Presentation of Results

2H11January-December 2011

CONTENTS 1. Key Events 2. Highlights 3. Performance by activity 4. Financial Statements 5. Order Book 6. Share Price Performance

1T 2004

1 2H 2011

1. Key Events • Macroeconomic Overview The year 2011 was strongly marked, in economic terms, by:

- The sovereign debt crisis, leading to heavy volatility in the markets and significant fluctuation in interest rates.

- The decline in global confidence, giving rise to credit constraints and economic adjustments.

- The recapitalisation of the European banking system. - An increase in investment by emerging countries.

The world economy has continued to grow at a steady pace, although somewhat less than expected, due to the adjustments made, and the outlook is for 2011 to end with a GDP of +3.8%, compared to +5.2% in 2010. In the coming financial years, two-speed economic growth is predicted, with positive contributions coming, for the most part, from the emerging countries. For Latin America, growth of around +4.6% is expected for 2011 (according to the IMF), to which Brazil and Mexico will contribute with +2.9% and +4.1% figures, respectively. In the case of the U.S. and Europe, the expected growth figures are +1.8% and +1.6%, respectively. In Spain, the budgetary adjustments and the increased cost of the sovereign debt have combined to depress GDP growth to -0.3% in the last quarter. The outlook for growth in the first two quarters of 2012 is negative, levelling-off in the second half of the year. Taking this into account, the GDP in 2011 grew +0.7%, with negative growth expected in 2012. With respect to investment in construction in Spain, the difficulty in reactivating the real estate sector, together with the inevitable cutback in public investment in infrastructures designed to meet deficit reduction targets, point to continuity in negative performance with rates of -7.8% and -8.2% for the current and the coming financial years (according to FUNCAS).

2 2H 2011

• Group Performance The OHL Group ended the 2011 financial year with excellent results, particularly outstanding in the context of the current difficult macroeconomic environment. The growth figures obtained in the principal components of the Profit and Loss Account are as follows:

- Sales: +2.1% - EBITDA: +23.0% - EBIT: +40.0% - Attributable Net Profit: +14.2%

These results have been possible, once again, thanks to the positive performance of the Concessions Division, which has achieved growth figures in Sales, EBITDA and EBIT of +9.1%, +24.2% and +40.8%, respectively. With these figures, the Concessions area has gone on to account for 76.1% of the Group’s EBITDA and 81.3% of EBIT, increasing its relevance in the Group to an even greater extent. Insofar as the Construction Division, the most outstanding development in the 2011 financial year was the significant success achieved in the awards of major contracts on the international level, worth approximately 4.0 billion euros, including: the Obskaja-Salechard-Nadym railway line in Russia, the CHUM Hospital in Montreal (Canada), the Marmara Tunnels in Turkey and the Mecca-Medina High-Speed Railway Line in Saudi Arabia. These important awards have made it possible to reach an order book figure of 8.7 billion euros, an all-time record for the Group, multiplying the order book at the 2010 annual closing by 1.6 and ensuring 36 months of sales. Particular mention should be made of the specialisation of the order book by segments, such as railways and hospitals, and the balanced geographical distribution, with the following breakdown at the end of 2011:

Area % Order Book - Central Eastern Europe 24.3 - Middle East and North Africa 23.4 - Spain 23.4 - U.S.A. and Canada 18.8 - Others 10.1

These major contracts guarantee the medium-term growth of activity in the Construction area, as their performance periods average around 3 years, although revenues from this work might not be immediately forthcoming, considering that there are preliminary design and structuring phases of between one and one-and-a-half years. This fact, together with the finalisation of earlier major contracts, has meant that the Construction sales figure in 2011 dropped -6.7%, although EBITDA increased +19.9% due to the improvement in margins. The geographical breakdown of the Group’s sales in 2011 is set out below:

País % Sales - Spain 29.6 - Brazil 23.3 - Mexico 13.6 - U.S.A. 10.6 - Czech Republic 9.0 - Qatar 4.1 - Algeria 2.8 - Other 7.0

3 2H 2011

• Reduction in Recourse Debt Net recourse borrowing at the close of accounts for the year totalled 1.3 billion euros. If the funds to be obtained from the sale of Inima (231 million euros) are taken into consideration, this figure would be placed at 1.0 billion euros. It is particularly relevant to note the significant effort made during the year in order to reduce indebtedness, thereby enabling the Group to attain its announced target of reducing net recourse borrowing over recourse EBITDA from 3.5 times at the end of 2010 to 3 times. This has been possible, principally, thanks to:

- The non-recourse leverage transactions for 350 million euros in OHL Concesiones, backed by part of the shares of OHL México, in order to return funds to the parent company.

- The divestment of non-strategic assets (principally Inima). - The financial independence of the Concessions business in order to make its own

investments. The ratio of Total Net Debt (recourse and non-recourse) over Total EBITDA has also been reduced from 4.4 times at the end of the previous financial year to 4.0 times (pro-forma including the sale of Inima) by the close of accounts for 2011. Finally, in the financial context, the comfortable situation of the debt maturity dates stands out particularly (having pre-financed in March 2011, with a fresh bond issue worth 425 million euros, the maturity falling due in 2012), together with the important and stable recourse liquidity position, which totals 1.5 billion euros between available lines of credit and cash. All of these facts mean that the OHL Group can look towards the future with optimism, being assured of the continuance of significant growth in its principal business activities, and with the solid footing of having a comfortable financial position in order to undertake them. Specifically, in the 2012 financial year, growth figures in Sales, EBITDA and Net Profit are expected to exceed +10%.

