The start of this process heralded the beginning of a new era in our company. 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.

Over this period, we have 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, which is the axis of all our activities.

The results reaped from this strategy are a 48% 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 lead us to believe we are on the right path.

Because of this, and in order to reinforce the path taken, we have undertaken a fundamental change in strategic positioning. With this change we wish to anticipate the demands and requirements that the business environment will pose to those companies that wish to succeed, as we have done in the past.

As we did when we developed our diversification strategy to enable our positioning in businesses of a diverse nature and cyclicality, to boost our accelerated and sustained growth, and to allow our entry into new, high value-added businesses.

And 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 in 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 needs 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 towards social well-being and sustainable development.

We will do this with the same pioneering spirit that led us to be amongst the first to execute great mergers and sector concentration transactions in the past, and which, today, has allowed us to lead the way in diversification into services and renewable energy.

Following this pioneering and entrepreneurial spirit, and being fully committed to our environment and 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 team work.

For all these reasons, we have developed a new corporate identity that will allow us to transmit these attributes and values to our business operations and which will be the visible element of the integrating spirit with which we will aim to fulfil our mission: