IBERDROLA RENOVABLES business model is sufficiently flexible to enable it to adapt to fluctuating economic scenarios. It has the largest project pipeline in the sector, encompassing a geographically diversified. Its wind turbine supply contracts are scalable, enabling it to adapt its investment plan by optimizing its project portfolio.

The Company operates in markets with stable regulatory environments, with the bulk of revenue assured through long term contracts.

IBERDROLA RENOVABLES competitive advantages, including geographic diversification, flexible wind turbine supply arrangements, a significant project pipeline and its financial strength, give it the ability to adapt investments should circumstances warrant, at all times maintaining its commitment to.

All the foregoing will entail confirming IBERDROLA RENOVABLES’ position as the benchmark company in renewable energy worldwide, developing a model of success that makes available to society clean power generation alternatives, sustainable from an environmental point of view and that create wealth and value for every interest groups.

| Strategic Plan [PDF] |

IBERDROLA RENOVABLES plans to invest €9 billion over the 2010-2012 period to bolster its position as the global leader in wind power(*)(*) See explanation and drive international expansion, focusing on more profitable markets.

The company’s growth in this three-year period will come mainly from the US, where it will invest €4.9 billion, 55% of its total investment. It will invest €1.9 billion in the UK (21%), Spain will receive €1 billion (11%) and it has earmarked €1.2 billion (13%) for the rest of the world.

The goal is to accumulate more than 16,000 megawatts (MW) in installed capacity by 2012. IBERDROLA RENOVABLES also projects operating earnings to rise by 15%-20% per year in the period.

| IBERDROLA RENOVABLES Investor Day Presentation (London, February 24th 2010) [PDF] |