar facility of 305 kWp in Tausta Amareleja (Moura, Portugal), a 45.8 MWp (Aragon). The Company, with this form of solar energy facility. The rest came from solar PV installation (which was created production facilities in Spain. and registered years ago), brings together investments of more than 3,500 individuals.

2010 2011

The Company’s solar PV activity has focused on bidding for new international projects WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 65

5. Biomass

69% GROWTH Both of these 16 MW plants, together with was installed throughout the year using the In 2011 biomass production in the three the 25 MW Sangüesa facility, wood material feed system complemented ACCIONA plants grew to 434 GWh, by cereal straw. an increase of 68.9% in relation to the Put in a good performance throughout the preceding year owing to the full year year. The Sangüesa plant produced 195 In the first quarter of the year, the company of production of the Briviesca plant GWh and the Briviesca plant produced sold off two small 4 MW biomass facilities (launched in September 2010) and the 126 GWh (both above the 7,800 annual located in the provinces of Soria and Cuenca. Miajadas plant (in full operation since hours considered to be to full power), Consequently, ACCIONA was left with the first months of 2011). while Miajadas, in full operation since April 57 MW in operation in Spain with the three generated 110 GWh. The latter of these aforementioned biomass plants.

Location of biomass plants Biomass Installation Biomass Production (MW) (MW) SPAIN -2.8% +68.9%

65 434 57

257

In operation 2010 2011 2010 2011 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 66

6. Other business

285 MW’S WORTH OF WTG In 2012, ACCIONA Windpower will reinforce ELECTRICITY FOR END-USERS: PRODUCED its activity with the assembly line production SALES TRIPLE In 2011, ACCIONA Windpower manufactured of 3 MW wind turbine generators. In this In 2011 ACCIONA reinforced its marketing of a total of 189 wind turbines generators turbine sector the Company will supply renewable energy to large customers in Spain. (285 MW), an 18% fall on the 2010 figure. 102 MW for ACCIONA group-owned facilities Its affiliate ACCIONA Green supplied more in Spain and another 33 MW for a wind than 1100 GWh, tripling its numbers from the The assembled wind turbine generators farm in Poland. The Company will begin preceding year. For 2012 it already has signed (WTG) were manufactured for wind farms in manufacture of 40 wind turbines (120 MW) contracts that will again triple the energy Mexico, Poland, the United States, France and for the wind farms of the company CPFL supplied, which will reach 3,385 GWh. the United Kingdom. 65.8% of the production Renovaveis in Brazil. (187.5 MW) was earmarked for ACCIONA Energy sales to end-users allows ACCIONA Energy wind projects and 34.2% (97.5 MW) In the 1.5 MW segment, ACCIONA to be present in the overall value chain in the for third party facilities. Windpower will install WTG for a 30 MW energy sector, provide brand visibility, greatly wind farm (owned by the Group) in Croatia covering the Company’s generation portfolio ACCIONA Windpower has three WTG and 136.5 MW for other customers price risk by bringing stability to income, manufacturing plants, two of which are in (105 MW for a wind farm in the United States deflecting them in part from the fluctuations Spain (Navarre and Castellon) and one in and 31.5 MW for another in Spain). of the electricity pool and creating synergy the United States (Iowa). Additionally, the All of these will be installed and in operation with other activities of the Group. Company has a WTG blade manufacturing in 2012. The wind turbine affiliate has plant, located in Spain. additional orders for facilities that will enter For 2012 ACCIONA has signed contracts with into operation in 2013, including the 20 companies, notable among which are Adif, 49.5 MW Chiripa Wind Farm in Costa Rica. Banco Santander, Acuamed, Aena, WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 67

ACCIONA has developed a comprehensive Telefónica, Metro de Madrid, Roca, Tetrapak, the importation of biodiesel fuels from third The main agreements signed in 2011 were, by system as a Grupo Corío and APM Terminals, in addition countries, which benefit from tax advantages type of customer: to those signed for the supply to different at both the origin and destination. Automobile manufacturers, among which provider of desalination companies and branches of was Renault España. ACCIONA installed 159 electric vehicle ACCIONA. The most important of these is This condition led to the biodiesel plant in recharge stations for this segment. recharge the contract signed with Spain’s Railroad the port of Bilbao to operate at a reduced Parking management companies, among Infrastructure Administration, Adif, to supply up capacity in 2011 and the Caparroso station which was Comfersa (manager of ADIF and infrastructure to 2,114 GWh in 2012. (Navarre) returned minimum production levels. RENFE parking garages) and Unibail Rodamco The bioethanol plant of Alcázar de San Juan, (management of large shopping malls) with a Likewise, ACCIONA Green manages sales 50% of which is owned by the company, was total of 66 recharge stations. to Span’s electricity pool from the Group’s likewise affected, although to a lesser degree Public administrations, such as the Regional facilities and others owned by consumers, than the others. Government of Navarre and Pamplona City coming to a total 6,338 MW at end-2011. This Council, with which ACCIONA signed an year the Company sold 13,572 GWh on the ELECTRIC VEHICLES: agreement for the installation of five public market. 229 RECHARGE STATIONS recharging stations. ACCIONA is a provider of electric vehicle Companies that manage or use fleets of BIOMASS FUELS: recharging infrastructure. The Company has vehicles and individual or neighbouring PRODUCTION DOWN SHARPLY developed a comprehensive system that communities that require recharge stations in ACCIONA’s activity in the area of biomass includes the installation of recharge stations garages or collective parking areas. fuels (particularly in biodiesel fuels) was as well as their operations and the provision of greatly affected by the difficult situation in related information and management services. In all, 229 recharge stations were installed at the sector in Spain, brought on to a great Furthermore, ACCIONA offers its customers a the close of 2011, and the figure is expected to extent by the lack of regulation that prevents 100% renewable electrical energy supply. reach 600 by the end of 2012.

WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 68

In 2011, ACCIONA Energy invested a total of 45 million euros INNOVATION in R&D and Innovation In 2011 ACCIONA Energy invested 45 ‘Marina’ Project. Evaluates the economic million euros in R&D and Innovation. viability of new offshore platform projects The year’s most notable projects were: that integrate wind energy converters, taking into account waves and ocean OFFSHORE WIND currents. ‘HiPRWind’. This project seeks to ‘Ocean Zenith Leader’ Project. Geared demonstrate, at the industrial prototype towards developing high technology systems level, the best designs, materials and in order to identify and describe areas and technologies in developing offshore wind locations for marine wind generation. turbines of up to 10 MW located on ‘Float Solutions’. A project for researching, floating deep-water platforms. developing and confirming innovative ‘Azimuth’ Project. Sets out to develop solutions for high power offshore WTG. a high power offshore wind turbine ‘Emerge’ Project. Geared towards (15 MW) and overcome the challenges developing the necessary technology for that limit the rapid development of this extending and leading the construction of technology. deep-water wind farms. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona energy Acciona Annual Report 2011 // 69

LAND BASED WIND POWER ‘Enercorn’ European Project. Sets out BIOFUELS ‘Advocat’. This project is oriented towards to develop and optimize the logistics for Microalgae Project. Researches the developing technical systems that help to residual corn products and the analysis of the production of biodiesel fuel made from improve the preparation and repair of the combustion of this raw material in biomass microalgae at competitive prices. surface of WTG blade composites. boilers. ‘Pilbe’. Seeks to promote the use ‘Navigation 3D’. Seeks to analyze the of biodiesel fuel in Spain by reducing impact of WTG in movement on the HYDROGEN production costs, increasing availability of propagation of electromagnetic waves and on ‘Irhis’. This planned project focuses on the local raw materials and optimization of real the radio communication services. development of efficient and competitive applications. Spanish technology with a view to integrate BIOMASS hydrogen systems into renewable energy PHOTOVOLTAIC ENERGY ‘PSE-ON Crops’. Geared towards generation micro-networks. ‘ILIS’. This project develops, at the developing, demonstrating and evaluating the ‘Desphega’. Develops high power and Tudela solar PV plant, an integrated control viability of energy production in Spain using efficient alkaline electrolysers for hydrogen system of photovoltaic plants with fuel biomass originating from energy crops. production. cell support.

WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 70

ACCIONA Agua The Company continues to internationalize this business line, which is already a global leader in the design, construction and operation of water treatment plants.

ACCIONA Agua provides comprehensive treatment plants and over 70 desalination solutions which contribute to sustainable plants. It also operates and maintains a development in the water sector. The projects full range of water treatment plants and and contracts executed by the Company since provides end-to-end water services in over inception contribute to treating, processing, 60 cities. Innovation and the application of reusing, desalinating and managing water for cutting-edge technologies are among the over 50 million people in 20 countries on five cornerstones of ACCIONA Agua’s business. continents, always to the highest standards One example of this commitment is the R&D of quality, innovation and sustainability. and Innovation center in Barcelona, which has ACCIONA Agua has placed its name on a multidisciplinary team of 30 highly-qualified over 400 drinking water and wastewater professionals with extensive experience. They WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 71

ACCIONA Agua manages water for over 50 million people in 20 countries, and has placed its name on more than 400 drinking water plants research and develop water and membrane As a result of the quality of its projects technology, from the laboratory through to and a commitment to the environment the pilot plant and industrial application, with and its professionals, ACCIONA Agua was the help of powerful modeling software for recognized for the fifth consecutive year computational fluid dynamics (CFD), brine with an award by Global Water Intelligence, dispersion (CORMIX), and structural studies. one of the most prestigious publications in the industry. Our innovation efforts have led to the registration of more than 16 patents related to desalination, biological membrane reactors and reuse technology. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 72

The majority of ACCIONA Agua’s activities Performance of activities - Internationalization in 2011 took place outside Spain. The Company’s international Design & D&C O&M Construction projects accounted for 77% of total turnover, compared with 43% in 2008. Operation & Maintenance accounted for 6% of turnover in 2011, compared with 57% SPAIN 2% in 2008. Backlog in December 2011: 43% 2008 98% 2008 2% 4.783 billion euros INTERNATIONAL INTERNATIONAL SPAIN 2011 Turnover: — 412.65 million euros—

23% SPAIN

77% 2011 94% 2011 INTERNATIONAL INTERNATIONAL 6% SPAIN WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 73

LINES OF BUSINESS Contracts awarded operational in August. The 25-year concession Desalination (construction One milestone in 2011 in the area of to operate the plant is held by a consortium and operation) desalination was the 20-year contract with comprising ACCIONA Agua and SNC-Lavalin; ACCIONA Agua, a world leader in reverse mining company CAP (Compañía de Aceros upon expiry of the contract, it will be transferred osmosis seawater desalination, has built del Pacífico, S.A.) to design, build, start up, to Algerian companies ADE and Sonatrach. The more than 70 desalination plants, which operate and maintain a desalination plant water produced by the plant will be used to produce more than 1.9 million m 3/day to in Atacama Region III, in Chile. The plant will supply the Zeralda zone and western Algiers supply over 6 million people. The majority have a maximum capacity of 51,849m3/day. through existing water mains. The desalination of those plants are also operated by The contract was later extended to include plant guarantees water supplies to a population ACCIONA Agua. expansion of the plant. This project arose from of 500,000 people. the need to ensure water for mining operations The Company’s extensive international in the region, and it is the first desalination The plant commenced production in experience is evidenced by its operations in plant that ACCIONA has built for a mining January, gradually increasing its capacity Spain, the US, Australia, the UK, Italy, Peru, company, opening up a new business segment. until it reached its definitive output of Cape Verde, Algeria, Chile and Venezuela. 120,000m3/day in July. The Fouka desalination plant in Algeria, built by ACCIONA Agua and SNC-Lavalin became WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 74

Drinking water treatment, ACCIONA Agua aims to optimize operation wastewater treatment and reuse and maintenance processes by minimizing (plant construction and operation) energy consumption, ensuring optimal ACCIONA’s main ACCIONA Agua has built over 110 drinking processing performance, analyzing water drinking water water treatment plans with a total capacity quality, and assuring proper environmental of more than 74m3/second, supplying management of sludge, waste and by- infrastructure is in over 23 million people. It has also built products from the treatment processes. The Spain, Portugal, Italy, over 300 sewage treatment plants with a strategy is to minimize operating costs and Puerto Rico and the total capacity of more than 10.5 million maximize the useful lives of facilities. m3/day, serving over 46 million people. Dominican Republic The Company’s largest infrastructure is in Notable contracts were obtained recently Spain, Portugal, Italy, Puerto Rico and the to design and build water treatment Dominican Republic, where ACCIONA Agua plants (drinking water, sewage, and tertiary is currently building a plant with capacity processing for reuse): for 86,400m3/day, a 17.5km supply main and a distribution network. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 75

Construction and Contracts awarded operation of the Escalerilla International contract awards: Contract awards in Spain: wastewater treatment A build-design-operate-maintain contract Contract to build the sewer system for for the Escalerilla wastewater treatment the Estivel wastewater treatment plant plant in Peru, for a total plant in Arequipa, Peru. Total turnover for (Toledo), as part of a joint venture with construction and operation will be around ACCIONA Infrastructure. This plant will of 17. 4 million euros 17.4 million euros. The plant’s flow rate is meet Toledo’s water treatment needs expected to average 403 liters per second, resulting from urban and industrial reaching a peak of 500 liters by 2036. development in recent years. This is ACCIONA Agua’s third contract in Contract for the supplementary works for Peru; it also built and currently operates a the design and construction of the Cabo desalination plant in 2002 in Talara, and Prioriño undersea discharge pipe for the entry was awarded a contract for the La Chira into service of the end-to-end treatment sewage plant at the end of 2010. system for Ferrol Bay (A Coruña, Spain). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 76

Inaugurations the city’s water cycle. The facility has the Lorquí, Ceutí, and Torres de Costillas and On 11 January, Ramón Luis Valcárcel, capacity to treat wastewater for 200,000 the pumping stations in Valle de Ricote in President of the Murcia (Spain) regional inhabitants, with a flow rate of 4,300 liters/ the region of Vega Media, Murcia province government, inaugurated the wastewater second, compared with the previous plant, (Spain). These plants will treat the sewage treatment plants in Campos del Río and which treated 600 liters/second. produced by around 110,000 people. Albudeite, which complete the region’s A three-year contract to operate and municipal sewage treatment network. ACCIONA Agua achieved the following upgrade the Las Arenas wastewater On 23 February, Antonio Cerdá, Regional major concessions in the area of Operation treatment plant in Cagliari (Sardinia, Italy); Minister for Agriculture and Water, and and Maintenance: it will also improve the sludge treatment Lázaro Mellado, Mayor of Alcantarilla An operate-and-maintain contract for the process. ACCIONA Agua has been operating (Murcia), inaugurated the Alcantarilla plant’s drinking water treatment plants in the Bilbao the plant since 2002, and since that time tertiary treatment system, which expands Bizkaia Water Consortium’s western zone for it has upgraded the biological treatment water treatment and reuse and enhances two years, with the possibility of a two-year system. The Cagliari treatment plant, with a the quality of processed water. This system extension. This contract comprises seven capacity of 174,000m3/day, is the largest in completes the city’s sewage treatment plants and four disinfection routes from Sardinia and one of the largest in Italy. process. isolated villages in western Vizcaya (Spain). In March, Rosa Aguilar, Spain’s Minister The total flow rate is 27,350m3/day. for the Environment and Rural Affairs, Four-year contract, with the possibility inaugurated the new wastewater treatment of a four-year extension, to maintain the plant in Lugo (Spain), which will close wastewater treatment plants in Archena, WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 77

