Strategy Update 2020 OHL Group

Strategy Update 2020 OHL Group

Strategy Update 2020 OHL Group Madrid, March 2nd, 2015 Northern Urban Toll Road (Mexico)

1 OBRASCÓN HUARTE LAIN Any declaration made in this presentation that may differ from previous past figures made in Any declaration made in this presentation that may differ from previous past figures made in Any declaration made in this presentation that may differ from previous past figures made in Any declaration made in this presentation that may differ from previous past figures made in reference to, but not limited to; the operational development, business strategies and future reference to, but not limited to; the operational development, business strategies and future reference to, but not limited to; the operational development, business strategies and future reference to, but not limited to; the operational development, business strategies and future goals, are to be interpreted only as future estimates, and as such, they imply known and goals, are to be interpreted only as future estimates, and as such, they imply known and goals, are to be interpreted only as future estimates, and as such, they imply known and goals, are to be interpreted only as future estimates, and as such, they imply known and unknown risks, uncertainties and other factors that could cause unknown risks, uncertainties and other factors that could cause unknown risks, uncertainties and other factors that could cause unknown risks, uncertainties and other factors that could cause OHL’s OHL’s OHL’s OHL’s results, behavior and results, behavior and results, behavior and results, behavior and achievements, or the results and conditions of its activities, to be substantially different to achievements, or the results and conditions of its activities, to be substantially different to achievements, or the results and conditions of its activities, to be substantially different to achievements, or the results and conditions of its activities, to be substantially different to those and to its future estimates.

those and to its future estimates. those and to its future estimates. those and to its future estimates. This presentation and the future estimations contained here within, are given on this date This presentation and the future estimations contained here within, are given on this date This presentation and the future estimations contained here within, are given on this date This presentation and the future estimations contained here within, are given on this date and and and and OHL OHL OHL OHL expressly declines from any obligation or compromise to give any update or revision expressly declines from any obligation or compromise to give any update or revision expressly declines from any obligation or compromise to give any update or revision expressly declines from any obligation or compromise to give any update or revision of the information contained here within, any change in its expectations or modification in of the information contained here within, any change in its expectations or modification in of the information contained here within, any change in its expectations or modification in of the information contained here within, any change in its expectations or modification in the facts, conditions and circumstances in which these future estimates were founded.

the facts, conditions and circumstances in which these future estimates were founded. the facts, conditions and circumstances in which these future estimates were founded. the facts, conditions and circumstances in which these future estimates were founded.

2 OBRASCÓN HUARTE LAIN Table of Contents Table of Contents Table of Contents Table of Contents The The The The OHL OHL OHL OHL Group Today Group Today Group Today Group Today Strategic Plan and Vision for 2020 Strategic Plan and Vision for 2020 Strategic Plan and Vision for 2020 Strategic Plan and Vision for 2020 OHL OHL OHL OHL Concessions Concessions Concessions Concessions OHL OHL OHL OHL Engineering & Construction Engineering & Construction Engineering & Construction Engineering & Construction • OHL Construction • OHL Industrial • OHL Services OHL OHL OHL OHL Developments Developments Developments Developments Conclusions Conclusions Conclusions Conclusions

3 OBRASCÓN HUARTE LAIN The OHL Group Today Airport Link Metrorail (USA)

4 OBRASCÓN HUARTE LAIN OHL OHL OHL OHL is a worldwide leader and international reference in is a worldwide leader and international reference in is a worldwide leader and international reference in is a worldwide leader and international reference in Concession, Engineering, and Construction projects Concession, Engineering, and Construction projects Concession, Engineering, and Construction projects Concession, Engineering, and Construction projects OHL OHL OHL OHL Developments Developments Developments Developments Leading company in PPP projects Leading company in PPP projects Leading company in PPP projects Leading company in PPP projects Controlling stake of ~56% in the Controlling stake of ~56% in the Controlling stake of ~56% in the Controlling stake of ~56% in the equity capital of equity capital of equity capital of equity capital of OHL OHL OHL OHL México México México México Participation of ~14% in the Participation of ~14% in the Participation of ~14% in the Participation of ~14% in the equity capital of equity capital of equity capital of equity capital of Abertis Abertis Abertis Abertis OHL OHL OHL OHL Engineering & Construction Engineering & Construction Engineering & Construction Engineering & Construction International International International International reference reference reference reference in the in the in the in the construction of construction of construction of construction of civil engineering civil engineering civil engineering civil engineering infrastructure and infrastructure and infrastructure and infrastructure and singular buildings singular buildings singular buildings singular buildings Engineering Engineering Engineering Engineering and construction and construction and construction and construction of turn of turn of turn of turn- - - -key key key key industrial industrial industrial industrial installations installations installations installations Management Management Management Management of projects in the of projects in the of projects in the of projects in the facility facility facility facility management management management management and urban and urban and urban and urban services sectors services sectors services sectors services sectors Comprehensive Comprehensive Comprehensive Comprehensive management of management of management of management of unique top unique top unique top unique top- - - -quality quality quality quality projects in the projects in the projects in the projects in the hotel hotel hotel hotel- - - -tourism sector tourism sector tourism sector tourism sector OHL OHL OHL OHL Concessions Concessions Concessions Concessions OHL Industrial OHL Industrial OHL Industrial OHL Industrial OHL Construction OHL Construction OHL Construction OHL Construction OHL Services OHL Services OHL Services OHL Services

