Global leadership

Commitment: A word from the Chairman of ACCIONA S.A.

ACCIONA is a leading global company in sustainable development—the result of a course of action we committed to several years ago.

Our commitment to sustainability heralded the beginning of a new era for ACCIONA. This new era arose from our analysis of the likely evolution of world markets, which are increasingly complex and competitive.

As a result of this analysis, we developed a strategic plan designed to confront these times of change with the greatest guarantee of success for all our stakeholders. Throughout this period, ACCIONA has grown both organically and through acquisitions, we have diversified our lines of business, we are financially more solvent, our capabilities have increased and we have adopted a common, binding strategy: sustainability. This is the axis of all our activities.

The outcome of this strategy has shown a 48 percent growth in revenues in 2007, an annual turnover figure in excess of 8 billion euros and the doubling of our share price, all of which leads us to believe we are on the right path.

Because of our progress, and in order to reinforce the path we have taken, we have undertaken a fundamental change in strategic positioning. With this change, ACCIONA will be poised to anticipate the demands and requirements posed by the business environment, in-line with companies that wish to succeed, as we have done in the past.

ACCIONA developed our diversification strategy to enable our position as a diversified and cyclical business in order to boost our accelerated and sustained growth, as well as to allow our entry into new, high-value-added businesses.

As we did when we sized and planned our resources and activities, being fully aware that our target market was, and is, the world: we provide infrastructures for clients on five continents, our energy activity positions us as one of the top wind energy generators in the world, and our services activities improve the quality of life of people in 30 countries though our activities in transport, water treatment, hospitals, environmental management and many other sectors.

We at ACCIONA, today, are committed to take on the challenges that modern society need to face up to if it is to maintain economic growth, environmental balance and social development.

And as part of this commitment, our mission is to promote, develop and manage infrastructures and services focused and geared toward social well-being and sustainable development.

We will accomplish this mission with the same pioneering spirit that has led us to be among the leaders in merger execution and sector-focused transactions, and which, today, has allowed us to lead the way in diversification into services and renewable energy.

Also in-line with our pioneering and entrepreneurial spirit, and our commitment to the environment and our stakeholders, we wish to convey to society at large, in a faithful and effective manner, what our company represents and communicate our values of progress, sustainability and teamwork.

For all these reasons, we have developed a new corporate identity, allowing us to transmit key attributes and values to our business operations, which will become the visible element of our collaborative spirit with which we will aim to fulfill our mission.

• With one team: we join in a common project with the essence lying in our pioneering character, always on the search for better solutions.
• With one brand: we are capable of retaining and attracting the best talent.
• With one voice: we are committed to improving the quality of life for society.
• As one company: we contribute to a better future, our future.

José Manuel Entrecanales
Chairman of ACCIONA S.A.

As Chairman of ACCIONA S.A., José Manuel Entrecanales has transformed the organization from a construction company to a global infrastructure and energy company, with an emphasis on renewables and sustainable development. After 13 years of impressive growth, ACCIONA, with a market capitalization of U.S. $16 billion, is traded on the Madrid Stock Exchange (IBEX-35) and is recognized as a world leader in infrastructure projects, renewable energy, housing, water and environmental solutions.

Mr. Entrecanales began his professional career in 1985, working as an associate in Capital Markets at Merrill Lynch in New York and London. In 1990, he moved to ACCIONA, then Entrecanales y Tavora SA, as Director of Corporate Development. The company, which has a global reach covering more than 30 countries on five continents, was founded in 1931 by Mr. Entrecanales’ grandfather, José Entrecanales. In 2004, Mr. Entrecanales succeeded his father, José Maria Entrecanales, as Chairman of ACCIONA.

With José Manuel Entrecanales at the helm, ACCIONA has committed to reducing the world’s CO2 emissions by 220 million tons in the next 23 years. That is 1 percent of the 18.4 billion tons needed from the world’s power-production industry by the 2030 deadline set by the Intergovernmental Panel on Climate Change.