I

DEVELOPMENT & INVESTMENT

February 2012

Contents:
1.Elecnor: half a century of experience and growth 2. Elecnor: key figures 3. Elecnor in the world 4. Business areas
4.1 Infrastructures 4.2 Industry and technology 4.3 Investments

5. Investments
5.1 Transmission Lines 5.2 Gas transportation 5.3 Renewable energy Solar thermal energy Photovoltaic energy Wind energy Hydroelectric energy

5.4 Environment: solid and water treatment plants

DEVELOPMENT AND I NVESTMENT 2

1. Elecnor: half of a century of experience and growth

Elecnor is one of the main Spanish groups devoted to engineering, building and developing infrastructure projects, renewable energies and technologies. It is traded on the "Continuous Trading" market of the Spanish Stock Exchange, and since the start of its business activities in 1958, it has gradually embarked on a diversification process which currently covers a total of 12 sectors within four large business areas: Infrastructures Renewable Energy New Technologies Concessions A strategically-based company, its international expansion has given it a stable presence in more than 20 countries, through overseas corporate investments and its subsidiaries, along with projects generated directly from Spain. Close to 9,000 professionals committed to its business philosophy showcase the Elecnor's innovation, quality and sustainability corporate values in all of its actions. Mission, Vision and Corporate Values Mission The mission of Elecnor is to contribute to the economic, technological and social progress of the human team, allow it to offer a comprehensive, professional service based on total quality. Vision Its vision is to be a leading company, highly competitive, in constant growth, with an international presence, standing out for its quality, innovation and respect for the environment in its various fields of activities. Thereby providing its shareholders with sustained returns, expanding the opportunities for professional and personal development of its employees and making a positive contribution to society. Corporate Values Customer focus Results focus Workplace Hazard Prevention Corporate Responsibility Quality and Environment Commitment to the organization Leadership Team Work Training and development Innovation

230 kV Double Circuit Villena-Jaur line. 345 km (Brazil).

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2. Elecnor: key figures

Elecnor has traditionally achieved positive results over the course of its corporate history. In 2010, for example, Elecnor achieved net profits of 126.6 million Euros. Turnover, meanwhile, stood at 1,762 billion Euros, 41% of which was generated in overseas markets.
2007 Sales Net profit Employees
Thousands of Euros

2008 1,911,347 93,593 8,400

2009 1,677,886 97,126 8,500

2010 1,762,120 126,637 8,944

2011

(est.)

1,650,234 73,554 7,356

1,803,917 122,165 9,467

Sales
1,650

1,911 1,677 1,762 1,803 (*)

2007

2008

2009

2010

2011

Net profit
73 93 97

Million of Euros

126

122 (*)

Hydroelectric power plant in Masparro (Venezuela)

2007

2008

2009

2010

2011
(*) Estimated

DEVELOPMENT AND I NVESTMENT 4

2. Elecnor: key figures

Ownership Structure: CANTILES XXI S.L. formed by 10 family groups which have controlled ELECNOR S.A. since it was funded in 1958, acting together as a single decision-making body. Listed on the stock market in Spain.
Others 47.28* Cantiles XXI 52.72

(*) All with ownership of less than 5%.

Sustainable growth: Focused on preserving Elecnor Groups credit worthiness. Investments financed on a non-recourse basis. Financial debt ratios kept at conservative levels Stable and recurrent cash flow generation Diversify opportunities and risks through entering into new markets and sectors

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2. Elecnor: key figures

RESULT FIGURES SALES OPERATION PROFIT EBIDTA PRE TAX PROFIT CASH FLOW ASSETS SHARE CAPITAL AND RESERVES OTHER FIGURES EMPLOYEES 2006 1,095,554 78,196 111,232 72,491 54,853 2006 215,039 2006 7,031 2007 1,650,234 118,865 189,287 102,304 73,554 2007 292,556 2007 7,356 2008 1,911,347 151,188 228,345 137,997 93,593 2008 299,070 2008 8,400 2009 1,677,886 137,104 178,698 130,375 97,126 2009 429,767 2009 8,486

Thousands of EUR

2010 1,762,498 134,856 203,764 136,022 126,637 2010 549,749 2010 8,944

debt/equity ratio (net debt with recourse/EBITDA + project dividends)

100% 80% 60% 40% 20% 0% -20%

Debt-to-EBIT ratio (net debt with recourse/EBIT)

100% 80% 60% 40%
Net Debt with recourse below 0%

98% 72% 54% 32%

Net Debt with recourse below 0%

34% 18% 2% -2% 2008 9% 2%

9% -4% 2008

20% 0% -20%

2005

2006

2007

2009

2010

2005

2006

2007

2009

2010

Nota: El ratio excluye el EBITDA de los proyectos financiados con deuda sin recurso.

DEVELOPMENT AND I NVESTMENT 6

3. Elecnor: key figures 4% 3% 2% Breakdown of revenue

(2010)

4% 5% 7% 13%

38%

24%

Electricity Construction and water Railways Telecom. Infrastructure Maintenance

Renewable energy & industry Industrial/Commercial Installations Gas Telecom. Systems

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3. Elecnor in the world

International Activity represents around 40% of Total Annual Sales

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4. Elecnor: business areas

INFRASTRUCTURES Electricity Gas Telecommunications Railways Maintenance and Efficiency Construction Water Environment Facilities INDUSTRY & TECHNOLOGY Energy and Environment Aerospace Aeronautics and Defense Transportation Security Building Industry Telecommunications CONCESSIONS Transmission Lines Gas pipelines Renewable Energy Wind power Solar power Hydroelectric power Environment: waste & water treatment plants

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4.1 Infrastructures

Over more than 50 years, Elecnor is the leader in this sector, both domestically and abroad, in its traditional activity of distribution networks, power transport lines and transformation substations. Up to 800 kV interconnection lines Substations of up to 500 kV

Elecnor has developed more than 615 km. catenary (25 kV AC) for high speed railways and 2 Substations for the power supply and traction power system using entirely Spanish design and technology, allowing trains to travel at 350 km/h. Flexible and rigid catenary installed in Metro, Tramways & suburban railways.

Elecnor has become a leading developer and "turnkey" contractor in the renewable energies sector, undertaking projects in the fields of wind energy, photovoltaic and thermoelectric solar energy and hydroelectric power stations.

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4.1 Infrastructures

Elecnor has evolved into one of the leading suppliers of gas related services, covering everything from gas pipeline transportation to domestic distribution. Regasification plants Compression stations Gas transport Gas distribution Regulation and measurement stations

Environmental development and protection policies, along with the treatment and reuse of waste and sewerage and water purification, are areas in which Elecnor operates through its parent company and through its specialised subsidiary, Hidroambiente. This subsidiary provides turnkey solutions through its own waste treatment engineering developments.

Elecnor references and proven experience represent a guarantee for customers who are increasingly interested in turnkey solutions for their facilities. Its capacities are applied to buildings, cultural and recreational centres, airport and railway terminals, hotels and hospitals, industrial plants and cogeneration and trigeneration plants.

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4.1 Infrastructures

Elecnor offers customized solutions for the provision of technical, commercial and maintenance services in the field of hospitals, business complexes, shopping centres, office buildings, city halls, airports, thermal power stations, nuclear power stations, wind farms, solar plants, factories and universities. Elecnor has over 40 years of experience in developing telecommunications infrastructure, systems and services, covering the entire life cycle, from specifications and design to operations and maintenance. Recently, Elecnor has acquired 65% of the company Teytel, dedicated to the design, development, installation and maintenance of telecommunications solutions and equipment. Elecnor has gained expertise in multidisciplinary projects, including both hydrological planning and water transport and distribution networks. It also has proven experience with large-scale hydraulic electromechanical facilities, as well as automation and control systems, developing its own remote data acquisition systems and hierarchical communications through SCADA.

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4.2 Industry and technology

ATERSA

Subsidiary of the Elecnor Group, provides highly specialized engineering and supplies the best integral solutions for solar systems, offering a technology that takes advantage of renewable and clean energy that the Sun puts at our disposal every day. With over 30 years of experience and 300 qualified proffesionals, is the pionner company in Spain with the photovoltaic solar power sector with a productive capacity of 344 MW. DEIMOS Elecnor Deimos is the technology branch of Elecnor Group, it meets together the operation of the all the technologic companies of Elecnor. The company operates in the Aerospace, Automation and Remote Control, Information Systems, Telecommunications Network, Security and Technology Infrastructure development. Building on staff strength of 500 engineers offers solutions in the following markets: Energy and Environment Aerospace Aeronautics and Defence Transportation Security Building Industry Automation of Iberdrola's Telecommunications solar thermal energy ADHORNA

Deimos-1 Satellite

station in Puertollano (Spain)

ADHORNA is one of the indisputable leaders in the design and manufacture of Precast Concrete Items and Lighting Columns in Glass-Reinforced Polyester (GRP).