5 OBRASCÓN HUARTE LAIN Average Average Average Average project project project project size of size of size of size of > > > >€ € € €300M 300M 300M 300M Proactive increase in international presence Proactive increase in international presence Proactive increase in international presence Proactive increase in international presence Selection of recent international projects Selection of recent international projects Selection of recent international projects Selection of recent international projects Allowing Allowing Allowing Allowing OHL OHL OHL OHL Construction to reach a current Construction to reach a current Construction to reach a current Construction to reach a current orderbook orderbook orderbook orderbook of ~ of ~ of ~ of ~€ € € €8B, equivalent to over 3 years of production 8B, equivalent to over 3 years of production 8B, equivalent to over 3 years of production 8B, equivalent to over 3 years of production International ~20 2004 ~ ~ ~ ~30 30 30 30 ~70 Spain ~ ~ ~ ~80 80 80 80 2014 Evolution of revenue (%) Evolution of revenue (%) Evolution of revenue (%) Evolution of revenue (%) OHL OHL OHL OHL has leveraged its progressive international expansion to has leveraged its progressive international expansion to has leveraged its progressive international expansion to has leveraged its progressive international expansion to compensate for the reduction of activity in Spain compensate for the reduction of activity in Spain compensate for the reduction of activity in Spain compensate for the reduction of activity in Spain 15 15 15 15 # of # of # of # of countries countries countries countries 30 30 30 30 Mexiquense Mexiquense Mexiquense Mexiquense Beltway Beltway Beltway Beltway Bicentennial Viaduct Bicentennial Viaduct Bicentennial Viaduct Bicentennial Viaduct Centre Centre Centre Centre hospitalier hospitalier hospitalier hospitalier de de de de l'Université l'Université l'Université l'Université de Montréal de Montréal de Montréal de Montréal – – – – CHUM CHUM CHUM CHUM Rehabilitation of New York's subway Rehabilitation of New York's subway Rehabilitation of New York's subway Rehabilitation of New York's subway Airport Link Metrorail in Florida Airport Link Metrorail in Florida Airport Link Metrorail in Florida Airport Link Metrorail in Florida Istanbul Istanbul Istanbul Istanbul- - - -Ankara High Speed Train Ankara High Speed Train Ankara High Speed Train Ankara High Speed Train and and and and Marmaray Marmaray Marmaray Marmaray project project project project High Speed Train High Speed Train High Speed Train High Speed Train Medina Medina Medina Medina - - - - Mecca Mecca Mecca Mecca Eastern Eastern Eastern Eastern Vespucio Vespucio Vespucio Vespucio toll toll toll toll- - - -road road road road Río Magdalena toll Río Magdalena toll Río Magdalena toll Río Magdalena toll- - - -road road road road Oran Convention Center Oran Convention Center Oran Convention Center Oran Convention Center

6 OBRASCÓN HUARTE LAIN OHL OHL OHL OHL has historically delivered significant financial growth has historically delivered significant financial growth has historically delivered significant financial growth has historically delivered significant financial growth while complying with its financial policy ratio while complying with its financial policy ratio while complying with its financial policy ratio while complying with its financial policy ratio Revenue ( Revenue ( Revenue ( Revenue (€ € € €M) M) M) M) EBITDA ( EBITDA ( EBITDA ( EBITDA (€ € € €M) M) M) M) Orderbook ( Orderbook ( Orderbook ( Orderbook (€ € € €M) M) M) M) 3,731 2004 2,231 2014 CAGR CAGR CAGR CAGR: +5% : +5% : +5% : +5% 262 2014 2004 1,078 CAGR CAGR CAGR CAGR: +15% : +15% : +15% : +15% 7,984 2014 2004 3,717 CAGR CAGR CAGR CAGR: +8% : +8% : +8% : +8% Maintaining the commitment with the financial policy ratio: recourse debt / recourse EBITDA below 3x Maintaining the commitment with the financial policy ratio: recourse debt / recourse EBITDA below 3x Maintaining the commitment with the financial policy ratio: recourse debt / recourse EBITDA below 3x Maintaining the commitment with the financial policy ratio: recourse debt / recourse EBITDA below 3x