ACCIONA Agua provides end-to- end water Milestones End-to-end water management for over three million users. The Company’s The Arrudas wastewater treatment plant For more than 30 years, ACCIONA Agua most significant water management management in Minas Gerais, Brazil, was successfully has been providing end-to-end water contracts in Spain include the provision in more than completed. The plant stretches over an area management services, supplying optimal of drinking water, sewer management and 60 Spanish of 64 hectares and has the capacity to treat quality water for daily use in a way that sewage treatment services in Soria; end- 4.5m3/second, serving 1.6 million people. is environmentally friendly. End-to-end to-end water management in the Tropical cities ACCIONA Agua will provide technology water management includes all phases Coast group of municipalities in Granada; transfer for four years, during which time of treatment, from raw water capture end-to-end water management as part operation and maintenance of the plant will to purification at a drinking water plant, of a public-private partnership with the focus on environmental sustainability. reservoir maintenance and control, Jaén provincial government in more than distribution network management, 35 municipalities, serving over 250,000 distribution to the population, and direct people; end-to-end water management billing to end users. services in Molina de Segura (Murcia); and operation and maintenance of the entire ACCIONA Agua currently provides end-to- sewer network in Valencia. In Madrid, end water management services to over ACCIONA Agua operates the sewage 60 cities in Spain, directly managing water networks in 50% of the municipality. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 78

ACCIONA Agua provides end-to-end water management ACCIONA Agua’s main achievement in customers, the sewer network, waste water services to two World this area was the 24-year contract with treatment plants and water reuse. As a Heritage cities the Caceres city council to supply drinking result of this contract, ACCIONA provides in Spain: Caceres water and provide sewer management water management services in two World and wastewater treatment services to the Heritage Cities in Spain, as it has been and Ubeda city. This was the Company’s largest new providing end-to-end water services in end-to-end water management contract Ubeda (Jaen) since 2010. in 2011. Turnover amounts to almost 300 million euros and the contract includes management of the reservoir, upstream water supply, the drinking water treatment plant, water storage and distribution, WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 79

OTHER ACTIVITIES Corporate Social Responsibility To mark World Water Day, the Valencia The Company ACCIONA Agua is very active in initiatives ACCIONA Agua’s Sustainability Workshop is city council and ACCIONA Agua offices in is very active in related to sustainability, sponsorship, an educational project, in place since 1995, Valencia organized the 1st Essay Competition. sustainability- participation in forums and conferences, which aims to raise children’s awareness of The objective of the contest was to reflect on training and awareness-raising in all areas the importance of developing renewable changes in our daily routines to benefit the related activities related to water treatment. energy programs. In Badajoz (Spain), more environment. Students from 112 secondary than 600 students in eight municipalities in schools took part in the contest. the Río Alcarrache district will participate in In Arequipa, Peru, where the Company an online Sustainability Workshop and will is building a wastewater treatment plant, take a guided tour of ACCIONA’s drinking ACCIONA Agua presented Grupo 13, an NGO, water plants in the region. with computers for schools. In Toro (Zamora), a drawing contest was organized in connection with World Water Day for third and fourth graders in all public and private schools in the town. Prizes included a computer, a bicycle and a camera. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 80

The Company opened two new Social Media New offices sales offices: ACCIONA Agua launched its first online Another of the Company’s international in India and initiative using social media on 22 March, milestones was the opening of offices in India World Water Day. The Company created and Colombia, where it is already meeting Colombia a Water Meeting on Facebook, through with customers and potential partners. which users could send questions directly The Company has appointed two business to ACCIONA and receive answers from development managers in each country. experts. On that day, the number of active users on the page increased three-fold. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona agua Acciona Annual Report 2011 // 81

‘Global Water Intelligence’ magazine granted awards to the Atotonilco waste water treatment plant AWARDS The wastewater treatment plant in The wastewater treatment plant in Lugo and the Beckton Atotonilco (Mexico) and the desalination (Spain) received an honorable mention in desalination plant plant in Beckton (UK) were named “Water the San Telmo awards, organized by the Deal of the Year” and “Desalination Plant Association of Civil Engineers (CICCP) in of the Year”, respectively, by Global Water Galicia (Spain), for being “the best civil Intelligence, the most prestigious magazine engineering project completed in the region in the sector. The first of these awards in the year.” The jury highlighted the plant’s recognizes the contract that contributed control center as “an architectural standard- most to the advancement of public-private setter for this type of facility, whose design partnerships (PPP) in the global water was especially challenging”. The building industry, and the second acknowledges provides an overview of the facilities for technological and environmental progress in optimal control. the sector. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 82

ACCIONA Real Estate Despite the complex situation and a 32% decline in home sales with respect to 2010, the Company ended the year with 104 million euros in turnover.

NUMBERS AND BUSINESS LINES This situation is partly due to the Spain’s financial situation, characterized banking sector’s influence on the housing primarily by restrictions in credit and market. As a result of the crisis and of funding, set the tone in the real estate many developers’ inability to make their segment in 2011. Home purchases slowed payments, banks have accumulated a large due to the rapid pace of job destruction part of Spain’s existing home stock on their and the consequent decline in households’ balance sheets, which is taking a toll on disposable income. This deterioration in their results. Banks have been looking for the two main variables driving property urgent formulas to remove these assets acquisition caused both consumer spending from their books. It became standard and investor confidence to plummet, as practice to grant mortgages solely to buy confirmed by the statistics. properties in the hands of the lender, rather than to buy properties from third parties. As Home sales in 2011 (340,000) declined a result, the bulk of home sales in the year by a notable 32% with respect to 2010 were of properties held by the banks. (491,287). New home sales were the hardest hit, with less than 120,000 units sold. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 83

Home building accounted for Corporate real estate activity also The outlook for the sector is lackluster. performed poorly in 2011. The closure of Although new housing stock continues to companies and cost adjustments across the decline gradually, market confidence is not 50% board at others had a significant impact on strong enough to sustain new projects that of turnover in 2011 the office logistics and industrial building might mobilize land stocks; accordingly, market. All these segments registered a activity in the market remains very weak. decline in rental revenues and occupancy, which reduced returns for property owners. In this complex situation, ACCIONA With regard to investments, the volume of Real Estate ended the year with 104 transactions declined and those under way million euros in turnover, of which 50% slowed down. Investors demanded greater corresponds to the property development, returns given the scenario of rising risk. As 41% to property rentals and 9% to car a result of this situation, together with the park management. credit crunch, only investors with significant liquidity and reinvestment needs were able to successfully complete real estate transactions. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 84

By the end of the year, ACCIONA had sold 12 8 homes (79 of which were in Spain), reducing its 2011 stock by 18% 1. Real Estate Development homes had been reserved at 31 December. At the end of last year, ACCIONA Real Homes in the first phase of the Wilanow Estate had sold 128 homes. Of those, project, in Poland, were delivered to clients 79 were in Spain, and the remainder was in the first quarter of the year. Progress in Mexico, Poland and Portugal. was made on the project in the Zoliborz zone of Warsaw, which stands out for its It also delivered 217 homes in the excellent location and amenities. year, of which 49% were in Spain and 51% in other countries. In Spain, the The Company has land to build 312 homes Company maintained its discount policy, in the exclusive Vista Hermosa area, in originally implemented in 2009, on all Mexico City, as well as 188 homes in of its property developments; as a result, Santa Fe and 388 in Acapulco as part 18% of the stock as of 1 January 2011 of PlayaMar Tres Cantos. The Company was sold. The company sold homes in its has approximately 2,200 homes under PlayaMar Tres Cantos project, in Acapulco, development in Poland. ACCIONA Real Mexico, and in the exclusive Santa Fe Estate continues to operate in Brazil, with residential development, in Mexico City. As future projects in Penedo (Río de Janeiro) a result, the second phase of the project and Guarujá (state of São Paulo). commenced in 2011, and 50% of the WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 85

