Message from the Chairman & CEO

We are living in times in which business scenarios must address, on a daily basis, ever-increasingly complex and unpredictable business scenarios arising not only from climate change but also from considerable social tensions, and strains on resources, accumulated in the world's emerging economies, and from persistently unstable financial markets. At ACCIONA we strongly believe that there is a need for a new global energy model, that social development calls necessarily for improved infrastructures and that the water shortage is a problem that is destined to grow in size and relevance over the coming years.

Consequently, we are faced with opportunities and challenges which, thanks to ACCIONA's pioneering spirit and commitment to society. we are duty-bound to tackle with determination. We need to come up with the right answers and solutions for the Company and for society as a whole. ACCIONA has the technical capacity and the will to offer the right alternatives.

In short, ACCIONA's track record and current showing lead us to place our trust firmly in our company model and corporate strategy. We have made the transformation to a global platform with a differentiated capacity in its approach to taking on the main challenges and social needs of the day and for the future. This will help us to overcome the current difficulties and to benefit from growth opportunities.

José Manuel Entrecanales Domecq, Chairman of ACCIONA