7 OBRASCÓN HUARTE LAIN Strategic Plan and Vision for 2020 Centre hospitalier de l'Université de Montréal – CHUM (Canada)

8 OBRASCÓN HUARTE LAIN The new Strategic Plan is based on two key principles: The new Strategic Plan is based on two key principles: The new Strategic Plan is based on two key principles: The new Strategic Plan is based on two key principles: cash generation and sustainability of each division cash generation and sustainability of each division cash generation and sustainability of each division cash generation and sustainability of each division Optimize cash flow Optimize cash flow Optimize cash flow Optimize cash flow generation with generation with generation with generation with self self self self- - - -funding funding funding funding policy per division policy per division policy per division policy per division Concentrate the Group's activities on Concentrate the Group's activities on Concentrate the Group's activities on Concentrate the Group's activities on eight Home Markets eight Home Markets eight Home Markets eight Home Markets and balance and balance and balance and balance project size and client portfolio project size and client portfolio project size and client portfolio project size and client portfolio Further Further Further Further strengthen strengthen strengthen strengthen OHL's OHL's OHL's OHL's capabilities and resources capabilities and resources capabilities and resources capabilities and resources to enhance project execution and risk control mechanisms to enhance project execution and risk control mechanisms to enhance project execution and risk control mechanisms to enhance project execution and risk control mechanisms Solid updated strategy to ensure future growth while maintaining financial discipline Solid updated strategy to ensure future growth while maintaining financial discipline Solid updated strategy to ensure future growth while maintaining financial discipline Solid updated strategy to ensure future growth while maintaining financial discipline Ensure cash Ensure cash Ensure cash Ensure cash generation generation generation generation in each division in each division in each division in each division Guarantee Guarantee Guarantee Guarantee sustainability sustainability sustainability sustainability of each division of each division of each division of each division Revenue and EBITDA to double Revenue and EBITDA to double Revenue and EBITDA to double Revenue and EBITDA to double between 2014 and 2020 between 2014 and 2020 between 2014 and 2020 between 2014 and 2020 with low with low with low with low CAPEX CAPEX CAPEX CAPEX requirements requirements requirements requirements Strengthen the commitment of the Strengthen the commitment of the Strengthen the commitment of the Strengthen the commitment of the OHL OHL OHL OHL Group with Group with Group with Group with People, People, People, People, R&D&i R&D&i R&D&i R&D&i and and and and Corporate Social Responsibility Corporate Social Responsibility Corporate Social Responsibility Corporate Social Responsibility 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5

9 OBRASCÓN HUARTE LAIN The Strategic Plan and Vision for 2020 have been based on the The Strategic Plan and Vision for 2020 have been based on the The Strategic Plan and Vision for 2020 have been based on the The Strategic Plan and Vision for 2020 have been based on the OHL OHL OHL OHL Group's strengths and capabilities Group's strengths and capabilities Group's strengths and capabilities Group's strengths and capabilities Technical Technical Technical Technical Capability Capability Capability Capability Vast experience and high skilled teams leading large Vast experience and high skilled teams leading large Vast experience and high skilled teams leading large Vast experience and high skilled teams leading large- - - -scale projects in all sectors scale projects in all sectors scale projects in all sectors scale projects in all sectors • From transportation infrastructure to unique construction Commercial Commercial Commercial Commercial Capability Capability Capability Capability Diversified, high value Diversified, high value Diversified, high value Diversified, high value- - - -added, and profitable added, and profitable added, and profitable added, and profitable orderbook orderbook orderbook orderbook, including emblematic projects , including emblematic projects , including emblematic projects , including emblematic projects • ~€8B Construction orderbook, or equivalent to over 3 years of production International International International International Footprint Footprint Footprint Footprint Successful international expansion and positioning as a worldwide reference Successful international expansion and positioning as a worldwide reference Successful international expansion and positioning as a worldwide reference Successful international expansion and positioning as a worldwide reference • Consolidated presence in attractive markets with large growth potential Integrated Integrated Integrated Integrated Group Group Group Group Five divisions with strong synergies and opportunities for collaboration Five divisions with strong synergies and opportunities for collaboration Five divisions with strong synergies and opportunities for collaboration Five divisions with strong synergies and opportunities for collaboration • Within OHL Engineering & Construction and as support for OHL Concessions Commitment Commitment Commitment Commitment of the Villar of the Villar of the Villar of the Villar Mir Group Mir Group Mir Group Mir Group Part of one of the largest European industrial conglomerates Part of one of the largest European industrial conglomerates Part of one of the largest European industrial conglomerates Part of one of the largest European industrial conglomerates • As a majority shareholder, the Villar Mir Group guarantees the OHL Group's stability Development/ Development/ Development/ Development/ management of management of management of management of concessions concessions concessions concessions Excellent management of the Group's concession portfolio throughout all geographies Excellent management of the Group's concession portfolio throughout all geographies Excellent management of the Group's concession portfolio throughout all geographies Excellent management of the Group's concession portfolio throughout all geographies • 18 projects in 5 countries, with a managed investment of ~€7B 1 1 1 1

10 OBRASCÓN HUARTE LAIN The The The The OHL OHL OHL OHL Group will focus its activity on eight Home Markets Group will focus its activity on eight Home Markets Group will focus its activity on eight Home Markets Group will focus its activity on eight Home Markets Shifting the company's center of gravity towards North and South America Home Markets Home Markets Home Markets Home Markets Markets on a project basis Markets on a project basis Markets on a project basis Markets on a project basis2 2 2 2 (potential future Home Markets) (potential future Home Markets) (potential future Home Markets) (potential future Home Markets) Rest of the World Rest of the World Rest of the World Rest of the World Target international Target international Target international Target international positioning positioning positioning positioning (% of 2020 revenue) (% of 2020 revenue) (% of 2020 revenue) (% of 2020 revenue) Colombia Colombia Colombia Colombia Peru Peru Peru Peru Chile Chile Chile Chile Mexico Mexico Mexico Mexico USA USA USA USA New New New New Zealand Zealand Zealand Zealand Australia Australia Australia Australia Spain Spain Spain Spain Czech Rep.