2. Property Rentals 90%. As regards home rentals, Compañía In the hotel sector, progress is being made Rentals provided 42 million euros in Urbanizadora del Coto, owned 50% by at Hotel Condal Mar in Barcelona under turnover in 2011. ACCIONA Real Estate ACCIONA Real Estate, has around 900 the new management of Sol Meliá Group continued to sell non-strategic assets, homes in Madrid and ended the year via its TRYP brand. The Company retained the largest of which was Splau! shopping with average occupancy of 91%. It also ownership and management of Hotel Club center. Splau!, which has 55,000 m2 of completed the sale of 17 homes in the Marítimo, in Sotogrande. At the Hotel gross leasable area, had occupancy of Parque América and Los Olivos de Orgaz Estrella del Mar in Marbella, construction close to 90%, created 2,000 jobs and developments, for 8.5 million euros. was completed of the 4,000-m 2 beach registered 7.5 million visitors in the year. club with a spa, tropical gardens, a gym This transaction is part of ACCIONA’s asset In 2011, ACCIONA Real Estate continued and a restaurant with views of the sea, rotation strategy, which aims to optimize to operate university apartments complementing the hotel accommodations value creation in project development and (managed by the property rental division) and positioning it as a leader in the resort to drive the Company’s growth. in Albacete, Murcia, Lérida, Castellón and hotel segment. Cádiz, with occupancy of over 91% at At 31 December, the Company had 2011 year-end. 88,000 m2 of operational office space in Madrid, Barcelona, Sabadell and Zaragoza, with occupancy of close to WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 86

3. Car parks 4. Progress in sustainability and R&D It is an active participant in “CLEAR-UP”, ACCIONA confirmed the sale in 2011 and innovation an EU-backed R&D and Innovation project of its operational car park concessions, ACCIONA Real Estate remains committed which researches and implements solutions comprising 17,147 parking spaces in 30 to sustainability and is aware of the to attain “clean buildings”, i.e. comfortable, car parks in Spain, Andorra and Brazil, for a significant impact of its activities on the healthy, non-polluting indoor spaces. total of 190 million euros. environment. To that end, and with a view to preserving the environment and The car park business, primarily comprising leveraging resources, ACCIONA adheres to ACCIONA Car Parks, contributed 10 million basic criteria of environmental respect in its euros in turnover and 5 million euros in day-to-day activities. EBITDA in 2011. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona real estate Acciona Annual Report 2011 // 87

Unrealized capital gains before taxes on those assets at 2011 year-end amounted to ACCIONA Real Estate (at market prices) 400 million euros

Appraisals by various independent valuers of the gross asset value (GAV) of real estate assets, developments, investment properties and fixed assets totaled 1,621 billion euros (2011 prices), broken down as follows:

Inventories 1,112 investment property 486 fixed assets 23 Total 1,621

Unrealized capital gains before taxes on those assets at 2011 year-end amounted to 400 million euros. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 88

ACCIONA Logistic and Transport Services The Company achieved notable progress in 2011, opening new lines of business and consolidating its position in the goods transport segment.

Trasmediterranea’s fleet of ACCIONA TRASMEDITERRANEA The number of passengers fell by 14.5% This Division offers sustainable mobility and vehicles by 13.9% as a result of the 25 ships sailed solutions for maritime transport. ACCIONA decline in activity on the Strait of Gibraltar. 1,152,990 nautical Trasmediterranea was extremely active Transportation of cargo decreased by 7.5% in 2011. The Company managed its own in linear meters, owing in part to lower miles in 2011 fleet of 21 ships and four chartered ships cargo levels in the Canary Islands as a result at different periods throughout the year; of the reduced supply. five of the vessels are for sale. The ships sailed a total of 1,152,990 nautical miles, The Barcelona ferry terminal handled and transported 2,643,497 passengers, 950 calls by Company-owned ships, 750 621,193 vehicles and 5,361,484 linear calls by other ships, 984,000 passengers meters of cargo. and 282,525 vehicles. ACCIONA Trasmediterranea’s Valencia terminal handled 570 calls by its own ships, 205 cruise ships, 599,206 passengers and 45,000 vehicles. On 15 April, the Valencia WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 89

terminal welcomed the largest cruise on 30 March with the banana producer The fast ferry between Valencia and Ibiza ship ever to dock in Valencia Port: Royal group, Agricultores de Tenerife (Agriten), (San Antonio) commenced operation on 15 Caribbean’s “Liberty of the Seas”. to transport its production from the June for the peak season with an Estrella The Company made significant progress Canaries to the mainland. On 5 May, the Damm-ACCIONA Trasmediterranea party in 2011 in opening new business lines, company ratified an agreement to carry all onboard a ferry docked at ACCIONA’s through agreements with various of the Canary Island Banana Cooperative’s terminal in Valencia Port. This event is the companies and entities, and intense (Coplaca) production to mainland Spain and result of a cooperation agreement between marketing activity. the Balearic Islands through 2014. the two companies focused on Spain’s east On 1 October, ACCIONA Trasmediterranea coast and the Balearic Islands, particularly Some of the main commercial agreements renewed the contracts to operate the Ibiza, which is growing as a preferred in 2011 were as follows: passenger and vehicle ferries between holiday destination for travellers from ACCIONA Trasmediterranea reinforced mainland Spain and the Canary Islands Valencia. its position as the carrier of Canary Island (total budget: 3.5 million euros) and A combined bus+fast ferry service offered by bananas, signing two major contracts between Almeria/Malaga and Melilla (11.9 Grupo Avanza and ACCIONA Trasmediterranea with the main producers’ organizations. million euros), for two years, with a possible for trips between Madrid and Ibiza (San The Company signed a 2-year agreement 2-year extension. Antonio) commenced on 17 June. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 90

A combined bus+ferry service with ALSA applications and management of demand During the year, the Company signed for trips between mainland Spain and peaks while reducing operating and agreements for ferry trips with social, cultural Ceuta/Tangier commenced on 2 August. management costs. and sports groups and organizations. The Company offered a plane+ferry With a view to promoting travel to service in cooperation with Air Europa for The Company participated in the following official competitions in destinations on the summer travel between the Canary Islands events: Company’s route, on 4 January ACCIONA and mainland Spain. Extensive participation by ACCIONA Trasmediterranea became a provider of The new ro-ro and passenger terminal Trasmediterranea in the main tourism services to holders of the “Sports Card” in Cadiz was inaugurated on 5 October; trade fairs. At Fitur, the Company renewed issued by Valencia’s Sports Council, and in the Company invested 2.5 million euros agreements with Melilla’s city council May it renewed its cooperation agreement for infrastructure and port machinery. The aimed at the unemployed, retirees and with the Royal Spanish Horse Riding event was attended by the city’s mayor, young people. The Company attended Federation. Teófila Martínez, and the chairman of the Turespaña, ITB (Berlin), BRUSSELS EXPO, In February, it renewed its agreement with Cádiz Bay Port Authority. A few days later, WTM (London) and BIT (Milan). In Spain, it “Proyecto Hombre” (a Spanish drug-abuse the Company, together with Gades Port promoted the Balearic Islands at the “Las foundation) in Melilla to provide a discount and Cadiz Port, presented the new terminal Dalias” hippy market in Madrid and at the on travel to mainland Spain for therapeutic in Las Palmas de Gran Canaria and Santa “Ladies & the Movies” event in Valencia; Cruz de Tenerife. it also took part in tourism trade fairs in At the end of December, the Company Barcelona, Valencia, Valladolid and in the signed an agreement with Microsoft to fair organized by Morocco in Madrid. migrate the ticket sale system to Windows Azure, improving time-to-market in the development of new services and WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 91

