Juan Muro-Lara Chief Corporate Development and IR Officer 11th January 2012

Table of contents

1. ACCIONA overview 2. ACCIONA strategy 3. Conclusions

1. ACCIONA overview

ACCIONA overview
IBEX 35 listed company

4.3bn market capitalisation; EV of 11.5bn

2011E: Revenues 6.5bn, EBITDA 1.3bn

Shareholders structure: > 50% in hands of Entrecanales family

4

Analyst consensus

ACCIONAs businesses
ACCIONA is a global developer and provider of renewable energy, ACCIONA is a global developer and provider of renewable energy, transport, social and water infrastructure transport, social and water infrastructure

Water 8%

Energy 74%

EBITDA breakdown 2011E

Infrastructure 14%

1.3bn

Services & Other Business 4%

Analyst consensus

Real Estate 1%
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2. ACCIONA strategy

ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

Focus on three core divisions: Energy

Technologies

Wind
Installed capacity
6.027 SPAIN INTERNAT 3.953 2.074

Hydro
912 912 -

Biomass
57 57 -

SPV
33 3 30

CSP
264 200 64

TOTAL
7.302 5.134 2.168

Under constr.

96 SPAIN INTERNAT 21 75

50 50 -

146 71 75

Including 9MW of cogeneration Note: Data as of 30.09.2011

Focus on three core divisions: Energy

Attributable MW @ Sep 2011
Poland 30 (wind) Hungary 11 (wind) Canada 103 (wind) Germany 150 (wind)

Spain 5,134
Wind Hydro CSP Biomass PV Cogeneration 3,953 912 200 57 2 9

USA 611
Wind CSP 547 64

South Korea 61 (wind) India 83 (wind)

Solar hot water 1

Mexico 557 (wind)

Portugal 150
Wind CSP 120 30

Greece 48 (wind) Italy 92 (wind)

7,302MW
Note: Data as of 30.09.2011

Australia 272 (wind)

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Focus on three core divisions: Infrastructure

Construction backlog 9M 2011

35% Spain 60% International 40% 19% 19% 13% 7% 7% 6,952m

Europe Canada Brazil Australia Chile RoW

Buildings

Transport infrastructure

Dams

Subway works

Versatility
Ciudad de las Artes y las Ciencias, Valencia (2006)

Estacin Norte, Madrid Subway (2009)

Guavio dam, Colombia (1995)

Madrid Subway (2009)

Note: Data as of 30.09.2011

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Focus on three core divisions: Infrastructure

Road # of concessions EBITDA 9M 2011 (m) Average life (yrs) Average consumed life (yrs) Book value (m)
3 3

Rail 3 0 31 7 62

Canal 1 1 30 5 61

Port 1 0 30 6 15

Univer. Hospital 1 5 20 4 27 6 15 30 5 225

Total 21 43 30 5 1,414
Net debt: 1,109m Equity: 304m

9 18 31 5 1,036

12%

Under construction

3% 3% 5% 45% 44%

Spain Canada Mexico Brazil Chile

Book Value (1,414m)

48% 40%

Operating Operat. + under construction

Total EBITDA includes -8m from SPV companies and +12m from sold concessions Total BV includes -12m from SPV companies 3 Weighted average by book value (equity + net debt) excluding SPV companies

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Focus on three core divisions: Water

Design

Business model

R&D

Our Offer

Construction

Ability to tender every type of project Wrap up guarantees in front of client

Regulated Business

Commissioning

Facilitates project financing

O&M

41%

Australia Mexico Algeria Italy Venezuela RoW

Water backlog 9M 2011

Spain 63%

International 37%

23% 9% 3% 3% 21% O&M: 89%

5,071m D&C: 11%

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ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

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Internationalisation: Global presence

Strategic countries

CANADA SPAIN POLAND

USA ITALY COLOMBIA MEXICO

INDIA

BRAZIL

CHILE AUSTRALIA

Wind

CSP

Infrastructures

Water

Strategic countries where ACCIONA is present with more than one division

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Internationalisation: Backlog and revenues

Construction backlog 26%
2009

Water backlog 32%

Revenues 25%

7,021m

4,358m

6,515m

40%
9M 2011

37%

33%

6,952m

5,071m

4,796m

Var. (+pp)

+14pp

Spain

+5pp

International

+8pp
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ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

17

Net debt
Net debt breakdown by division
(m) Net Debt 31-Dec-10 Energy Infrastructures Real Estate Water & Environment Logistic & Transport S. Other Business 5.616 -243 732 53 157 271 6.587 +5% Net Debt 30-Sep-11 6.022 -112 683 103 43 147 6.886
+5%

Key highlights
Debt structure as of Sep 2011:
Gross debt: non recourse 67%, recourse 33% Net debt: 66% fixed, 34% floating

Average cost of debt as of Sep 2011: 5.5%-6.0% No refinancing events No significant short-term maturities Successful refinancing of 1.5bn through a syndicated 18-year project finance of 1.4bn

Liquidity @ Sep 2011

Undrawn credit lines 1.3bn

Cash 2.1bn

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ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

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Capex by division
Net capex breakdown by division
(m)

Key highlights Core businesses capture most of the Groups Capex (9M 2011):
Energy: 72% Infrastructures: 24% Water: 2%

Capex
Jan-Sep 10

Capex
Jan-Sep 11

Energy Infrastructures Real Estate Water & Environment Logistic & Transport S. Other Business Total gross capex Divestments Total net capex

398 256 -52 19 139 5 765 0 765

629 206 3 23 6 5 872 -425 447

~98%

Most of the capex to be invested internationally Selective criteria applied to investment decisions Capex prioritization
From 700MW in 2011 to 300400MW in 2012

Selective asset rotation

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ACCIONA strategy

Focus on three core divisions: Energy, Infrastructures and Water

Internationalisation

Focus on degearing

Lower NFD/EBITDA ratio

Selective investment criteria

Capex prioritization

Rotation of mature assets

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Rotation of mature assets: 2010 - 2011YTD

Enterprise value (m)
185 190 458 115 1,152

204

15% of a CSP company (Mitsubishi)

50% of two concessions in Chile (Atlantia)

Car parks (EQT and Horapark)

Three rental buildings

Splau! shopping center (Unibail Rodamco)

Total price of sale (EV)

ACCIONA has executed sales for almost 1.2bn enterprise value ACCIONA has executed sales for almost 1.2bn enterprise value
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3. Conclusions

Conclusions
In the coming years ACCIONA will be working towards:
A more simplified structure based on three core divisions: Energy, Infrastructures and Water disposal of non-core assets A strong internationalisation process significant proportion of capex invested in renewables and concessions internationally

A less geared structure (lower NFD/EBITDA) through:

Rotation of mature assets Selective investment criteria capex prioritization

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Juan Muro-Lara Chief Corporate Development and IR Officer 11th January 2012