Czech Rep. Czech Rep. Czech Rep. Poland Poland Poland Poland Slovakia Slovakia Slovakia Slovakia Saudi Saudi Saudi Saudi Arabia Arabia Arabia Arabia Balkans Balkans Balkans Balkans1 1 1 1 Singapore Singapore Singapore Singapore 85 % 85 % 85 % 85 % 10 % 10 % 10 % 10 % 1. Includes Croatia, Bosnia & Herzegovina, Serbia and Macedonia 2. Periodically reviewed 5 % 5 % 5 % 5 % Canada Canada Canada Canada x1,9 x1,9 x1,9 x1,9 x1,7 x1,7 x1,7 x1,7 x1,5 x1,5 x1,5 x1,5 x1,7 x1,7 x1,7 x1,7 x1,8 x1,8 x1,8 x1,8 x2,0 x2,0 x2,0 x2,0 x1,4 x1,4 x1,4 x1,4 x1,5 x1,5 x1,5 x1,5 x1,3 x1,3 x1,3 x1,3 x1,3 x1,3 x1,3 x1,3 x2,3 x2,3 x2,3 x2,3 x1,5 x1,5 x1,5 x1,5 x2,3 x2,3 x2,3 x2,3 x1,8 x1,8 x1,8 x1,8 x1,6 x1,6 x1,6 x1,6 Growth of investment in Transportation Infrastructure (Nominal 2020 vs.

2013) x # x # x # x # 2 2 2 2

11 OBRASCÓN HUARTE LAIN Two key financial principles: sustainable cash flow generation Two key financial principles: sustainable cash flow generation Two key financial principles: sustainable cash flow generation Two key financial principles: sustainable cash flow generation and self funding per division and self funding per division and self funding per division and self funding per division Key Principles Key Principles Key Principles Key Principles Optimize the Optimize the Optimize the Optimize the profitability profitability profitability profitability and and and and cash flow generation cash flow generation cash flow generation cash flow generation of each line of business of each line of business of each line of business of each line of business Self Self Self Self- - - -funding of growth funding of growth funding of growth funding of growth within within within within each one of the divisions each one of the divisions each one of the divisions each one of the divisions Specific targets per Division Specific targets per Division Specific targets per Division Specific targets per Division Equity for new concessions through Equity for new concessions through Equity for new concessions through Equity for new concessions through dividends dividends dividends dividends and rotation and rotation and rotation and rotation of mature assets of mature assets of mature assets of mature assets Target Target Target Target IRR IRR IRR IRR of 15% of 15% of 15% of 15% in in in in EUR EUR EUR EUR for new concessions for new concessions for new concessions for new concessions OHL OHL OHL OHL Mexico self Mexico self Mexico self Mexico self- - - -funding funding funding funding to deliver growth to deliver growth to deliver growth to deliver growth opportunities in Mexican infrastructure plan opportunities in Mexican infrastructure plan opportunities in Mexican infrastructure plan opportunities in Mexican infrastructure plan Reach target Reach target Reach target Reach target 70% 70% 70% 70%- - - -80% cash flow/EBITDA 80% cash flow/EBITDA 80% cash flow/EBITDA 80% cash flow/EBITDA ratio ratio ratio ratio in 2020 in 2020 in 2020 in 2020 Margins within the first quartile Margins within the first quartile Margins within the first quartile Margins within the first quartile i i i in n n n t t t th h h he e e e s s s se e e ec c c ct t t to o o or r r r Balanced project size Balanced project size Balanced project size Balanced project size and client portfolio and client portfolio and client portfolio and client portfolio to minimize risk exposure to minimize risk exposure to minimize risk exposure to minimize risk exposure To be funded through To be funded through To be funded through To be funded through asset rotation asset rotation asset rotation asset rotation 3 3 3 3

12 OBRASCÓN HUARTE LAIN Revenue will double between 2014 and 2020, reaching Revenue will double between 2014 and 2020, reaching Revenue will double between 2014 and 2020, reaching Revenue will double between 2014 and 2020, reaching € € € €8B 8B 8B 8B Maintaining the current business mix and ensuring financial policy compliance EBITDA ( EBITDA ( EBITDA ( EBITDA (€ € € €B) B) B) B) 87% 2014 ~3.7 ~3.7 ~3.7 ~3.7 2020 12% 11% 13% 88% ~8.0 ~8.0 ~8.0 ~8.0 89% 2017 ~5.5 ~5.5 ~5.5 ~5.5 OHL E&C and OHL Developments OHL Concessions ~1.4 ~1.4 ~1.4 ~1.4 24% 2017 76% 78% 20% 22% 2014 ~1.1 ~1.1 ~1.1 ~1.1 80% 2020 ~2.0 ~2.0 ~2.0 ~2.0 x2 x2 x2 x2 Revenue ( Revenue ( Revenue ( Revenue (€ € € €B) B) B) B) x2+ x2+ x2+ x2+ OHL OHL OHL OHL E&C E&C E&C E&C and and and and OHL OHL OHL OHL Developments will limit Developments will limit Developments will limit Developments will limit CAPEX CAPEX CAPEX CAPEX requirements to requirements to requirements to requirements to € € € €200 200 200 200- - - -300M between 2015 300M between 2015 300M between 2015 300M between 2015- - - -2020 2020 2020 2020 4 4 4 4

13 OBRASCÓN HUARTE LAIN The Strategic Plan reinforces the The Strategic Plan reinforces the The Strategic Plan reinforces the The Strategic Plan reinforces the OHL OHL OHL OHL Group's commitment Group's commitment Group's commitment Group's commitment to People, to People, to People, to People, R&D&i R&D&i R&D&i R&D&i, and Corporate Social Responsibility , and Corporate Social Responsibility , and Corporate Social Responsibility , and Corporate Social Responsibility R&D&i R&D&i R&D&i R&D&i • Collaboration agreements with 60 Collaboration agreements with 60 Collaboration agreements with 60 Collaboration agreements with 60 universities and research centers universities and research centers universities and research centers universities and research centers in over 15 countries in over 15 countries in over 15 countries in over 15 countries • Multiple innovative solutions: Multiple innovative solutions: Multiple innovative solutions: Multiple innovative solutions: Cubípodo, SATOgrab, Sogedron, Dina sat, SULABU, Futuro Solar, etc.