SIA-BAR Graphic User Interface of the automatic information system of Barcelona

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4.3 Investments
Elecnors experience in building and operating infrastructures, in addition to its rising financial capacity, prompted the company a few years back to enter the concessions markets related to its areas of business.

Transmission Lines Gas transportation Renewable energy -Solar thermal energy -Photovoltaic energy - Wind energy -Hydroelectric energy Environment: solid/water treatment plants

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5.1 Transmission Lines

Over the last 10 years, ELECNOR has become a major player in the construction, investment and operation of high voltage power transmission systems in countries like BRAZIL and CHILE. In Brazil, ELECNOR has participated in the construction of more than 6,000 km. of high voltage transmission lines with 17 concessions (BOO), 13 of them in consortium, representing an investment of over U.S. $ 3,000 million. ELECNOR in association with a North American Group is developing the Project Wind Spirit transport and storage of Electric Power - in the Western USA.

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5.1 Transmission Lines

N of Projects under execution: 4 N of Projects owned by ELECNOR and participation (%):

N of Projects executed: 19 (15 in operation)

BRASIL

Substation 230 kV Jaur

6 Concessions 100% ownership 3 Concessions (50%) 1 Concession (33%) Length (lines): 7,982 Km of whom: 500kV 220 and 345 kV 6,090 km. 1,892 km.

N Substations: 44 (13,100 MVA) Scope of Services: full permitting, turnkey EPC and O&M for 30 years ELECNOR has restructured its electrical transmission concession subsidiaries in Brazil with the acquisition and the sale of its shares in some concession companies.
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4 16 19

2 3 4 5 6 7 8

9 10 6 1 17 15 5 18 13 2 11 14 8 10 3 7 11 12 12 13 14 15 16 17 18 19
ANNEL - LOT E Recently awarded 17 ANNEL - LOT I Recently awarded

5.1 Transmission Lines

BRASIL

Among other projects

Nova Ponte Emborcao (500 kV) Nova Ponte Itumbiara (500 kV) Nova Ponte Estreito (500 kV) Nova Ponte So Gotardo 2 (500 kV) So Gotardo 2 Bom Despacho 3 (500 kV) Length: 708 km of Lines UF: : MG Substations: - S/S 500 kV Emborcao - S/S 500 kV Nova Ponte - S/S 500 kV Itumbiara - S/S 500 kV So Gotardo 2 - S/S 500 kV Bom Despacho 3 - S/S 500/345 kV Estreito (nova) In Operation: Feb. 2009 Transformation: 2.530 MVA
Substation 500/345 kV Estreito

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5.1 Transmission Lines

BRASIL

Among other projects

TL Chapadao Imbirusu Sidrolandia Anastasio 230 Kv S/S Sidrolandia; S/S Rio Brilhante; S/S Ivinhema 230 Kv Length: 444 km; UF: Mato Groso do Sul Including collector substation facilities for 9 generators of 138kV: TL Rio Brilhante SANTA LUZIA II, CS 138 kV S/S SIDROLNDIA; S/S RIO BRILHANTE S/S IVINHEMA ; S/S SANTA LUZIA II TL Santa Luzia II UTE SANTA LUZIA I TL SANTA LUZIA II UTE ELDORADO TL IVINHEMA UTE IVINHEMA TL IVINHEMA UTE CERONA TL IVINHEMA UTE TERRA VERDE In Operation Sept 2010

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5.1 Transmission Lines

BRASIL

Last December 2011 Elecnor has been awarded with two transmission concessions in Brazil in a consortium with Companhia Paranaense de Energia (Copel). Elecnor hold a participation of 51% and will be 100% responsible for the construction of both projects. Client: Brazilian Electrical Regulatory Agency (ANEEL) State: Maranhao State: Paran 500 kV transmission line Scope: 230 kV transmission line 365 kilometres 136 km Investment: 163 million USD two S\S 400 & 300 MVA Investment: 91 million USD
Substation 500 kV Riberao Preto

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5.1 Transmission Lines

Project:

CHILE

LT Ancoa Alto Jahuel

Scope: 255 km. 2x500 kV and Substation Client: Centro Econmico de Despacho del Sistema Interconectado Central Constructor: Elecnor S.A. (50%) Investments: 180 M $ EPC: 140 M $ Development: Awarded in November 2009. Currently under construction Status: Under construction. Operational in July 2013.

