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

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