• Large Large Large Large- - - -scale projects in Concessions: scale projects in Concessions: scale projects in Concessions: scale projects in Concessions: OASIS, FOTsis (FP7), SMARTSIT, Free Flow toll system, etc.

• Cumulative investment of over Cumulative investment of over Cumulative investment of over Cumulative investment of over € € € €70M 70M 70M 70M in in in in R&D&i R&D&i R&D&i R&D&i, with over 80 projects , with over 80 projects , with over 80 projects , with over 80 projects • Projects always on demand Projects always on demand Projects always on demand Projects always on demand from the business lines from the business lines from the business lines from the business lines Innovate to create value Innovate to create value Innovate to create value Innovate to create value People People People People • Promotion of programs to identify Promotion of programs to identify Promotion of programs to identify Promotion of programs to identify and manage talent and manage talent and manage talent and manage talent • Excellence in mobility plans and Excellence in mobility plans and Excellence in mobility plans and Excellence in mobility plans and international development international development international development international development • Commitment to technical Commitment to technical Commitment to technical Commitment to technical excellence and continuous training excellence and continuous training excellence and continuous training excellence and continuous training • Development of a respectful and Development of a respectful and Development of a respectful and Development of a respectful and diverse environment diverse environment diverse environment diverse environment with equal with equal with equal with equal opportunities opportunities opportunities opportunities • Promotion of ethical and cultural Promotion of ethical and cultural Promotion of ethical and cultural Promotion of ethical and cultural values and principles values and principles values and principles values and principles Grow and promote growth Grow and promote growth Grow and promote growth Grow and promote growth Corporate Social Corporate Social Corporate Social Corporate Social Responsibility Responsibility Responsibility Responsibility • Comprehensive CSR management Comprehensive CSR management Comprehensive CSR management Comprehensive CSR management along the entire value chain along the entire value chain along the entire value chain along the entire value chain • Special attention and priority given Special attention and priority given Special attention and priority given Special attention and priority given to preventing occupational to preventing occupational to preventing occupational to preventing occupational hazards hazards hazards hazards • Protection of natural resources Protection of natural resources Protection of natural resources Protection of natural resources and biodiversity and biodiversity and biodiversity and biodiversity • Application of ethical principles in Application of ethical principles in Application of ethical principles in Application of ethical principles in all business relationships all business relationships all business relationships all business relationships • Commitment to fulfilling human Commitment to fulfilling human Commitment to fulfilling human Commitment to fulfilling human rights standards rights standards rights standards rights standards • Committed to involving Committed to involving Committed to involving Committed to involving communities communities communities communities Joint value creation Joint value creation Joint value creation Joint value creation 5 5 5 5

14 OBRASCÓN HUARTE LAIN Bicentennial Viaduct (Mexico) OHL Concessions

15 OBRASCÓN HUARTE LAIN OHL Concessions will maintain and strengthen the business model OHL Concessions will maintain and strengthen the business model OHL Concessions will maintain and strengthen the business model OHL Concessions will maintain and strengthen the business model that has successfully developed over the past years that has successfully developed over the past years that has successfully developed over the past years that has successfully developed over the past years • Strategic / Industrial partner of the Strategic / Industrial partner of the Strategic / Industrial partner of the Strategic / Industrial partner of the best best best best- - - -in in in in- - - - class operator of mature class operator of mature class operator of mature class operator of mature tollroads tollroads tollroads tollroads – Complementary to OHL's building and development of greenfield projects • Stable cash flow contribution via Stable cash flow contribution via Stable cash flow contribution via Stable cash flow contribution via annual annual annual annual dividends dividends dividends dividends – With core shareholders supportive of dividend payments • Low risk profile Low risk profile Low risk profile Low risk profile investment investment investment investment – Low volatility and significantly liquid stock – Low risk infrastructure operations – Long-term investor base Participation in the equity capital of Participation in the equity capital of Participation in the equity capital of Participation in the equity capital of Abertis Abertis Abertis Abertis OHL OHL OHL OHL Mexico and Other Concessionaires Mexico and Other Concessionaires Mexico and Other Concessionaires Mexico and Other Concessionaires • Financial autonomy Financial autonomy Financial autonomy Financial autonomy from the from the from the from the OHL OHL OHL OHL Group Group Group Group • Non Non Non Non- - - -recourse recourse recourse recourse concessionaire funding, concessionaire funding, concessionaire funding, concessionaire funding, and with local currency and with local currency and with local currency and with local currency • Taking up Taking up Taking up Taking up majority stakes majority stakes majority stakes majority stakes which enable which enable which enable which enable asset control during the development phase asset control during the development phase asset control during the development phase asset control during the development phase • Minimum equity profitability of 15% Minimum equity profitability of 15% Minimum equity profitability of 15% Minimum equity profitability of 15%, in Euros , in Euros , in Euros , in Euros • Business model based in Business model based in Business model based in Business model based in tollway tollway tollway tollway charges, charges, charges, charges, periodic asset rotation and re periodic asset rotation and re periodic asset rotation and re periodic asset rotation and re- - - -leveraging leveraging leveraging leveraging

16 OBRASCÓN HUARTE LAIN IRR (%) IRR (%) IRR (%) IRR (%) Years Years Years Years OHL OHL OHL OHL Concessions' EBITDA is now over Concessions' EBITDA is now over Concessions' EBITDA is now over Concessions' EBITDA is now over € € € €850M, and the asset rotation 850M, and the asset rotation 850M, and the asset rotation 850M, and the asset rotation strategy has resulted in high return rates strategy has resulted in high return rates strategy has resulted in high return rates strategy has resulted in high return rates 866 91 2014 2004 High return rates through asset rotation High return rates through asset rotation High return rates through asset rotation High return rates through asset rotation Selection of operations from the past few years Selection of operations from the past few years Selection of operations from the past few years Selection of operations from the past few years Operation Operation Operation Operation Invest Invest Invest Invest- - - - ment ment ment ment CAGR: +25% CAGR: +25% CAGR: +25% CAGR: +25% € € € €73M 73M 73M 73M 5 5 5 5 Fumisa Fumisa Fumisa Fumisa ConMex ConMex ConMex ConMex € € € €163M 163M 163M 163M 11 11 11 11 € € € €66M 66M 66M 66M 9 9 9 9 I2000 I2000 I2000 I2000 Alasa Alasa Alasa Alasa € € € €47M 47M 47M 47M 10 10 10 10 OHL Brasil OHL Brasil OHL Brasil OHL Brasil € € € €132M 132M 132M 132M 11 11 11 11 Abertis Abertis Abertis Abertis € € € €485M 485M 485M 485M 2 2 2 2 Average Average Average Average IRR IRR IRR IRR ~27% ~27% ~27% ~27% Rapid growth of the EBITDA ( Rapid growth of the EBITDA ( Rapid growth of the EBITDA ( Rapid growth of the EBITDA (€ € € €M) M) M) M)

17 OBRASCÓN HUARTE LAIN OHL OHL OHL OHL Concessions has a low execution risk, international portfolio Concessions has a low execution risk, international portfolio Concessions has a low execution risk, international portfolio Concessions has a low execution risk, international portfolio 7 out of 13 international concessions currently in operation Remaining years of the international Remaining years of the international Remaining years of the international Remaining years of the international OHL OHL OHL OHL Concessions' portfolio Concessions' portfolio Concessions' portfolio Concessions' portfolio 19 23 28 28 30 30 37 41 30 38 45 19 25 Other Lat.

Am. Other Lat. Am. Other Lat. Am. Other Lat. Am.1 1 1 1 2 concessions ~€1.2B investment 1. Peru and Colombia Mexico Mexico Mexico Mexico 8 concessions ~€5B investment managed Chile Chile Chile Chile 3 concessions ~€1.3B investment

18 OBRASCÓN HUARTE LAIN Sector strategy Sector strategy Sector strategy Sector strategy Current footprint Current footprint Current footprint Current footprint Geographic strategy Geographic strategy Geographic strategy Geographic strategy Short Short Short Short- - - -term growth will stem from transportation infrastructures term growth will stem from transportation infrastructures term growth will stem from transportation infrastructures term growth will stem from transportation infrastructures within countries in the Pacific Alliance within countries in the Pacific Alliance within countries in the Pacific Alliance within countries in the Pacific Alliance Consolidate Consolidate Consolidate Consolidate current current current current positioning positioning positioning positioning Grow Grow Grow Grow in the short in the short in the short in the short term term term term Explore Explore Explore Explore specific specific specific specific sectors sectors sectors sectors Enter in the Enter in the Enter in the Enter in the medium medium medium medium term term term term Mexico Mexico Mexico Mexico Chile Chile Chile Chile Peru Peru Peru Peru Colombia Colombia Colombia Colombia Brazil Brazil Brazil Brazil USA USA USA USA Canada Canada Canada Canada Countries with current presence Countries with development potential Focus on developing Focus on developing Focus on developing Focus on developing transportation infrastructures transportation infrastructures transportation infrastructures transportation infrastructures • Highways • Railroads • Ports • Airports Priority given to sectors in which Priority given to sectors in which Priority given to sectors in which Priority given to sectors in which revenue correlates to GDP revenue correlates to GDP revenue correlates to GDP revenue correlates to GDP • Avoiding the businesses specific risks (real estate, industry, agriculture, etc.) 5 projects 8 projects 1 project 1 project 3 projects

19 OBRASCÓN HUARTE LAIN Jamal Abdul Nasser Viaduct (Kuwait) OHL Engineering & Construction

20 OBRASCÓN HUARTE LAIN Four key design principles for the definition of Four key design principles for the definition of Four key design principles for the definition of Four key design principles for the definition of OHL Engineering & Construction's Strategic Plan OHL Engineering & Construction's Strategic Plan OHL Engineering & Construction's Strategic Plan OHL Engineering & Construction's Strategic Plan Four key design principles... Four key design principles...