4 2H 2011

2. Highlights (Figures unaudited)(*)

KEY CONSOLIDATED FIGURES(Euros Mn) 2011 % 2010 % Var. (%)

TURNOVER 4,869.8 100.0% 4,771.4 100.0% 2.1%

EBITDA 1,219.3 25.0% 991.0 20.8% 23.0%

EBIT 972.5 20.0% 694.5 14.6% 40.0%

ATTRIBUTABLE NET PROFIT 223.3 4.6% 195.6 4.1% 14.2%

ORDER BOOK: Short-term 8,896.9 5,639.4 57.8%

Long-term 72,455.2 76,370.9 -5.1%

Total 81,352.1 82,010.3 -0.8%

HUMAN RESOURCES2011 2010 Var. (%)

Permanent staff 17,531 16,039 9.3%

Temporary staff 7,263 6,206 17.0%

TOTAL 24,794 22,245 11.5%

RATIOS2011 2010

EBITDA / TURNOVER (%) 25.0 20.8

EBIT / TURNOVER (%) 20.0 14.6

BEFORE TAXES PROFIT / TURNOVER (%) 11.1 8.0

ATTRIBUTABLE NET PROFIT / TURNOVER (%) 4.6 4.1 (*) The figures of the Environment Division are presented as a result from discontinued operations in 2011 and 2010 and, therefore, the figures for 2010 have been re-stated, whereby they do not coincide with those presented originally.

5 2H 2011

3. Performance by activity (Figures unaudited) (*) TURNOVER(Euros Mn) 2011 % 2010 % Var. (%)

Concessions 1,646.3 34% 1,508.7 32% 9.1%

Construction 2,866.2 59% 3,070.9 64% -6.7%

Other Activities 357.3 7% 191.8 4% 86.3%

TOTAL 4,869.8 100% 4,771.4 100% 2.1%

EBITDA(Euros Mn) 2011 % 2010 % Var. (%)

Concessions 927.7 76% 746.9 76% 24.2%

Construction 288.0 24% 240.3 24% 19.9%

Other Activities 3.6 0% 3.8 0% -5.3%

TOTAL 1,219.3 100% 991.0 100% 23.0%

EBIT(Euros Mn) 2011 % 2010 % Var. (%)

Concessions 791.1 81% 561.7 81% 40.8%

Construction 199.1 21% 147.6 21% 34.9%

Other Activities -17.7 -2% -14.8 -2% 19.6%

TOTAL 972.5 100% 694.5 100% 40.0% (*) The figures of the Environment Division are presented as a result from discontinued operations in 2011 and 2010 and, therefore, the figures for 2010 have been re-stated, whereby they do not coincide with those presented originally.

6 2H 2011

• Concessions The Concessions area has continued its excellent performance by achieving significant growth figures with respect to December 2010:

- Sales: +9.1% (+13.6% without including IFRIC 12 construction sales) - EBITDA: +24.2% - EBIT: +40.8%

The principal events which have influenced the performance of sales and EBITDA are as follows:

- The positive trend in traffic flows and rates of our concessions as reflected on the following chart:

From 1/1/11 to 31/12/11

From 1/1/10 to 31/12/10

Var. (%)Updating

(5)Last updating

ARGENTINA Aecsa (1) 206,305 211,863 -2.6% 58.4% December 2011

BRAZIL Autovias (1) 117,619 114,656 2.6% 9.7% July 2011Centrovias (1) 130,527 80,179 62.8% 9.7% July 2011Intervias (1) 160,364 155,778 2.9% 9.7% July 2011Vianorte (1) 90,610 86,209 5.1% 9.7% July 2011Autopista Planalto Sul (1) 75,330 72,006 4.6% 6.5% December 2011Autopista Fluminense (1) 126,085 115,025 9.6% 7.7% February 2011Autopista Fernao Dias (1) 419,389 333,749 25.7% 7.7% December 2011Autopista Regis Bittencourt (1) 393,472 368,695 6.7% 5.9% December 2011Autopista Litoral Sul (1) 313,912 295,032 6.4% 16.7% February 2011

CHILE Autopista del Sol (1) 84,297 80,827 4.3% 2.1% July 2011Autopista Los Libertadores (1) 44,230 39,745 11.3% 2.9% February 2011Autopista Los Andes (1) 17,340 14,886 16.5% 6.4% January 2011

SPAIN Euroglosa M-45 (2) 77,100 78,061 -1.2% 3.6% March 2011Autopista Eje Aeropuerto (1) 7,845 8,647 -9.3% 3.4% January 2011Autovía de Aragón (2) 97,408 97,430 0.0% 33.2% July 2011Metro Ligero Oeste (3) 20,508 20,475 0.2% 6.7% Octobre 2011Puerto de Alicante (T.M.S.) (4) 101,507 68,824 47.5% 3.0% January 2011

MEXICO Amozoc-Perote (1) 28,208 26,731 5.5% 4.4% January 2011Concesionaria Mexiquense (1) 215,213 153,403 40.3% 4.4% January 2011Viaducto Bicentenario (2) 18,727 17,468 7.2% 4.4% January 2011

PERU Autopista del Norte (1) 24,229 17,193 40.9% 0.5% November 2011

TARIFFS UPDATINGTRAFFIC PERFORMANCE

(1) Number of vehicles (Average Equivalent Paying Traffic) (2) Average Daily Intensity (ADI): total km travelled by all of the road users, divided by the total km in operation of the motorway.

This measurement represents the number of road users who would have travelled the total km in operation of the motorway. (3) Average daily number of passengers (4) Accrued number of T.E.U. movements (5) Average increase in the rates applied at each toll plaza, resulting from the rate adjustment provisions established in each

concession agreement

7 2H 2011

- The impact of the performance of the Latin American currencies with respect to the euro, compared to 2010:

2011 2010 Variation

Brazilian Real 2.33 2.32 -0.8%Mexican Peso 17.40 16.70 -4.2%Chilean Peso 674.27 671.41 -0.4%Argentinean Peso 5.79 5.17 -12.1%Peruvian New Sol 3.85 3.72 -3.5%

Average exchange rate for the period (€ 1)

- The doubling in Centrovías, Brazil, of the Brotas and Dois Corregos toll plazas in July 2010 and of the Itiparina and Rio Claro plazas in November 2010.

- The opening in September 2010 of the Mairiporá toll plaza, in Fernao Dias, whereby all of

the toll plazas planned for the Brazilian federal motorway network are now in operation.

- The commencement of operation, in the months of September and November 2010, of sections 2 and 3 of the Bicentennial Viaduct in Mexico, thus completing Phase I, totalling 21.8 Km. As a consequence of this event, the average revenue per vehicle has moved from 5.86 pesos to 10.20 pesos (+74.1%).

- The formal opening on 30 September 2010 of a 10-Km section of Conmex Phase III,

which runs between the Guadalupe Lake interchange and the so-called Vialidad Mexiquense.

- The opening to traffic in April 2011 of the last road sections completing Conmex Phases II

and III, formally opening the 10 kilometres of section 2 of Phase III, constituting the road axis running in an east – west direction in the northernmost part of the Metropolitan Area of Mexico City, and the 32 kilometre-long section completing Phase II.

With the opening of these sections, the Circuito Exterior Mexiquense project (Phases I, II and III) was completed, making it possible to bypass Mexico City from the northwest, at the junction with the Chamapa-Lechería motorway, down to the southeast, at the junction with the Mexico-Puebla motorway and also linking the Mexico-Querétaro, Mexico-Pachuca and Mexico-Texcoco motorways. Moreover, the full operation of Conmex will provide better connections between twenty towns in the State of Mexico, achieving significant reductions in travel times.

- On 11 October, Controladora Vía Rápida Poetas opened to traffic the distributor road which integrates the vehicle flow between the Luis Cabrera and Mexico-Contreras avenues with the ring-road around Mexico City in a south- and northbound direction.

- The inauguration on 3 November 2011 of Section 0 of the Urbana Norte Motorway, which

culminated the connection of the second levels of two federal entities: the Federal District and the State of Mexico, to the Bicentennial Viaduct. Section 1 became operational on 14 December 2011, extending Section 0 up to Avda. Ejército Nacional.

- The change in the method of consolidation of the Chilean company I 2000 (the Sol and

Los Libertadores toll motorways) from Global Integration to Proportionate Integration, starting on 1 January 2011, as a consequence of the sale of 23.9% of the shareholding. The OHL Group owns 41.4% at the present time.

8 2H 2011

- The inauguration of the Monasterio toll plaza on 7 September 2011 by the Chilean

concession company, Autopista Los Andes.

- The opening of the Fortaleza toll plaza on the North Motorway in Peru, in February 2011.

- The change in the accounting method for the concession agreement of the company Metro Ligero Oeste, S.A., moving from the intangible asset model to the financial asset model.

As a consequence of these factors, the performance of Sales and EBITDA for the principal concession companies, grouped by country, is shown on the following chart: (Euros Mn )

COUNTRYCompany 2011 2010 Var. (%) 2011 2010 Var. (%)

ARGENTINA 14.8 14.0 5.7% -6.0 -2.5 140.0%Aecsa 14.8 14.0 5.7% -6.0 -2.5 140.0%

BRAZIL 747.6 646.4 15.7% 414.5 355.7 16.5%Autovias 105.8 96.9 9.2% 66.6 61.5 8.3%Centrovias 106.4 94.9 12.1% 68.7 64.5 6.5%Intervias 120.2 109.2 10.1% 73.0 69.3 5.3%Vianorte 95.6 86.0 11.2% 58.8 48.9 20.2%Autopista Planalto Sul 33.5 30.2 10.9% 11.9 10.8 10.2%Autopista Fluminense 50.4 43.9 14.8% 24.3 20.3 19.7%Autopista Fernao Dias 78.2 53.3 46.7% 32.2 17.7 81.9%Autopista Regis Bittencourt 95.7 80.6 18.7% 51.9 43.0 20.7%Autopista Litoral Sul 61.8 51.4 20.2% 27.1 19.7 37.6%

CHILE 35.4 67.5 -47.6% 27.7 50.2 -44.8%Autopista del Sol 15.4 37.0 -58.4% 12.1 29.4 -58.8%Autopista Los Libertadores 9.7 21.7 -55.3% 8.1 15.6 -48.1%Autopista Los Andes 10.3 8.8 17.0% 7.5 5.2 44.2%

SPAIN 104.0 74.8 39.0% 68.1 25.8 164.0%Euroglosa M-45 12.1 11.7 3.4% 10.5 10.7 -1.9%Autopista Eje Aeropuerto 4.4 4.7 -6.4% 4.2 0.2 n.s.Autovía de Aragón 14.0 6.6 112.1% 12.0 5.3 126.4%Metro Ligero Oeste 54.4 33.1 64.4% 35.5 4.6 n.s.Puerto de Alicante (T.M.S.) 19.1 18.7 2.1% 5.9 5.0 18.0%

MEXICO 111.5 88.7 25.7% 400.4 283.5 41.2%Amozoc-Perote 19.2 18.3 4.9% 13.5 13.7 -1.5%Concesionaria Mexiquense I (1) 81.9 66.6 23.0% 289.9 209.0 38.7%Viaducto Bicentenario (1) 10.4 3.8 173.7% 97.0 60.8 59.5%

PERU 19.5 14.1 38.3% 12.6 7.7 63.6%Autopista del Norte 19.5 14.1 38.3% 12.6 7.7 63.6%

TOTAL CONCESSIONS 1,032.8 905.5 14.1% 917.3 720.4 27.3%

Headquarters and others 613.5 603.2 1.7% 10.4 26.5 n.s.

TOTAL 1,646.3 1,508.7 9.1% 927.7 746.9 24.2%

SALES EBITDA

(1) Includes in EBITDA the adjustment for returns guaranteed by the concession grantors, which are classified in Other

Operating Revenues and remain outside of Turnover: Conmex 232.3 million euros and Viaducto Bicentenario 93.1 million euros.

The heading “Central and Others” includes the sales and costs referring to the construction activity carried out by the concession companies themselves, exclusive of “intergroup” transactions, as a consequence of the application of IFRIC 12. In line with the principle of prudence, the OHL Group has equated the sales figure of the construction work performed by the concession companies themselves to the costs of such construction activity, therefore not affecting EBITDA for those years. At 31 December 2011 this figure totalled 397.6 million euros (405.3 million euros at 31 December 2010).

9 2H 2011

Likewise, through the application of the IFRIC 12 standard, provisions were funded for the scheduled major maintenance expenses to be incurred over a number of years, in the amount of 85.9 million euros at 31 December 2011 (73.3 million at 31 December 2010). Prior to the application of IFRIC 12, these costs were considered additions of fixed assets at the time of their performance and were depreciated subsequently in line with their useful life. OHL Concesiones manages an order book of 28 major concessions, including 23 toll motorway concessions with a total of 4,417 kilometres, one airport, two ports and two railway concessions, consolidating its position as one of the leading infrastructure operators worldwide. The long-term order book at 31 December 2011 reached the figure of 72.0 billion euros, representing a decrease of -5.5% with respect to the close of accounts at the end of December 2010. This decrease is due primarily to the depreciation of foreign currencies with respect to the euro.

10 2H 2011

• Construction Construction sales ended the year with a reduction of -6.7% with respect to 2010. This reduction was less than that of previous quarters thanks to the performance of the international operations of this Division in the last quarter, bring the financial year to an end with a slight increase, +1.6%. The reason for this recovery is the start-up of a number of the major awards obtained in early 2011, primarily the projects awarded in Canada. The activity in Spain, affected by the general election held at the end of the year, does not reflect the seasonal effect typical of the last quarter, and sales ended the financial year by dropping -18%, a performance similar to the outcomes in previous quarters. Despite the decline in Sales, both EBITDA as well as EBIT experienced strong growth, +19.9% and +34.9% respectively, thanks to the better margins obtained in a number of contracts in the completion stage. The truly outstanding factor within the scope of this activity in 2011 has been the increase in the scale of operations derived from the enormous success achieved in awards. Moreover, the new contracts involve high technical quality, in most cases connected with niches of specialisation where OHL is particularly strong (railways and hospitals) and with an interesting geographical distribution. The 6 principal projects awarded, worth approximately 4.0 billion euros, are, in chronological order, as follows:

- Subway extension in Toronto (Canada) - CHUM Hospital in Montreal (Canada) - Urban viaduct (Kuwait) - Marmara tunnels (Turkey) - High-Speed Railway Line between Mecca and Medina (Saudi Arabia) - Obskaja-Salechard-Nadym Railway Line (Russia)

Thanks to these awards, the Construction order book has grown +58.6% and is placed at 8.8 billion euros, an all-time record, three times the size of sales and with the following geographical composition:

Area % Order Book - Central and Eastern Europe 24.3 - Middle East and North Africa 23.4 - Spain 23.4 - U.S.A. and Canada 18.8 - Others 10.1

This extremely significant increase in the order book is a guarantee of strong growth in this activity in the future, although it will take some time before such improvement becomes fully visible on the Profit and Loss Account, as noted previously.

11 2H 2011

• Other Activities Particular mention should be made of the change in the presentation of the Environment Division on the Profit and Loss Account, which, following the Inima sale agreement reached in November 2011, has been accounted for as a discontinued operation. Consequently, its impact on Sales, EBITDA and EBIT has disappeared from the Profit and Loss Account both in 2011 as well as in 2010. The sales figure for Other Activities, following this effect, totalled 357.3 million euros, representing +86.3% growth with respect to the same period in the previous year, thanks to the significant drive of the Industrial Division which multiplied its sales by three and a half. The combined EBITDA figure for these activities amounted to 3.6 million euros.

12 2H 2011

4. Financial Statements (Figures unaudited) A contract was signed on 16 November 2011 for the sale of the subsidiary, OHL Medio Ambiente, S.A.U., the effectiveness of which -subject to fulfilment of the usual terms and conditions of transactions of this kind- is expected to materialise in the first few months of 2012. As a consequence of this process, all of the assets and liabilities of the Environment Division have been classified as held for sale, and the profit before minority interests as profit from discontinued operations after taxes. In order to render the information comparable, the Consolidated Profit and Loss Account for the 2010 financial year has been re-stated, whereby the figures differ from those originally provided. • CONSOLIDATED PROFIT AND LOSS ACCOUNT The turnover of the OHL Group in the 2011 financial year totalled 4.9 billion euros, up +2.1% with respect to the figure for 2010. The turnover includes, in both financial years, the construction sales for the work performed for OHL’s concession companies by companies outside of the OHL Group which, in the 2011 financial year, amounted to 397.6 million euros, in comparison to the figure of 405.3 million euros in 2010. The growth in the turnover of the Concessions Division was +9.1%, boosted by the greater volume of activity in Brazil and Mexico, where both the toll rates as well as the traffic flows have increased. The Construction Division experienced a decrease of -6.7% in its activity, due to the decline in operations in Spain brought about by the negative trend in the sector. Operations abroad increased only +1.6% with respect to 2010, as a result of the fact that the major out in Mexico and Algeria, primarily. The rest of the Divisions have undergone a significant increase, owing principally to the strong performance of the Industrial Division, which has undertaken major projects. In the 2011 financial year, 70.4% of turnover was generated abroad, a figure similar to the 70% registered in 2010. The strongest Division in terms of sales was Construction with 58.9% of the total and, within this Division, the international area with 33.8%, followed by Concessions, which now accounts for 33.8% of the total. In the distribution of sales by country, Spain accounts for 29.6% of the total, Brazil 23.3%, Mexico 13.6% and the U.S.A. 10.6%. The gross operating profit (EBITDA) for the 2011 financial year was placed at 1,219.3 million euros, representing 25% of turnover. This figure has increased 23% over the 2010 financial year due, primarily, to the activities of Concessions, which account for 76.1% of the Group’s total EBITDA, growing 24.2% with respect to 2010. The Construction Division, despite the decline in activity, experienced a +19.9% increase, due, fundamentally, to the better margins obtained abroad and to the maintenance, in percentage terms, of the margins in Spain.

13 2H 2011

Of the Group’s total EBITDA, 89.1% originated from its international operations. Mexico generated 38.1% of the Group’s total EBITDA, followed by Brazil with 35.2% and Spain with 10.9%. The net operating profit (EBIT) totalled 972.5 million euros, 20.0% on turnover, also increasing +40% over the figure registered in the 2010 financial year. The +40.8% growth by Concessions with respect to 2010 stands out particularly and signifies that this area of activity generates 81.3% of the Group’s total EBIT. The net amount of financial revenues and expenses in the 2011 financial year totalled -452.4 million euros, down 120.4 million with respect to 2010, as a result of the increase in total debt (recourse and non-recourse), as well as of the higher interest rates in effect during this financial year. The profit before taxes was placed at 542.9 million euros, that is, 11.1% on turnover, with an increase of +42.2% with respect to the 2011 financial year. The profit for the year from discontinued operations after taxes in the amount of 0.9 million euros refers to the Environment Division. The result after taxes and before minority interests of that activity is presented under this heading, without contributing turnover, EBITDA, EBIT, etc. The profit attributed to minority interests totalled 125.5 million euros, compared to 56.6 million euros in the 2010 financial year. This significant increase is due largely to the minority shareholders in Mexico, as a consequence of the listing in November 2010 of OHL México, S.A.B. de C.V., a company in which the Group holds a 73.85% interest. The profit attributed to the Parent Company totalled 223.3 million euros, representing 4.6% on turnover, and has increased +14.2% with respect to the figure registered in the 2010 financial year.

14 2H 2011

(Euros Mn) Amount % Amount %

Net turnover 4,869.8 100.0% 4,771.4 100.0% 2.1%

Variation in work-in-progress or finished product stocks -6.5 -0.1% -10.2 -0.2% -36.3%

Work performed by the company for its assets 6.4 0.1% 12.2 0.3% -47.5%

Purchases -2,691.2 -55.3% -2,740.0 -57.4% -1.8%

Other operating revenues 414.3 8.5% 413.3 8.7% 0.2%

Employee expenses -707.8 -14.5% -664.9 -13.9% 6.5%

Other operating expenses -674.1 -13.8% -833.6 -17.5% -19.1%

Depreciation and amortisation -252.4 -5.2% -237.5 -5.0% 6.3%

Imputation of subsidies for non-financial fixed assets and others 9.9 0.2% 4.4 0.1% 125.0%

Deterioration and result from disposals of fixed assets 4.1 0.1% -20.6 -0.4% -119.9%

OPERATING PROFIT / (LOSS) 972.5 20.0% 694.5 14.6% 40.0%

Financial revenues 126.2 2.6% 92.9 1.9% 35.8%

Financial expenses -578.6 -11.9% -424.9 -8.9% 36.2%

Results from changes in value on financial instruments at fair value (net)

-5.8 -0.1% 6.0 0.1% -196.7%

Exchange differences 21.0 0.4% 1.2 0.0% n.s.