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5.2 Gas transportation

EPC contracts more than 1.430 Km executed: >12 More than 900 Km >24 More than 500 Km

Recentely: Elecnor awarded Gas pipeline. State of Tlaxcala to Morelos, Mexico. Scope: 160 kilometres. Concession: 25 years. Investment: 270 million dollars. In construction: start-up in two stages, October 2012 and June 2013

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5.3 Renewable energy - solar thermal energy

Elenor Group started his activity in Solar Thermal Energy in 2008. Elecnor has an agreement with Ener-t to develop worldwide Solar Thermal proyects. Ener-ts team includes much of the team that developed Luzs original parabolic trough technology and led the manufacturing and construction of the solar fields for the nine 354MW SEGS plants in California. In 2009, Elecnor awarded a pre-allocation for 150 solar solar megawatts (3x50 MW). The facilities have been entered in the preallocation register for renewable energy in Spain. Status: under construction.

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5.3 Renewable energy - solar thermal energy ASTEXOL

ELECNOR: PROMOTER PROPERTY EPC O&M

Concession Company Constructor Investment EPC Location Technology Power Collector Area N Loops Start of operation

DIOXIPE (ELECNOR 55%) ELECNOR 300 M$ 250 M$ Valhondo (Badajoz) Parabolic cylinder technology + SAT 50 MWe 510.000 m2 156 Loops (Fase-SAT) 2012

Valhondo

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5.3 Renewable energy - solar thermal energy

ELECNOR: PROMOTER PROPERTY EPC O&M

ASTE 1A - ASTE 1B
Concession Company Constructor Investment EPC Location Technology Power Collector Area N Loops
Start of operation

ASTE SOLAR (Elecnor 55%) ELECNOR 2 x 300 M$ 2 x 300 M$ Alcazar de San Juan (Ciudad Real) Parabolic cylinder technology + SAT 2 x 50 MWe 2 x 510.000 m2 2 x 156 Loops (Fase-SAT)
2012

Alczar de San Juan

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5.3 Renewable energy - solar thermal energy

ELECNOR: PROMOTER PROPERTY EPC O&M

ASCIA
Concession Company Constructor Investment EPC Location Technology Power Collector Area N Loops
Start of operation

ASCIA RENOVABLES (Elecnor 70%) ELECNOR 300 M$ 2 x 300 M$ Manzanares(Ciudad Real) Parabolic cylinder technology + SAT 50 MWe 510.000 m2 156 Loops (Fase-SAT)
Planned

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5.3 Renewable energy- photovoltaic solar energy

Elecnor is one of the largest Spanish companies in the development and construction of photovoltaic power generation, having completed more than 180 MW in different plants. Elecnor owns a 10 MW solar project and two 1 MW solar roof projects under construction. Besides Spain, Elecnor promotes projects in other European countries like Italy, France and Greece where they have set feed-in tariff for Renewable Energies. Elecnor is promoting various projects in USA basically in the "sun-belt": California, Arizona, Nevada, New Mexico and Texas, and on the East Coast States like New Jersey. State's Renewable Portfolio Standards (RPS) and ARRA's incentives and subsidies makes USA one of the most promising markets.

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5.3 Renewable energy- photovoltaic solar energy PV Power Plant SIBERIA 1

Concession Company Constructor Investment EPC Location Technology Power SIBERIA (Elecnor 100%) ELECNOR 49 M$ (35 M) 42 M $ (30 M) Valdecaballeros (Badajoz) Photovoltaic solar 1axis 10 MWe

Rooftop Solar PV ALGINET

Concession Company Constructor Investment EPC Location Power TBD ELECNOR 9.8 M$ (7 M ) 8.4 M$ (6 M ) Valencia 2 MWe

Currently, we are installing an additional MWe and 3.5 Mwe are planned

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5.3 Renewable Energy Wind energy

Research Development Spain Brazil Canada USA South America TOTAL 300 450 1,243

150

371 328 450

Construction Operation 632 422 100

TOTAL MW 1,153 750 100 450 300

1,060

2,723

Elecnor completed turnkey projects for a number of wind farms across Spain for several different developers, it also acts as a developer and operator through its subsidiary ENERFIN. Enerfn has proven experience in developing all the stages of a wind farm project, from development and construction to operations. At present, it is one of the industrys benchmark companies, both in Spain and on the American continent, with a power capacity of 1,153 MW.

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5.3 Renewable Energy - Wind energy

BRASIL
Location:

Sangradouro W.F.: Osorio W.F.: Dos Indios W.F.: Palmares do Sul:

50 MW 50 MW 50 MW 8+22 MW

Promoter: Number of wind turbines: Rated power: Total power: Estimated energy: Investment: Situation: Start of operation:

Osorio (RS), Porto Alegre (Brasil) Vientos do Sul Energia 75 ENERCON E-70 E4 2 MW 180 MW 417GWh/year 652 MR$ Operation December-06

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5.3 Renewable Energy - Wind energy BRASIL

Name: Osrio 2 and 3, Sangradouro 2 and 3, Dos Indios 2, Fazenda Rosario 2 wind farms Location: Rio Grande do Sul (Osrio and Palmares) Power: 148 MW Investment: 400 M$ Technology: Enercon E-82 (2 MW) Start operation: 2012 - 2014

Recently awarded five new wind farms. Total capacity 96 MW

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5.3 Renewable Energy - Wind energy

CANADA

Name: Location: N Turbines: 50 Power: Technology: Buje height: Start of construction:

De lrable Project Quebec 100 MW ENERCON E-82 2MW 85m December 2011

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5.3 Renewable Energy - Wind energy UNITED STATES

Name: Gilliam Wind Farm Location: Gilliam County, Oregon Power: 262 MW Name: Goldendale Wind Farm Location: Klickitat County, Washington Power: 56 MW

Location: N. wind turbines: Total Power: Investment:

Coyote Wind Farm Springdale, Montana 41 V90 1,8MW + 3 V80 2MW 79,8 MW 200 M$

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5.3 Renewable energy- hydroelectric energy

Elecnor has promoted and developed with Iberdrola two 126 MW hydroelectric power plant and has operated them from 2000 to 2009.
Concession Company Constructor Investment EPC Location Power Construction IBENER ELECNOR 203 M$ (145 M ) 102 M$ (73 M ) CHILE: Rio Duqueco 126 MW (2x37,5 + 2x25,5) 2000

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5.4 Environment: Solid and Water treatment plants

The Groups environmental activities are focused on the development, construction and operation of solid urban waste treatment plants and on integrated water cycle management.

SPAIN
Public Private Partnerships (PPP) Facility type: 19 Waste Water Treatment Plant Population equivalent: 190.000 e. p. Capacity flow :12.000.000 m3/year Concession period: 20 years Investment: 58.000.000 Operative Income: 170.400.000 Solid WasteTreatment Plant Awarded Plant of RSU in Curitiba BRAZIL Solid WasteTreatment Plant Awarded Plant of RSU in Curitiba

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5.4 Environment: water treatment plants

CONSTRUCTION OF 10 WWTP AND 20 YEARS OPERATION IN ARAGON (SPAIN) Client: Instituto Aragons del Agua Year of ending: 2009 . Contract amount: EPC 34,443,745 O&M 1,916,447 ( yearly by operation) Total capacity: 24,840 m3/d and 114,000 population equivalent. CONSTRUCTION OF 9 WWTP AND 20 YEARS OPERATION IN ARAGON Client: Instituto Aragons del Agua Year of ending: 2009 Contract amount: EPC 26,615,496 O&M 1,962,632 ( yearly by operation). Total capacity: 10,030 m3/d and 40,000 population equivalent

DEVELOPMENT AND I NVESTMENT 36

TRANSMITTING ENERGY, GENERATING DREAMS www.elecnor.com Jos Castellanos jcastellanos@elecnor.com

4th Orense st. - 28020 Madrid Tel: +34 915 553 307