Four key design principles... Four key design principles . . with specific targets for each Division ...with specific targets for each Division ...with specific targets for each Division ...with specific targets for each Division Geographic focus Geographic focus Geographic focus Geographic focus on markets with growth on markets with growth on markets with growth on markets with growth potential and high attractiveness for the potential and high attractiveness for the potential and high attractiveness for the potential and high attractiveness for the Group: Group: Group: Group: Home Markets Home Markets Home Markets Home Markets Diversification of the Diversification of the Diversification of the Diversification of the average size average size average size average size of projects, and focus on the of projects, and focus on the of projects, and focus on the of projects, and focus on the transportation infrastructure transportation infrastructure transportation infrastructure transportation infrastructure sector sector sector sector Collaboration with Collaboration with Collaboration with Collaboration with OHL OHL OHL OHL Concessions Concessions Concessions Concessions Strengthening of Strengthening of Strengthening of Strengthening of areas of expertise areas of expertise areas of expertise areas of expertise by making by making by making by making the most of the most of the most of the most of the Group's cumulative experience the Group's cumulative experience the Group's cumulative experience the Group's cumulative experience Reinforcement of Reinforcement of Reinforcement of Reinforcement of risk management risk management risk management risk management and and and and human resources human resources human resources human resources development development development development to achieve sustainable growth to achieve sustainable growth to achieve sustainable growth to achieve sustainable growth Promotion of Promotion of Promotion of Promotion of collaboration collaboration collaboration collaboration with other with other with other with other OHL OHL OHL OHL Divisions and maximization of Divisions and maximization of Divisions and maximization of Divisions and maximization of synergies synergies synergies synergies within within within within OHL OHL OHL OHL E&C E&C E&C E&C Focus on Focus on Focus on Focus on Power Generation, Mining, Power Generation, Mining, Power Generation, Mining, Power Generation, Mining, and Oil & Gas and Oil & Gas and Oil & Gas and Oil & Gas sectors sectors sectors sectors Optimization of Optimization of Optimization of Optimization of synergies with synergies with synergies with synergies with OHL OHL OHL OHL Construction Construction Construction Construction in Home Markets in Home Markets in Home Markets in Home Markets International expansion International expansion International expansion International expansion of activity in of activity in of activity in of activity in American Home Markets American Home Markets American Home Markets American Home Markets Optimization of Optimization of Optimization of Optimization of synergies with other synergies with other synergies with other synergies with other Divisions Divisions Divisions Divisions in the in the in the in the OHL OHL OHL OHL Group Group Group Group OHL OHL OHL OHL E&C's E&C's E&C's E&C's Strategic Plan is based on organic growth and does not foresee significant investments Strategic Plan is based on organic growth and does not foresee significant investments Strategic Plan is based on organic growth and does not foresee significant investments Strategic Plan is based on organic growth and does not foresee significant investments 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4

21 OBRASCÓN HUARTE LAIN Evolution of OHL Engineering & Construction's revenue ( Evolution of OHL Engineering & Construction's revenue ( Evolution of OHL Engineering & Construction's revenue ( Evolution of OHL Engineering & Construction's revenue (€ € € €M) M) M) M) Every Every Every Every OHL OHL OHL OHL Engineering & Construction Division has ambitious Engineering & Construction Division has ambitious Engineering & Construction Division has ambitious Engineering & Construction Division has ambitious growth plans up to 2020 growth plans up to 2020 growth plans up to 2020 growth plans up to 2020 OHL OHL OHL OHL Construction Construction Construction Construction OHL Industrial OHL Industrial OHL Industrial OHL Industrial OHL Services OHL Services OHL Services OHL Services 2020 5,300 2017 3,900 2014 2,793 CAGR: +11% CAGR: +11% CAGR: +11% CAGR: +11% 2014 234 2020 1,000 2017 700 CAGR: +27% CAGR: +27% CAGR: +27% CAGR: +27% 145 2020 500 2017 350 2014 CAGR: +23% CAGR: +23% CAGR: +23% CAGR: +23% Rapid growth in Latin American Rapid growth in Latin American Rapid growth in Latin American Rapid growth in Latin American (x5) and North American (x2) (x5) and North American (x2) (x5) and North American (x2) (x5) and North American (x2) Home Markets Home Markets Home Markets Home Markets Current project Current project Current project Current project orderbook orderbook orderbook orderbook of of of of already ~ already ~ already ~ already ~€ € € €430M in early 2015 430M in early 2015 430M in early 2015 430M in early 2015 International growth by entering International growth by entering International growth by entering International growth by entering American Home Markets American Home Markets American Home Markets American Home Markets

22 OBRASCÓN HUARTE LAIN OHL OHL OHL OHL Construction activity will focus on Home Markets Construction activity will focus on Home Markets Construction activity will focus on Home Markets Construction activity will focus on Home Markets Increasing relevance of North American and Pacific Alliance markets OHL Construction revenue by geography (% 2020) OHL Construction revenue by geography (% 2020) OHL Construction revenue by geography (% 2020) OHL Construction revenue by geography (% 2020) 100 Total RoW 15-20 Czech Republic and catchment area 5-10 Spain 10-15 Colombia 5-10 Peru 5-10 Chile 10-15 Mexico 15-20 USA and Canada 15-20 Home Markets Home Markets Home Markets Home Markets North and South America North and South America North and South America North and South America Forecasted mix according to current potential identified in each market ~85% ~85% ~85% ~85% ~65% ~65% ~65% ~65% 70% 70% 70% 70% 40% 40% 40% 40% 2020 2020 2020 2020 2014 2014 2014 2014

