ACCIONA, S.A. AND SUBSIDIARIES (Consolidated Group ...

Beneficiaries: those persons who, at the time the shares are allocated, hold the position of
Chief Executive Officer, General Manager or Area Manager of the Acciona Group.
Annual share-based bonus. The number of shares composing the share-based bonus for
each beneficiary will be determined by the Company's Board of Directors at the proposal of the
Nomination and Remuneration Committee in March of each year. The share-based bonus of each
beneficiary cannot exceed (a) EUR 150,000 or (b) 50% of the beneficiary's annual variable cash
remuneration. The highest share-based bonus in a given year cannot exceed three times the value
of the lowest bonus for that year.
Share/option exchange ratio and partial substitution of shares by options and vice versa.
Once the annual share-based bonus is established, the Company's Board of Directors will establish
a fixed share/option exchange ratio. The beneficiary may decide to substitute a portion of the
shares assigned, not exceeding fifty per cent (50%), by options.
Shares available for the Plan: the maximum number of shares that can be delivered under
the Plan over the four-year period (2009, 2010, 2011 and 2012) will be 265,000 including those
assigned but exchanged for options at the beneficiaries' discretion.
Annual delivery date: the share-based bonus will be delivered to the beneficiaries within
thirty (30) calendar days following the date of the Annual General Meeting, at the date established
by the Board of Directors or its delegated bodies. For beneficiaries who are Company directors
delivery of the corresponding shares (and, if applicable, options) will be subject to the approval of
the shareholders at the Annual General Meeting in accordance with that provided in the
Consolidated Spanish Public Limited Liability Companies Law.
Rights on shares: the shares will entitle the beneficiary to the dividend and voting rights
corresponding thereto as from the date of delivery.
Restricted use of the shares: the beneficiaries cannot dispose of, encumber or grant any
option on the shares prior to 31 March of the third year following the year in which the
corresponding shares were delivered to the beneficiary as payment of the bonus in the form of
shares.
Grant of a purchase option to the Company: the beneficiary grants the Company a
purchase option on the shares delivered to him until 31 March of the third year following the year
of delivery, at a price of EUR 0.01 per share. This option can only be exercised by the Company if
the employment, civil or independent contractor relationship is interrupted or extinguished under
certain conditions.
Option regime: each option will entitle the beneficiary to receive one of the Company's
ordinary shares in exchange for payment of the share price established for the exercise of the
option or in exchange for payment of the price arising from monetary settlement due to
differences between the option value and the share value at the date the option is exercised. If the
employment, civil or independent contractor relationship has not been interrupted or extinguished
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