An agreement was signed with Microsoft to transfer the ticket sales system to a more efficient treatment. The Company also cooperated ACCIONA Trasmediterranea received several platform with lower with Spanish NGO “Sonrisa Médica” for awards: travel on the Balearic Island routes, and On 29 April, the “Juan J. Sister” ship operating costs the Migres Foundation (environmental received the “Malagaport” prize. education) on the Strait of Gibraltar routes. On 25 May, the Association for the On 20 May, Fundación Affinity (animal Promotion of Cadiz Bay Port (Gades-Port) rights) and ACCIONA Trasmediterranea recognized ACCIONA Trasmediterranea for commenced a cooperation project to its track-record at that port. ensure the comfort and safety of pets On 31 August, the president of travelling on the Company’s ships and Melilla, Juan José Imbroda, presented a routes. commemorative plaque to the crew of the On 18 May, the Catalonian regional fast ferry which links Melilla with mainland government’s Department for Civil Defence Spain every summer. and Ports organized an emergency drill On the occasion of its 125th anniversary, onboard the “Almudaina Dos” ship. Mallorca’s Chamber of Commerce recognized On 25 May, ACCIONA Trasmediterranea ACCIONA Trasmediterranea as one of the transported the Military Emergency Units island’s most important companies. The from Barcelona and Valencia to Ibiza to award was presented on 14 October by the extinguish a forest fire. president of the Balearic Islands regional On 26 August, the “Ciudad de Málaga” government, José Ramón Bauzá, and the ferry participated in a boat rescue on the chairman of the Chamber of Commerce. Ceuta and Algeciras route. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 92

ACCIONA LOGISTICS In September, the Company completed the ACCIONA Logistics renewed its refrigerated relocation of all installations (previously ACCIONA Logistics fleet in 2011, and transferred a significant distributed throughout Barcelona) to added 200 new number of its facilities to new industrial the new BZ Barcelona Zona Innovació innovation centres. The Company has its own technology park. Also in September, the new, refrigerated vehicles fleet of 1,737 trailers, 1,670 containers (20’, expanded facilities in Andalusia were opened; to its fleet in 40’ and 45’ HCPW), 15 warehouses spanning specifically, the warehouses in Dos Hermanas over 300,000 square meters, 275,000 cubic (Seville) for frozen, refrigerated and dry meters of temperature-controlled facilities, goods, doubled in size. ACCIONA Logistics 2011 and its own dockside space measuring offers transport and distribution services 600,000 square meters. from these facilities to Andalusia, the Canary Islands, Ceuta, Melilla and Morocco. In the first quarter, the Company commenced operation of a new regular On 5 October, the new refrigerator fleet for groupage service, which carried 1,276 the Canary Islands routes was presented shipments from Zaragoza and 640 shipments at the Cadiz terminal. On 26 October, a from Bilbao to the Balearic Islands. similar presentation was held at the Santa Cruz de Tenerife port. Members of the On 5 May, the Company signed an local council and the port authorities from agreement with Coplaca, valid through both cities participated in the event, and March 2014, to continue to provide road the presentation in Tenerife was attended, transport of bananas from the Canary among others, by representatives from the Islands to mainland Spain and the Balearic Canary Island regional government. Islands. ACCIONA Logistics executives, the general manager of Coplaca and the ACCIONA Logistics added 200 new president of Eurobanan visited the latter’s refrigerated trucks to its fleet in 2011, facilities in Alicante. including semi-trailers and mono- and bi-temperature trucks for transporting WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 93

perishables: bananas, tomatoes, and fresh Throughout its network, ACCIONA Airport Milestones in 2011 include: ACCIONA and frozen fish. The Company uses cutting- Services provides services designed in Airport Services edge technology in coherence with its accordance with the individual needs of Commercial activity commitment to the environment. To that its customers, focusing on flexibility. The New business lines assisted end, the Company uses tires made from Company operates in passenger handling, ACCIONA Forwarding was authorized to act 30 million recycled materials, the production of which ramp services, cargo terminal management, as a customs broker, enabling the Company to users of has saved 111,248 liters of petroleum and assistance for passengers with reduced submit customs declarations for third parties. more than avoided the emission of 278.12 tons of CO2 mobility, and jetway positioning. In 2011, As a result, the Company can provide customs into the atmosphere. ACCIONA Airport Services served more and advisory services to its clients, eliminating than 200,000 flights and 30 million users the need to outsource those services to third airlines ACCIONA Logistics participated in LOGIMA, (of which over 140,000 had reduced parties and thereby reducing certain risks. The 200 Morocco’s biggest logistics trade fair, from mobility). The Company also handled service will be implemented throughout the in 2011 5 to 11 May, and in SALT, in Las Palmas de more than 2,400 metric tons of cargo Company in 2012. Gran Canaria, in the last week of April. and over 130,000 jetway connections and disconnections. Customer satisfaction surveys ACCIONA AIRPORT SERVICES Customer satisfaction surveys revealed that ACCIONA Airport Services is a leading In 2011, ACCIONA Airport Services re- the customer service offered by the Company independent handling and airport services certified its quality and environmental is very highly valued and is one of the main provider in Spain and Germany. The management systems in accordance factors which motivates customers to use Company operates at Palma de Mallorca, with the ISO 9001 and 14001 standards, ACCIONA Forwarding. The overall rating Menorca, Ibiza, Gran Canaria and Madrid respectively. (which includes commercial, service and airports in Spain, and in Frankfurt, Berlin administrative aspects) was very positive. (Tegel and Schönefeld) and Hamburg, in ACCIONA FORWARDING Moreover, 94% of respondents stated that Germany. The Company serves leading ACCIONA Forwarding continued to offer its they would continue to use ACCIONA regular, charter and low cost airlines tailored logistics solutions, using the most Forwarding’s transport services in the future. and freight operators—more than 200 appropriate transport at all times. companies in all. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 94

Notable deals The Chinese community in Spain Authorized Economic Operator The following traffic-related operations in ACCIONA Forwarding commenced The European Union has implemented 2011 stand out for their complexity and commercial relations with the Association several initiatives focusing on security, one volume: of Chinese Bazaars in Spain and initiated of which is the creation of the category of sea transport with 535 containers of Authorised Economic Operator. Telefónica merchandise. In the last quarter of 2011, ACCIONA ACCIONA Forwarding applied for the Forwarding was awarded a contract for Others Combined Customs Simplifications/ the air transport of mobile telephones Transport by sea of the first Spanish Security and Safety AEO certificate (AEO) from different parts of China to several laboratory in Antarctica, at the Juan Carlos in 2011. As a result, the Company was destinations in Latin America. Traffic for I Antarctic Base, in special containers required to comply with a special policy 2012 is estimated at two million kilos. (flat rack), from the Port of Ushuaia, in relating to the safety of goods, persons Argentina (near the South Pole), to the and procedures in 2011 and review and Perishables Port of Barcelona. Road and sea transport implement other policies with a view The Company transported around of the rigs and spare parts of the IMOCA to obtaining and maintaining the EU 600 metric tons of seafood in 40-foot 60 (the first sailboat in the world to be certification. Madrid’s Regional Customs refrigerated containers, by sea, from Chile powered exclusively by renewables; it Office will perform several audits in to Spain. It also reinforced its legume is 100% owned by ACCIONA) from the 2012; if they are positive, the Company transport contracts, expanding points of Port of Brest (France) to the Marina Port will be granted certification. An AEO is departure and destinations, and handling de Mallorca. This operation required the an economic operator who, by satisfying around 1,300 containers (20-foot) in 2011. transport of platforms and containers certain criteria, is considered to be reliable from Spain to France, and included road in their customs related operations transport of the vessel to storage. throughout the European Community and is therefore entitled to the certain benefits, WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona logistic & transport services Acciona Annual Report 2011 // 95

ACCIONA Forwarding transported the first Spanish laboratory from the Juan Carlos I Antarctic Base to the Port of Barcelona such as fewer physical and documentary ACCIONA INTERPRESS checks, fast-tracking through customs ACCIONA Interpress, which continued controls, recognized status across the to distribute daily press and magazines, EU, etc. Authorised Economic Operators registered 19% growth year-on-year. may also request the Combined Customs Unification of all distributors in the city Simplifications/Security and Safety AEO and region of Madrid enabled the company certificate (AEOF), which combine all of undertake distribution of all of the leading the above-mentioned benefits. publications currently in the market in that area of Spain. The same unification of Installation of a new Report Program press and magazine distribution is planned As part of the strategy to unify and for Barcelona and the Catalonia region in standardize IT within the Company, a 2012, and ACCIONA is expected to be the new Report Program (PR) was installed exclusive provider of this service. in June 2011, made up of three modules: Operational (air and sea), Accounting (finance) and Commercial. The Customs module will be available in 2012. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 96

ACCIONA Urban and Environmental Services The company maintained growth, especially in Environmental Services, in an adverse market context marked by a notable decline in public contracts.