Deterioration and result from disposals of financial instruments -3.4 -0.1% -3.0 -0.1% 13.3%

FINANCIAL PROFIT / (LOSS) -440.6 -9.0% -327.8 -6.9% 34.4%

Equity in affiliated companies' and joint ventures' earnings for the year 11.0 0.2% 15.0 0.3% -26.7%

PROFIT / (LOSS) ON CONTINUING ACTIVITIES BEFORE TAXES 542.9 11.1% 381.7 8.0% 42.2%

Corporate tax -195.0 -4.0% -127.8 -2.7% 52.6%

PROFIT / (LOSS) ON CONTINUING ACTIVITIES IN THE YEAR 347.9 7.1% 253.9 5.3% 37.0%

Result after taxes on discontinued operations 0.9 0.0% -1.7 0.0% -152.9%

PROFIT / (LOSS) FOR THE YEAR 348.8 7.2% 252.2 5.3% 38.3%

Minority interests 125.5 2.6% 56.6 1.2% 121.7%

RESULT ATTRIBUTED TO THE PARENT COMPANY 223.3 4.6% 195.6 4.1% 14.2%

2011 2010 Var. (%)

15 2H 2011

• CONSOLIDATED BALANCE SHEET The principal headings of the consolidated balance sheet at 31 December 2011 and their variations with respect to the figures at 31 December 2010 are as follows: Intangible fixed assets: totalled 6.2 billion euros, the major part of which, that is, 94.8%, pertained to concession companies. The decrease in this heading totalled 275.8 million euros, due primarily to the net effect of:

- The transfer from intangible fixed assets to non-current financial assets of 601 million euros referring to Metro Ligero Oeste, S.A., which have now been classified as a financial asset on meeting the relevant criteria,

- The net investments made during the period in the infrastructure concession companies and

- The impact of the devaluation of the currencies in which the Group operates (principally the Mexican peso -9.3% and the Brazilian real -8.7%).

Concesionaria Mexiquense, S.A. de C.V., Viaducto Bicentenario, S.A. de C.V. and the five federal toll motorways in Brazil, which together account for 60.1% of the total intangible fixed assets, stand out in terms of their volume of investment at origin. Non-current financial assets: presented a balance at 31 December 2011 of 903.4 million euros, 810.8 million of which refer to concession companies, which are accounted for under this heading on meeting the requirements for consideration as financial assets. Among these companies, Metro Ligero Oeste, S.A. stands out with 604.5 million euros. Non-current assets held for sale: totalled 335.7 million euros and refer to the total assets of the Environment Division, a business area in the process of divestment. Trade debtors and other accounts receivable: at 31 December 2011, the balance of this heading totalled 2.2 billion euros, representing 16.8% of the total assets. The works certified for progress payments still outstanding and the works pending certification represent 79.2% of the total of this balance, while the ratio of the sum of both is placed at 4 months of sale, similar to the situation at 31 December 2010. Other current financial assets and cash and cash equivalents: the balances of these headings at 31 December 2011 totalled 1.5 billion euros, of which 996.9 million euros refer to non-recourse companies and the remaining 492.2 million euros to recourse companies. Parent Company shareholders’ equity: at 31 December 2011 totalled 1.2 billion euros, representing 9.4% of the total assets and decreasing by 84.3 million euros with respect to the figure at 31 December 2010, due to the net effect of the following events:

- The attributable result of the 2011 financial year, totalling 223.3 million euros. - A decrease in reserves of 169.3 million euros, brought about by the conversion of

financial statements in foreign currency, due principally to the devaluation of the exchange rates against the euro of the Mexican peso, the Brazilian real and the Chilean peso.

- A decrease in reserves of 71.5 million euros stemming from the impact of the valuation of financial instruments.

16 2H 2011

- A decrease in reserves of 48.9 million euros as a result of the dividend paid in June

2011 against the profit for the 2010 financial year. - A decrease of 1.1 million euros on account of bought-back shares, with respect to

58,750 shares purchased as a consequence of the share liquidity contract signed in February 2011.

- A decrease of 16.8 million euros from other changes in reserves, primarily due to changes in the scope of consolidation.

Minority interests: were placed at 762.0 million euros at 31 December 2011, increasing by 37.2 million euros due to the net effect of:

- The profit for the 2011 financial year allotted to external shareholders in the amount of 125.5 million euros.

- A decrease of 61 million euros brought about by the conversion of financial statements in foreign currency.

- A decrease of 10.9 million euros due to the impact of the valuation of financial instruments.

- Other decreases totalling 16.4 million euros, due principally to dividends paid and changes in the scope of consolidation.

Liabilities related to non-current assets held for sale: totalled 153.0 million euros and refer to the total liabilities of the Environment Division, a business area in the process of divestment. Banks and bond issues: The comparison of borrowings at 31 December 2011 with those at 31 December 2010 is shown below: GROSS BORROWINGS (1)(Euros Mn) 31/12/11 % 31/12/10 %

Recourse debt 1,748.8 27% 1,693.1 28%

Non-recourse debt 4,849.5 73% 4,444.7 72%

TOTAL 6,598.3 100% 6,137.8 100% (1) The gross borrowings group together the non-current and current debt items, which include both bank

debt and bonds.

NET BORROWINGS (2)(Euros Mn) 31/12/11 % 31/12/10 %

Recourse debt 1,256.5 25% 1,173.5 27%

Non-recourse debt 3,852.7 75% 3,246.4 73%

TOTAL 5,109.2 100% 4,419.9 100%

(2) The net borrowings are comprised by the gross borrowings minus other current financial assets and cash and cash equivalents.

Net recourse debt was placed at 1.3 billion euros. If we take into account the pro-forma effect of the sale of Inima, noted previously, this figure would be reduced to 1.0 billion euros, that is, a reduction of -13% in the figure existing at the end of 2010. This has enabled the Group to attain its target of reducing net recourse borrowing over recourse EBITDA to 3 times.

