The Agbar Group has published in 2003 its second Sustainability Report in 2002, which follows, just like our first report, the guidelines proposed by the Global Reporting Initiative (GRI).

The Report shows the impact of our activities on the environmental, social and economic areas. In contrast to 2002, apart from the data related to Spain, the scope of the 2003 Sustainability Report has been extended to the international scale.

This Report specifically includes data about Chile, Cuba, Colombia and Mexico relating to the Water business unit. In the case of Inspection and Certification, the information given relates to Argentina, the United States and Portugal. Finally, our activities in Chile are included in Construction.

With the aim of reflecting the evolution in the different areas (environmental, social and economic), the Report includes data related to 2003 and 2002.

The Profile section (pages 14 to 21) includes a brief description of the Group/s business lines in order to facilitate the comprehension and provide a context for the exposed information. The Group''s vision and strategy towards sustainability is included in the Presentation and field section (pages 10 and 11). Governance structure and engagements exposes the governance structure and sums up the engagements assumed by the Group, including the Code of Ethics and the Environmental Code, the support to the Global Compact and also the stakeholder engagement (pages 30 to 37).

The Environmental performance section (pages 40 to 63) includes the main environmental performance indicators of each business line (water use, energy use, amount of waste, CO2 emissions, etc.), as well as some of the proactive actions carried out in this field during 2003.

The Social performance section (pages 66 to 79) shows the relevant indicators in the areas of employment, employees'' health and safety, training, customers'' health and safety, etc. Likewise, some of the social proactive actions developed by the Group are described.

Economic information is included in the Economic performance section (pages 82 to 89).

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During 2003, we have received feedback from some of our stakeholders regarding our 2002 Sustainability Report. These comments especially came from the university area, not only due to final year dissertations, doctorates, etc., but also due to seminars held on this matter. We have also received frequent enquiries from investment funds.

As a first step, and in order to establish a systematic and fruitful communication with our stakeholders, we have included a questionnaire in the 2003 Sustainability Report. It has the double objective of getting to know their perception about the Report and acting as a channel for suggestions related to its structure and content. The final aim is to improve the information exposed in the Report, trying to adapt it to the stakeholders'' needs and expectations.