ACCIONA SECURITY SYSTEMS Upgrade of Antena 3 TV’s access control ACCIONA Security Systems designs, system. installs and maintains security, fire Security and fire protection system protection and alarm management installation for Onda Cero Radio in several systems. of its provincial offices. Numerous security and fire protection Supply and installation of access control projects were implemented in 2011, and systems at: the company obtained the following l ACCIONA Solar and Energy in contracts: Sarriguren (Navarre). Supply, installation and integration of l Penitentiary Center I in Soria. the upgraded CCTV at Palma de Mallorca l ACCIONA’s R&D and innovation Airport (Balearic Islands, Spain) and of the installations in Valportillo (Madrid). access control and intercom systems for l ACCIONA Infrastructure’s headquarter AENA. offices. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 97

In 2011, the company obtained the contract to upgrade Palma Airport’s Supply and installation of the access l Security and fire protection systems control system and CCTV at the Tortosa and CCTV for the Splau! Shopping CCTV system electrical substation (Tarragona) for Center in Cornellà de Llobregat ACCIONA Energy. (Barcelona). Supply and installation of CCTV for the l Fire protection systems at ACCIONA Recipharm factory in Parets del Vallès Energy’s hydroelectric power plants in Huesca. (Barcelona). Supply and installation of the fire The following maintenance contracts were protection and intruder alarm system renewed in 2011: at the Las Ventas Bullfighting Museum Fire protection and security systems for (Madrid). ACCIONA Group and Antena 3 Televisión. Maintenance contracts: Security systems for SOGEPIMA’s l Security system and CCTV for ING TN-9 and TS-19 buildings in Alcobendas Direct in Alcobendas (Madrid). (Madrid). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 98

ACCIONA Urban Services obtained turnover of 29.8 million euros ACCIONA URBAN SERVICES public buildings, machinery, recycling centers, ACCIONA Urban Services, which has been treatment plants, waste transfer stations, etc. in 2011 operating in the services sector for more The Company has a significant presence in than 20 years, focuses especially on end- eastern Spain, where the average workforce to-end treatment of municipal solid waste in 2011 exceeded 500. The street cleaning (MSW). The Company provides services for contract in Ribarroja del Turia (Valencia) was numerous public entities, managing the renewed for four years in 2011. following: collection of MSW, source sorting, The backlog amounted to 88 million euros street cleaning, street furniture, cleaning of at 31 December 2011. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 99

ACCIONA ENVIRONMENT ACCIONA Environment uses the human corporations and as subcontractors for ACCIONA Environment is specialized in and material resources available in large construction companies. the design, construction and maintenance its various offices in Valencia, Madrid, Woodlands management, forestry of green areas, actions in woodlands, Badalona (Barcelona), Zaragoza, Valladolid, stewardship and environmental impact environment-related activities, landscape León, Mérida (Badajoz), Sevilla and works, awarded by agencies of the Ministry integration, irrigation and rural roads. Ourense, organizing and dispatching of the Environment and Rural and Marine It serves both public entities (town temporary crews wherever necessary, Affairs in Tarragona and Badajoz, the and city councils and regional and which enables the company to provide Environment Departments of the Madrid, central government) and large private services anywhere in Spain (mainland and Extremadura and Castilla y Leon regional corporations. islands). The HQ and personnel offices governments, and by large private energy In the context of a difficult market are in Madrid (Management and Human companies. situation and a significant decline in Resources) and Valencia (Administration, public contracts, ACCIONA Environment Analysis, Hiring, and Landscaping). The average workforce during the year obtained 26.9 million euros in turnover totaled 514 direct employees, 68 of whom in 2011, of which 2.8% correspond to ACCIONA Environment’s most important were executives and engineers and the rest works with an environmental impact and new contracts in 2011 were: were administrative personnel and manual landscape restoration, 6.3% to woodland Urban maintenance services in workers. The average workforce in joint activities and forestry stewardship, 43.2% Barcelona and Madrid (public) and in ventures was 96 employees, all of whom to municipal gardening and landscaping Banco Santander’s Financial City Complex were administrative or manual workers. works, and 47.7% to maintenance of (private) in Madrid, for a period of two to municipal green areas. The Company four years. obtained 26.4 million euros in contracts in Urban gardening works, awarded directly 2011, and the backlog at the start of 2012 by city councils and other local public amounted to 31.2 million euros. entities in Valencia, as well as by private WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 100

A joint venture ACCIONA FACILITY SERVICES of all non-core business activities, with a headed by ACCIONA This company has more than 45 years view to optimizing resources and reducing Facility Services landed of experience in providing facility operating costs. two of the three management services, and boasts a The Company expanded and strengthened backlog comprising 2,000 clients, some of its presence in several sectors in 2011: cleaning contracts which have been using ACCIONA’s services tendered by Renfe for more than a decade. The current Automobiles: workforce amounts to 13,000, attached Participation in the start-up of the to 32 offices in Spain and Portugal, with Nissan Challenge, which aims to reduce a view to being as close to customers as unit costs. possible. ACCIONA Facility Services was chosen ACCIONA Facility Services (AFS) has to be the end-to-end logistics services a strong international footprint in provider for the Ford plant in Almussafes Portugal, Belgium, The Netherlands, (Valencia). Italy and Canada. The quality of its Commenced logistics services at the services and its social and environmental SEAT plant (Martorell) for manufacturing commitment are evidenced by its many of the new Q3 model in Spain. certifications: ISO 9001, ISO 14001, SA 8000, ISO 2200 and OHSAS 18001. AFS Agri-food: maintained its leading position in the The Company continued to implement services and facility management sectors international projects for Campofrío Group, in Spain and Portugal in 2011, providing with extended to Italy in 2011. comprehensive solutions, from design It started a new contract to clean Kelloggs through to management and operation Group’s industrial plants in Tarragona. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Acciona urban & environmental services Acciona Annual Report 2011 // 101

Pharmaceuticals: Unibail-Rodamco renewed its contract Healthcare and Hospitals: AFS obtained a contract from Novartis with AFS to provide services in large ACCIONA Facility Services obtained Group to clean all of its installations in shopping centers in Spain and for the its first contract in Canada to provide Spain, and from Roche Group to provide maintenance and cleaning of its facilities. services for Royal Jubilee Hospital (British ancillary services in Madrid. Columbia). Logistics: Industrial: Navantia’s production units in Galicia Hotels: Media group Grupo Prisa selected renewed their contract with AFS for waste The Company continues to provide AFS’s facility management model, management, cleaning and gardening services at Princesa Sofía Hotel (five-stars) because of its global and social focus, services. and Rey Juan Carlos I Hotel, both to develop a major project to reduce The Company obtained a major contract in Barcelona. costs and optimize services in Spain and in the transport sector at the end of 2011. Portugal. The project, which has been A joint venture led by AFS obtained two of Public services: running successfully since June of last the three contracts under Spain’s largest AFS started providing cleaning services year, integrates all general services of its railway cleaning tender, by Renfe; as a at Santander Airport, improving quality business units (El País, Ser, Sogecable, result, the Company will provide services indicators and meeting the needs of steady Santillana and Catsa) with a view to in 75% of Spain. The two-year contract growth in airport activity. achieving the established objectives. The can be extended for an additional two contracts focuses on external services years, and will be rolled out progressively such as cleaning, maintenance, reception, over the four-year period. This contract will telephone assistance, gardening, other provide turnover in excess of 135 million auxiliary services (concierges, mail, etc.), euros. and security. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 102

other businesses ACCIONA operates in other business areas through companies such as Bestinver, Hijos de Antonio Barceló and General de Producciones y Diseño.

