4,016 2,551 Kevin Walker Chief Operating Officer Iberdrola USA

4,016 2,551 “Why Can’t We All Just Get Along” - Create expanded coalitions that promote collaboration and shared value propositions. People “Go Beyond the Usual Suspects and Solutions” - Create an environment that leverages the strengths and talents of all employees and one that embraces non-traditional ideas as much as traditional ones. “Do Take It Personal” – Create flexible, adaptable and customized solutions through mobility, rewards & recognition and holistic approaches.

4,016 2,551 Take long-term and short-term approach to business model sustainability. Profit Change the customer discussion from Price to Value. Recognize the global economic impacts and mitigate them for all stakeholders. Create new revenue streams through traditional and non- traditional means. Operational excellence is key!

4,016 2,551 Right thing to do from an employment perspective! Planet Right thing to do for our environment! Higher cost impacts in the short run! Government framework!

Focus on markets with stable regulatory environments and growth potential, future generation mix biased to wind, hydro and nuclear. United States Onshore wind energy Networks (T&D ) Latin America Operational excellence in gas combined cycles New hydro capacity Networks (T&D) United Kingdom Onshore/offshore wind Clean coal Nuclear Networks (T&D) Spain/Portugal Hydro and wind generation Networks Continental Europe Wind generation Best practices Leveraging global skills base Promoting mobility Best practices Leveraging global skills base Promoting mobility Iberdrola’s Global Footprint 17 Installed capacity: 43,667 MW end : Gross investments €18 billion (39% U.S., 25% UK, 24% Spain) 50% of investments in renewables Installed capacity: 43,667 MW end : Gross investments €18 billion (39% U.S., 25% UK, 24% Spain) 50% of investments in renewables

IBR 6,425 ** ANA 5,491 EDPR 7,459 FPL 2,257 EEN MW as of 2006 MW added in ,016 2,862* 2, ,443 2,629 3,874 1,487 10,752 Installed Capacity end 2009 World’s largest renewable company … * As of 2007YE. ** As of 3Q09. *** As of 1H09. … growing an average of 2,106 MW per year since 2006 … growing an average of 2,106 MW per year since 2006 A leader in electric vehicle development Leader in Clean Technologies and Energy Efficiency Programs Committed to holding emissions 20% below European power sector average in More than 50% of production emissions-free ( ) Pioneering new generation technologies Promoting smart grids Carbon capture and storage -CCS (Longannet UK) Offshore wind - 10,000 MW pipeline Wave and tidal power – prototypes in UK Carbon capture and storage -CCS (Longannet UK) Offshore wind - 10,000 MW pipeline Wave and tidal power – prototypes in UK Urban implementation: Alicante (Spain), Glasgow (UK) U.S.: Central Maine Power - $96mm US Treasury grant Urban implementation: Alicante (Spain), Glasgow (UK) U.S.: Central Maine Power - $96mm US Treasury grant Public Authorities Agreements: Spain - regional governments and City Halls. UK - Glasgow Vehicle manufacturers: agreements with GME, Renault, SEAT Public Authorities Agreements: Spain - regional governments and City Halls. UK - Glasgow Vehicle manufacturers: agreements with GME, Renault, SEAT Large international pipeline World’s largest wind project pipeline - 61,200 MW ( ) Major hydro development in Europe – 3,000 MW New nuclear build in UK - in consortium with GDF Suez World’s largest wind project pipeline - 61,200 MW ( ) Major hydro development in Europe – 3,000 MW New nuclear build in UK - in consortium with GDF Suez