Contents

Operating Results

Financial Results

Keys for consolidation

3

2010 Operating Results

Installed capacity reaches 12,532 MW (+16.5%)

United States

4,634 MW

Latin America

155 MWSpain

5,697 MW

United Kingdom

932 MWRest of Europe

1,115 MW

1,780 new MW and additional 1,226 MW under construction

4

Breakdown by Geographical Area

2010 Operating Results

… with significant growth in the US (+32%) and Rest of World (+22%)

Production stands at 25,405 GWh, up 18% from 2009 …

Spain US UK Other

2010 Production

2010

+18%

25,405

+18%

5

Spain US UK Other

Investments

Other Tech. Gas

Almost USD 1 billion in grants in the US during 2009 and 2010

Gross investments total EUR 2,935 million

2010 Operating Results

6

Entorno económico, energético y regulatorio

2010 Operating Results

Over 1,000 MW installed in the US in 2010

Buffalo Ridge II Wind Farm, 210 MW

(South Dakota, United States)

7

Entorno económico, energético y regulatorio

Work begun on the largest wind farm in Europe

Expansion of the Whitelee Wind Farm, 593 MW(Scotland, United Kingdom)

2010 Operating Results

8

Csoma I Wind Farm(Hungary) Scott Wind Farm (Hungary)

Doubling of installed capacity in Hungary

2010 Operating Results

9

400 MW installed in Spain in 2010

2010 Operating Results

Cañoneras I and II Wind Farm(Cantabria, Spain)

El Andévalo Wind Farm Complex(Huelva, Spain)

Contents

Keys for Consolidation

Financial Results

Operating Results

11

Gross Margin grows 12% to EUR 2,025 million …

2010 Financial Results

… with the Renewable Business contributingEUR 1,976 million (+20%)

2010 Breakdown by Geographical Area

Spain US UK Other Gas

2009 2010

4745

Cost per average operating MW (kEur/MW)

- 3.8%

Efficiency improves by 3.8%

12

2010 Financial Results

1313

2010 Financial Results

2009 2010

1,214

1,449

Renewable EBITDA (EUR million)

… and consolidated EBITDA increases 9.8% to EUR 1,456 million

+ 19.4%

Renewable EBITDA grows by 19.4%...

14

2010 Financial Results

2009 2010

1,008

1,123

… with Net Profit at EUR 360 million

+ 11.5%

*FFO= Net Profit + Amortization/Depreciation – Investments included by Equity Method – Non-Recurring Profits

Cash flow generation* increases by 11.5%...

Funds From Operations (EUR million)

Assets Liabilities

11%28%

89%

22%3%

46%

15

… with low financial leverage of 28.4%

Total assets of EUR 25,849 million …

2010 Financial Results

Balance Sheet

Current Assets

Shareholder’s equity

Other

Gross Debt

Fixed Assets Other capital instruments

Contents

Operating Results

Keys for Consolidation

Financial Results

17

Strengthen focus on consolidation of the business …

Keys for Consolidation

Efficiency in operationsSelection of investment

projects

Optimization of results

… in an environment of greater short-term uncertainty in some traditional markets

18

Entorno económico, energético y regulatorio

Keys for Consolidation

Capacity x2 in Mexico +250 MW awarded in Brazil

Bee Nee Stipa Wind Farm (Mexico)

Flexible pipeline for the selection of investment projects …

19

… developing new renewable technologies …

Keys for Consolidation

20 MW Copper Crossing solar photovoltaic plant, under construction (Arizona, United States)

50 MW of solar photovoltaic under construction in the US

… with a clear commitment to offshore wind energy

20

East Anglia Array

Design stage launched

West of Duddon Sands

Investment award in 2011

Keys for Consolidation

West of DuddonSands

East Anglia Array

Argyll Array

21

Entorno económico, energético y regulatorio

Keys for Consolidation

Commencement of first offshore wind project

22

Participation in key projects for the development of offshore wind energy …

Goal

Show the viability of

floating structures

Goal

Reduce generation

cost

Keys for Consolidation

… through consortia with the main industry players

Offshore Wind Accelerator Floating Structures

23

Investments

EUR 20 million invested in R&D in 2010

Keys for Consolidation

Marine

Energy

New

Technologies

Energy Resource

Efficiency

Network

Integration

Strong advancement of marine (wave and tidal) projects

24

Pelamis Wave Energy Converter, North coast of Scotland

(United Kingdom)

Orcadian Project

Deployment of a second-generationPelamis unit off the Orkney Islands

(United Kingdom)

Hammerfest Strom

Turbines to convert energy from tidalcurrents

Keys for Consolidation

25

Specific efficiency-improvement projects

Keys for Consolidation

Detection and corrective actionsAvailability

Proprietary system of analysisPower curve

Standardization and best practicesOperation and Maintenance

26

Keys for Consolidation

Expansion of management tools

METEOFLOWWind Prediction System

CORE Operation Centers

CORE in Portland (Oregon, United States)

27

Keys for Consolidation

International and multi-cultural workforce …

Geogaphical distribution

Spain USA UK Other

… consisting of more than 2,100 people

70,000

80,000

28

Training Hours

+ 15%

Keys for Consolidation

80,000 hours in training activities

2009 2010

29

Entorno económico, energético y regulatorio

A strong, value-generating business …

Keys for Consolidation

Maranchón Wind Farm Complex(Castilla-La Mancha, Spain)

… ready to profit from opportunities in the new energy environment