BESTINVER Assets managed by Bestinver fell by 2%, to Bestinver, S.A. is a wholly-owned subsidiary 5.24 billion euros, at 31 December 2011. of ACCIONA which provides wealth management services through investment This decline, attributable to the negative funds, pension funds, voluntary providential yield on its investment funds, was offset by plans (EPSV), employer-sponsored pension an increase in the net inflow of assets. As plans and SICAVs through its subsidiaries a result, the Company’s average net assets Bestinver Gestión, S.A. and Bestinver under management in 2011 exceeded the Pensiones, S.A. The Company’s third subsidiary 2010 figure, with revenues up 19% year- is Bestinver S.V., S.A., a securities firm with a on-year, to 80 million euros, and pre-tax seat on the Madrid Stock Exchange. profit up 18%, to 57 million euros. The number of investors increased by 12%, to 53,000. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 103

Bestinver’s pre-tax profit expanded by 18% in 2011, Bestinver faced a complicated economic The risk premium, i.e. the difference to 57 million euros situation in 2011. The Spanish stock market between a country’s 10Y bond and the shed 13.11% in the year, dragged down by German equivalent, became a household the sovereign debt crisis in peripheral Euro term. The media reported on a daily basis area countries, episodes of instability in that non-core Euro area countries’ high the US, and fears of a double-dip recession, risk premiums augured further bailouts, particularly in Europe. Tensions intensified especially of Italy and Spain. Spain’s risk in Spain as a result of the austerity premium, which started the year at 250 measures implemented by the government basis points, came close to 500 basis before the summer and the organization of points in November. early elections—both of which impacted investor sentiment. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 104

The rating agencies also distorted financial In view of this drastic scenario and the lack activity. Continual downgrades of euro of funds in the system, the main central The euro took a hit area countries heightened the feeling of banks around the world took coordinated as a result of investors’ panic. Spain was downgraded by all three actions to inject liquidity on two occasions. concerns about agencies (Standard & Poor’s-S&P, Fitch The European Central Bank, which raised and Moody’s) on several occasions in interest rates twice during the first six its durability 2011. Tension peaked in August, when S&P months of the year, to 1.50%, was forced to downgraded the US from AAA for the first retrench, reducing rates to 1% at the end time in history, which led stock markets of 2011. The Fed, in contrast, maintained around the world to plummet. base rates at 0.25%, where they have been since 2009. Major intervention by the ECB Against this backdrop, the euro suffered at the end of the year enabled the markets greatly as a result of investor concerns to recover part of the ground lost since about its longevity. The currency peaked in August. Specifically, the bank flooded the April at $1.49, and ended 2011 at $1.30, financial system with liquidity at 3 years below 2010 levels. and revived its purchases of government bonds in the secondary markets. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 105

Although European stock markets experienced The IBEX 35 (Spain’s blue-chip index) Bestinver analysts expect the volatility and ended the year at 8,556.30 points, i.e. tension of 2011 to continue in 2012, since difficulties, Spain’s down 13.11% compared with 2010, but far market attention will remain focused on IBEX 35 was one of the above the lows of the third quarter, when macroeconomic uncertainties. Although region’s top performers it reached 7,640.7 points. Nevertheless, many companies obtained better-than- Spain’s bourse outperformed other expected results, investors have not yet European indices. Portugal’s PSI tumbled responded; however, the markets are 21.86%, exacerbating fears that the country expected to begin to take them into would need a second bailout. France’s consideration in 2012, as occurred in 2009. CAC lost 16.95%. The Euro Stoxx 600 (comprising leading European companies, including ACCIONA) shed 10.38%. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 106

Even so, Bestinver expects favorable market Bestinver views the pessimistic scenario performance. The analysts rule out the most as an opportunity to invest in companies Bestinver expects negative scenario, as they believe that global whose share price has fallen significantly positive performance GDP will continue to grow, albeit at a slower and without justification on the basis of in the markets pace. Despite investor attention on the fundamentals. It is important to be patient, euro area, Bestinver is focusing on emerging and wait for the market to eventually price economies, and on China in particular, where those companies appropriately. Under these growth, based on saving and productivity, is premises, Bestinver has designed its best proving to be sustainable; what happens in portfolio yet: it is managed by Bestinfold, China will have a major effect on the rest of FI, and has very attractive upside of 120%. the world. Since it was created in 1993, the model portfolio has achieved a cumulative yield of 1,506% and an average annual yield of 15%. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 107

Progress in customer service In 2011, a merger between several UCITS In 2 011, Bestinver Bestinver improved resource optimization gave rise to a new fund, called Bestvalue, FI. and the services it provides by establishing The new fund absorbed several independent took home seven an online trading platform 2011, responding SICAVs, including Bestinver Bestvalue Sicav, awards, for a total of 98 to a growing trend among investors. S.A., and Bestinver Value Investor Sicav, S.A. distinctions in 17 years As a result, Bestvalue, FI had 260 million The Company also created various financial euros in assets and 600 investors at 2011 products aimed at maximizing returns, year-end. such as Bestinver Grandes Compañías, FI, three employer-sponsored pension plans Bestinver received seven new awards in the and two voluntary providential plans, all of last year, for a total of 98 awards in the last which are managed under the same Value 17 years. Investing policy. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 108

The wine company maintains its strategy of creating leading HIJOS DE ANTONIO BARCELÓ 42% of sales come from foreign markets, brands and expanding Hijos de Antonio Barceló, S.A. is a wine offsetting the weak situation in Spain and company with several wineries located in providing it with more stability in the internationally Spain’s most emblematic and prestigious current situation. wine regions. Hijos de Antonio Barceló also focused It produces, ages and commercializes on enhancing the flexibility of its offer, quality wines, with a strong position in the developing a wide and varied range of wines Spanish market and an increasingly solid in the most prestigious denominations of footprint abroad. origin, as well as an extensive selection of wine types and brands. The goal is to adapt Weak consumer spending in 2011 impacted better to target markets; accordingly, the sales, which ultimately declined by just 1% Company operates from a good competitive compared with the previous year. As a result position to develop its business lines, which of the Company’s internationalization, include: WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 109

Winemaker Hijos de Wines with Denomination of Origin Wines with Qualified Denomination Antonio Barceló, which (D.O.): Ribera del Duero, Rueda and Toro of Origin (DOCa) Rioja is well-established This strategic line of business represents Bodegas Palacio’s Glorioso and Cosme Palacio almost 28% of total turnover. Viña brands are market leaders and account in Spain, obtained Mayor is the umbrella brand for the three for 24% of the winery group’s turnover. Denomination of Origin wines: Glorioso received additional support from an of turnover Viña Mayor D.O. Ribera del Duero, which advertising campaign in Spain in 2011. 42% produces high quality red wines that have from other countries made it one of the top 5 wines in this Vinos de Castilla y León and quality Denomination of Origin. rosé, by Bodegas Peñascal (Valladolid) Viña Mayor D.O. Rueda, which offers Bodegas Peñascal is the undisputed leader in white wines made with the prestigious quality rosé wines in Spain, which, together Verdejo grape. with its line of Castilla y León and tonic Viña Mayor D.O. Toro, offers quality red wines (Sansón) wines, account for 32% of turnover made with the local grape, Tinta de Toro. for Hijos de Antonio Barceló. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 110

The DOC La Rioja wines account for

24% The vineyards The Company’s strategy and values can be of Hijos de Antonio The group has vineyards in Finca Caserío de summarized as follows: Dueñas (Medina del Campo) and Finca Anzil Develop a wide-ranging portfolio of wines Barceló turnover (Toro). Both maintain a policy of vertical from Spain’s most prestigious regions which integration, which allows product quality to can adapt to changes in demand for different be controlled, from the vineyard through to categories and varieties. bottled wine. Finca Caserío de Dueñas has Build leading brands in each market segment. a 300-hectare vineyard and produces D.O. Pursue brand expansion in international Rueda and Castilla y León wines. Finca Anzil, markets with the highest potential. in D.O. Toro, has an integrated winery on Meet the quality standards demanded by the almost 90 hectares under vines. This bodega market through a vertical integration policy. sells ultra-premium red wines under the Finca Implement a policy of continuous Anzil brand, and it also produces D.O. Toro improvement in quality management in the wines under the Viña Mayor label Company’s functional areas. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 111

GENERAL DE PRODUCCIONES Outside Spain, GPD performed Y DISEÑO, S.A. the following activities: General de Producciones y Diseño (GPD) Restoration, repair, operation, monitoring specializes in planning and carrying and maintenance of equipment and training GPD left its mark on out museum exhibitions, events, and of personnel for the reopening of the Saudi some of the most multimedia shows in all kinds of venues. Arabia Pavilion at the World Expo 2010 important cultural and The Company left its mark on several Shanghai, in China. leading cultural and business events in Design and execution of the content in business events in 2011 2011 in Spain and abroad: the temporary exhibition entitled “Across the Cyclades and Western Anatolia during the 3rd Millennium BC”, at the Sakip Sabanci Museum in Istanbul, inaugurated on 23 March 2011. The Sakip Sabanci Collection of Ottoman Calligraphy, a permanent exhibition, is currently being installed at the museum and is scheduled to open in April 2012. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 112

GPD designed and produced the 4D Design and execution of the permanent in Toledo, under a commission from the multimedia show for the exhibition entitled “Ancient Cypriote Art” at Department of Infrastructure and Equipment the Museum of Cycladic Art in Athens. at the Ministry of Culture. It was inaugurated Commenced work on the technical on 24 March 2011 by the Minister of 800th anniversary development, production, installation and Culture, Ángeles González-Sinde. of the Santiago de supply of content for the Russian-Jewish Design and execution of the temporary Museum of Tolerance in Moscow. Barcelona Zoo exhibition at the New Compostela cathedral Commenced work on the development, Museum of Natural History (Blau Museu), execution, technical maintenance and inaugurated on 27 March 2011. operation of Russia’s Pavilion for the World Design, production and operation of the Expo 2012 Yeosu, in South Korea. 4D multimedia show (light, sound, music, fireworks and special effects) on the façade In Spain: of the Santiago de Compostela cathedral Execution of content for the Diocesan for its 800th anniversary celebration. The Museum at the Archbishop’s Palace in show took place the night of 24 July 2011. Zaragoza, inaugurated on 21 March 2011 by The project included adaptations and an HRH Cristina de Borbón y Grecia. interactive multimedia installation, open to Production and installation of the the public from 25 to 31 July. The Company permanent exhibition at the Greco Museum used the same video-mapping technique WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Other businesses Acciona Annual Report 2011 // 113

for the Christmas audiovisual show on Design, execution and organization Execution of the the façade of Seville’s City Hall, from 16 of the following events: museographic project December 2011 to 6 January 2012. l Unipapel sales convention, Completion of execution of the in Madrid (March 2011). for the Navigation museographic project for the Navigation l Vodafone’s Corporate Business Unit, Pavilion, on Cartuja Pavilion, on Cartuja Island (Seville), which in Zaragoza (May 2011). Island (Seville), was opened on 2 January 2012. The permanent l Presentation of Airbus Military exhibition, conceived under the slogan excellence awards, in Illescas, Toledo completed in 2011 “Seville and the Atlantic Navigation” reflects (November 2011). the most important human and technical aspects of navigation. Commenced work on the design and execution of the multimedia content and installation for the multidisciplinary Climate Change Observatory in Valencia and its integration into the emblematic La Alquería building. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d inNOVAtioN Acciona Annual Report 2011 // 114

innovation ACCIONA is committed to differentiation in research, development and innovation.

In 2011, ACCIONA reaffirmed its Investment in R&D and innovation commitment to R&D again by extending (million euros) its Sustainability Master Plan (SMP) to 2010-2015. The objective of the SMP is to “enhance the competitiveness of the 92.2 93.6 business lines, based on differentiation in 88.1 technology”.

71.3 Against the backdrop of economic uncertainty worldwide, ACCIONA maintained its commitment to R&D and Innovation in 2011 by outstripping its 2010 investment, having spent approximately 90 million euros per year 39 in the last three years. In 2011, the company allocated 93.6 million euros to R&D and 22.6 innovation, focusing especially on the Energy and Infrastructure divisions, which accounted 6.8 for 68% of the total. ACCIONA has R&D and innovation initiatives in Spain, Poland, Canada and Australia. 2005 2006 2007 2008 2009 2010 2011 WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d inNOVAtioN Acciona Annual Report 2011 // 115

Investment in R&D and Innovation, by business (%) 5% 7% 10% Other Businesses 25% Other Water Water Businesses

2010 2011 30% 38% 47% 38% Energy Infrastructure Energy Infrastructure

In 2011, the Company had 166 active 2011, in line with the objectives set out in City, was named Water Deal of the Year, R&D and innovation projects in 13 areas the 2010-2015 Sustainability Master Plan. as the contract that contributed most of research linked to ACCIONA businesses, to the advancement of public-private under way at the Company’s technology ACCIONA’s accomplishments in R&D and partnerships (PPP) in the global water centers in Madrid, Barcelona and Pamplona. Innovation were recognized by several industry. The Company reinforced its commitment to distinctions in 2011: this area by increasing its R&D staff to 348. AENOR renewed certification of 2011 European award for innovation the Company’s R&D and Innovation The EU Industrial R&D Investment in composite materials, in the Civil management system in accordance Scoreboard, drafted by the EU’s Directorate- Engineering category. Presented by with the UNE 166.002:2006 standard, General for Research, has become a JEC Composites, for the Pasarela de originally granted in 2007, which covers yardstick for comparing R&D investment. Almuñécar composite footbridge beam. all research, development and innovation The results published in October 2011 Global Water Intelligence Awards. activities at ACCIONA’s businesses: (corresponding to 2010) place ACCIONA The Beckton plant, in London, was Infrastructure, Energy, wind turbine in a leading position among Spanish named Desalination Plant of the manufacturing, Water and Installations. companies in its sector, measured by R&D Year. The cutting-edge facility uses This certification, which was extended last investment in absolute terms. ACCIONA-developed technology which year to include Engineering, guarantees minimizes both energy consumption that all innovation is performed in As regards intellectual property, the and the impact on fauna. The Atotonilco accordance with the highest standards of company had 78 patents at 31 December wastewater treatment plant, in Mexico excellence and quality. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d PUBLISHED BY: ACCIONA, S.A. Global Brand and Marketing Avda. de Europa, 18. Parque Empresarial La Moraleja. 28108 Alcobendas. Madrid. Spain Twitter: @acciona facebook.com/acciona www.acciona.com

PRODUCTION: MRM Worldwide Spain, S.A.

LEGAL DEPOSIT: M-19712-2012

© 2012 ACCIONA S.A. All rights reserved. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d Avda. de Europa, 18 Parque Empresarial La Moraleja 28108 Alcobendas (Madrid). Spain Twitter: @acciona facebook.com/acciona www.acciona.com

© 2012 ACCIONA S.A. All rights reserved. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d