17 2H 2011

A 425-million-euro corporate bond issue was made in March 2011 in order to re-finance the bonds maturing in 2012. With this transaction, a parallel offer was launched for the pre-redemption of those bonds, which was taken up to the extent of 56% (234 million), with only 187.6 million remaining for redemption in 2012. The net non-recourse debt accounts for 75.4% of the total and increased by 606.3 million euros with respect to the figure at 31 December 2010, due to the net effect of the need to finance the investments made by the concession companies, the new borrowings for our stake in OHL, México S.A.B. de C.V. and the amortisations made in the period. Other financing transactions of particular relevance in the financial year include the following:

• In April 2011, the Mexican company, Grupo de Autopistas Nacionales, S.A., completed a bond issue worth 1.7 billion Mexican pesos (approximately 95 million euros) with final maturity in March 2031.

• En September 2011, OHL Concesiones, S.A. signed a loan agreement denominated in Mexican pesos, maturing in three years and in an amount equivalent to 250 million euros. This loan is backed by shares which OHL Concesiones, S.A. owns in its listed subsidiary OHL México, S.A.B. de C.V. representing 51% of its share capital. The funds from the transaction were used in full by OHL Concesiones, S.A. for repaying existing intra-Group loans to its parent company, OHL, S.A.

• Also in September 2011, OHL Concesiones, S.A. signed a transaction in Mexican pesos, maturing in 3 years, and in an amount equivalent to 100 million euros. The transaction was made through an equity swap on shares representing 6.3% of its listed subsidiary, OHL México, S.A.B. de C.V., through which OHL Concesiones, S.A. retains both the profit derived from the appreciation as may be undergone by such shares during the financing period, as well as the option of repurchasing them at the end of such period. The funds from the transaction were used in full by OHL Concesiones, S.A. for repaying existing intra-Group loans to its parent company, OHL, S.A.

Of the total gross borrowings, 82% is long-term, while the remaining 18% is short-term.

18 2H 2011

(Euros Mn) 31/12/11 31/12/10 Var. (%)

NON-CURRENT ASSETS 8,762.6 8,582.3 2.1%Intangible fixed assets 6,209.1 6,484.9 -4.3%Tangible fixed assets 625.2 711.2 -12.1%Real estate investments 104.8 98.4 6.5%Equity-accounted investments 113.2 157.7 -28.2%Non-current financial assets 903.4 297.0 204.2%Deferred-tax assets 806.9 833.1 -3.1%

CURRENT ASSETS 4,163.5 4,020.0 3.6%Non-current assets held for sale 335.7 0.0 -Stocks 134.2 123.6 8.6%Trade debtors and other accounts receivable 2,166.6 2,129.9 1.7%Other current financial assets 326.1 351.2 -7.1%Other current assets 37.9 48.7 -22.2%Cash and cash equivalents 1,163.0 1,366.6 -14.9%

TOTAL ASSETS 12,926.1 12,602.3 2.6%

(Euros Mn) 31/12/11 31/12/10 Var. (%)

NET SHAREHOLDERS' EQUITY 1,977.7 2,024.8 -2.3%

SHAREHOLDERS' EQUITY 1,555.3 1,398.4 11.2%Capital 59.9 59.9 0.0%Issue premium 390.9 424.4 -7.9%Reserves 881.2 718.5 22.6%Result for the year attributed to the parent company 223.3 195.6 14.2%

VALUATION ADJUSTMENTS -339.6 -98.4 245.1%

PARENT COMPANY SHAREHOLDERS' EQUITY 1,215.7 1,300.0 -6.5%MINORITY INTERESTS 762.0 724.8 5.1%

NON-CURRENT LIABILITIES 6,956.5 6,717.5 3.6%Subsidies 92.4 303.6 -69.6%Non-current provisions 115.0 162.6 -29.3%Non-current financial debt (*) 5,409.0 4,929.4 9.7%Other non-current financial liabilities 304.6 235.3 29.5%Deferred-tax liabilities 701.6 729.0 -3.8%Other non-current liablities 333.9 357.6 -6.6%

CURRENT LIABILITIES 3,991.9 3,860.0 3.4%Liabilities related to non-current assets held for sale 153.0 0.0 -Current provisions 252.1 213.5 18.1%Current financial debt (*) 1,189.3 1,208.4 -1.6%Other current financial liablilities 24.4 10.8 125.9%Trade creditors and other accounts payable 1,876.4 1,975.1 -5.0%Other current liabilities 496.7 452.2 9.8%

TOTAL LIABILITIES AND NET SHAREHOLDERS' EQUITY 12,926.1 12,602.3 2.6%* Includes Banking debt + Bonds

ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

19 2H 2011

• CASH FLOW 1/1/11 TO 31/12/11 The funds originating from operations, equivalent to the Profit after Taxes (Attributable) plus amortisations, generated in the 2011 financial year totalled 475.7 million euros. The changes in non-financial current assets and liabilities were negative to the extent of 64.7 million euros, primarily as a consequence of the decline in the activity of the Construction area. The cash flow of the operating activities in the period was placed at 411 million euros, improving 374.2 million with respect to the flow registered in September 2011. Net investment needs totalled -1.2 billion euros, due principally to the Concessions area, as a consequence of the investment commitments of the concession companies in the construction stage. The total financing needs in the period amounted to 740.2 million euros and were met through additional borrowing, for the most part non-recourse debt.

