Internal code of conduct

In compliance with the provisions of article 225 of Legislative Royal Decree 4/2015, of 23 October, which appoved the consolidated text of the Securities Market Law, on 28 July 2016, the Board of Directors of ACCIONA, S.A. approved the following consolidated text of the "Internal Code of Conduct of ACCIONA, S.A. and its group of companies in connection with the securities markets", which has been duly updated and is binding upon the persons in the organisation to whom it is applicable.

The obligation to comply with this Internal Code of Conduct shall be interpreted without prejudice to the requirement to comply with all other legislation.