23 OBRASCÓN HUARTE LAIN ~75% ~75% ~75% ~75% The Strategic Plan is expected to balance the average size of projects The Strategic Plan is expected to balance the average size of projects The Strategic Plan is expected to balance the average size of projects The Strategic Plan is expected to balance the average size of projects and remain committed to transportation infrastructures and remain committed to transportation infrastructures and remain committed to transportation infrastructures and remain committed to transportation infrastructures Balanced project size Balanced project size Balanced project size Balanced project size Focus on transportation infrastructures Focus on transportation infrastructures Focus on transportation infrastructures Focus on transportation infrastructures Cumulative revenue '15 Cumulative revenue '15 Cumulative revenue '15 Cumulative revenue '15- - - -'20 (%) '20 (%) '20 (%) '20 (%) Cumulative revenue '15 Cumulative revenue '15 Cumulative revenue '15 Cumulative revenue '15- - - -'20 (%) '20 (%) '20 (%) '20 (%) Average project size ( Average project size ( Average project size ( Average project size (€ € € €M) M) M) M) 40 10 10 100 15 25 Transportation infrastructures 25 15 100 10 < 10 25 Total >300 150-300 25 10-50 50-150 Forecasted mix according to current potential identified in each market Focus of collaboration with OHL Concessions Roads and highways Ports and airports Hospitals and singular buildings Railways and subways Energy, mining and others Total

24 OBRASCÓN HUARTE LAIN Mining Mining Mining Mining • Wet and dry process Wet and dry process Wet and dry process Wet and dry process facilities facilities facilities facilities • Seaport and land Seaport and land Seaport and land Seaport and land terminals terminals terminals terminals • Full transportation and Full transportation and Full transportation and Full transportation and storage storage storage storage systems systems systems systems • Dosing, screening, Dosing, screening, Dosing, screening, Dosing, screening, and crushing and crushing and crushing and crushing OHL Industrial will focus on increasing its activity OHL Industrial will focus on increasing its activity OHL Industrial will focus on increasing its activity OHL Industrial will focus on increasing its activity in the Power Generation, Mining, and Oil & Gas sectors in the Power Generation, Mining, and Oil & Gas sectors in the Power Generation, Mining, and Oil & Gas sectors in the Power Generation, Mining, and Oil & Gas sectors Maintaining the Solids Transportation and Fire Protection Systems businesses Maintaining the Solids Transportation and Fire Protection Systems businesses Maintaining the Solids Transportation and Fire Protection Systems businesses Maintaining the Solids Transportation and Fire Protection Systems businesses Power generation Power generation Power generation Power generation Oil & Gas Oil & Gas Oil & Gas Oil & Gas Full development of EPC projects and operation and maintenance services provider Full development of EPC projects and operation and maintenance services provider Full development of EPC projects and operation and maintenance services provider Full development of EPC projects and operation and maintenance services provider • Oil and gas pipelines Oil and gas pipelines Oil and gas pipelines Oil and gas pipelines • Storage and Storage and Storage and Storage and regasification regasification regasification regasification terminals terminals terminals terminals • Gas processing Gas processing Gas processing Gas processing plants plants plants plants • Ancillary refining and Ancillary refining and Ancillary refining and Ancillary refining and petrochemical facilities petrochemical facilities petrochemical facilities petrochemical facilities • Gas plants Gas plants Gas plants Gas plants • Hydroelectric plants Hydroelectric plants Hydroelectric plants Hydroelectric plants • Solar power plants Solar power plants Solar power plants Solar power plants and other renewables and other renewables and other renewables and other renewables

25 OBRASCÓN HUARTE LAIN Three priority sectors and two growth models for Three priority sectors and two growth models for Three priority sectors and two growth models for Three priority sectors and two growth models for OHL Services: Consolidation in Spain and Internationalization OHL Services: Consolidation in Spain and Internationalization OHL Services: Consolidation in Spain and Internationalization OHL Services: Consolidation in Spain and Internationalization Sector strategy Sector strategy Sector strategy Sector strategy Geographic strategy Geographic strategy Geographic strategy Geographic strategy Explore medium Explore medium Explore medium Explore medium- - - -term term term term entry entry entry entry opportunities opportunities opportunities opportunities in the sector, both in in the sector, both in in the sector, both in in the sector, both in Spain and other Home Markets Spain and other Home Markets Spain and other Home Markets Spain and other Home Markets OHL Services' international expansion strategy will combine organic and inorganic growth OHL Services' international expansion strategy will combine organic and inorganic growth OHL Services' international expansion strategy will combine organic and inorganic growth OHL Services' international expansion strategy will combine organic and inorganic growth Growth Growth Growth Growth consolidation consolidation consolidation consolidation Spain Spain Spain Spain Business Business Business Business internationalization internationalization internationalization internationalization towards American towards American towards American towards American Home Markets Home Markets Home Markets Home Markets Mexico Mexico Mexico Mexico USA USA USA USA Facility Facility Facility Facility Management Management Management Management Urban Urban Urban Urban services services services services Industrial Industrial Industrial Industrial maintenance maintenance maintenance maintenance Maximize Maximize Maximize Maximize cash flow generation cash flow generation cash flow generation cash flow generation while maintaining while maintaining while maintaining while maintaining margins margins margins margins Promote Promote Promote Promote international development international development international development international development Consolidate Consolidate Consolidate Consolidate OHL's OHL's OHL's OHL's current footprint current footprint current footprint current footprint in the Spanish market in the Spanish market in the Spanish market in the Spanish market Launch Launch Launch Launch international expansion international expansion international expansion international expansion along with other Divisions along with other Divisions along with other Divisions along with other Divisions Chile Chile Chile Chile Colombia Colombia Colombia Colombia Peru Peru Peru Peru

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