CASH FLOW

(Euros Mn) 31/12/11

Gross operating profit (EBITDA) 1,219.3

Adjustments -743.6

Cash flow in operating activities 475.7

Changes in current capital -64.7

Cash flow in operating activities 411.0

Cash flow in investment activities -1,151.2

Change in gross non-recourse debt 457.9Change in cash & banks + non-recourse short-term investments 197.3

Change in net non-recourse debt 655.2

Change in gross recourse debt 77.9Change in cash & banks + recourse short-term investments 7.1

Change in net recourse debt 85.0

Cash flow of financing activities 740.2

20 2H 2011

5. Order Book At 31/12/11, the Group’s order book was worth 81.4 billion euros. Of the total, 10.9% refers to short-term performance, while the remaining 89.1% belongs to the long-term order book. The short-term order book was placed at 8.9 billion euros, increasing +57.8% with respect to the figure at 31/12/10. The long-term order book, worth 72.5 billion euros, declined 5.1% with respect to 31/12/10. ORDER BOOK(Euros Mn) 31/12/11 % 31/12/10 % Var. (%)

Short term 8,896.9 11% 5,639.4 7% 57.8%

Long term 72,455.2 89% 76,370.9 93% -5.1%

TOTAL 81,352.1 100% 82,010.3 100% -0.8%

Concessions 72,030.8 89% 76,242.4 93% -5.5%

Construction 8,740.5 11% 5,509.7 7% 58.6%

Other activities 580.8 1% 258.2 0% 124.9% The most significant works contracted in the 2011 financial year for short-term performance are listed below: Construction Obskaja-Salechard-Nadym Railway Line (Russia). University Hospital of Montreal (Canada). Marmaray Railway Project CR-3. Section: Gebze – Halkali (Turkey). High-Speed Railway Line between Mecca and Medina (Saudi Arabia). Jamal Abdul Nasser Elevated Viaduct (Kuwait). York Spadina subway extension - highway 407 Station & the northern tunnels. Toronto (Canada). Construction of Part of Second Avenue Subway Route 132A 63rd Street Station Lexington Ave Station - Station Reconstruction Including Rehabilitation and Construction of Entrances in the Borough of Manhattan. New York (USA). Slovak Route Phase IV. Navy Node Section - Ku Ujsciu. Gdansk (Poland). Replacement of the existing water siphons between Brooklyn and Staten Island. New York (USA). Collado Villalba Hospital (Spain). Reconstruction of the communications node of Rondo Kaponeira. Poznan (Poland). Railway roadbed for new Basque Country railway network. Section: Antzuola - Ezkio / Itsaso East (Spain). High-Speed Train Line roadbed. Section: Navalmoral de la Mata - Casatejada (Spain). D&B SR874 Mainline Reconstruction. Florida (USA). Construction work for Chacrillas Dam. Putaendo Region of Valparaiso (Chile). Maritime Terminal in the bay of the Port of Algeciras (Spain). Design and construction of the expansion and modernisation of the Lagares WWTP (Spain). Replacement of Upper Level Curb Stringers and Roadway Lightings at the Henry Hudson Bridge. New York (USA). Training and Convention Building in Fuerteventura (Spain). New Los Encantes market (Spain).

21 2H 2011

New building for the School of Electrotechnics and Computer Science in Ostrava (Czech Republic). Airport – Gdansk Seaport – Slovak Route Road. Phase II in Gdansk (Poland). Cellulose pulp mill in Punta Pereyra (Uruguay). Rehabilitation DN1H, Zalau - Alesd, LOT 1: Km 0+000 - Km 26+510 (Romania). Infrastructure and track preventive treatment plan on lines A. Ibérico. Lot B.1 - Barcelona (Spain). Upgrade works Route T-35, Los Lagos - Valdivia, Sector: Antilhue - Valdivia, Los Ríos Region (Chile). Improvement of the water quality of the Jihlava and Svratka Rivers (Czech Republic). Écija High-Resolution Hospital (Spain). New accesses to South extension. Phase 1 A (Spain). World Trade Center north area structural rehabilitation project. New York (USA). Refurbishment and upgrade of the San Andrés outer dock and seawall of the Port of Malaga (Spain). Sinking operations next to the Buadaira River, storm tank connection 2, San Pedro Tunnel drainage and others (Spain). Sewerage system and wastewater treatment plant in Ceska Trevoba (Czech Republic). Sewerage system and WWT project in Ceská Trebová. Ústi nad Orlicí (Czech Republic). Infrastructure and track preventive treatment plan on lines A. Ibérico. Lot A.2 - Madrid - North (Spain). Reconstruction of Juliska health resort. Prague (Czech Republic). Upgrade of Hotel Mencey in Santa Cruz de Tenerife (Spain). Milling & Resurfacing of the existing lanes of the HEFT (SR-21). Florida (USA). Office buildings A, B and C, second Nova Bocana concession, Port of Barcelona (Spain). Maintenance and operation A-1. KP 76.500 to 101.000 (Spain). Maintenance and operation of several road sections N-120, N-601, N-630, LE-20, LE-30 and A-66 (Spain). Educational centre for asthenopia patients, in Olomouc-Hejčín (Czech Republic). Investments in the hydrotechnics of the city of Úvaly (Czech Republic). Jeneweinova retaining reservoir and Komárov aqueduct in Brno (Czech Republic). Designing and execution of works, "Revitalization of the railway line c.131 Chorzów Batory - Tczew, in the field of IT - Tczew Bydgoszcz, kol.c.1 (Poland). SR-5 (US-1) and SR A1A from A Pt N of Parker Br to A Pt S of SR-706 (Indiantown Road) and from A Pt S of Burnt Br to SR-5 (US-1). Florida (USA). Institute of Art and Design of the University of Plzeñ (Czech Republic). Rehabilitation of the airfield at Fuerteventura Airport (Spain). Biotec. Pavilion M and X - part II. Brno (Czech Republic). Building for the experimental biomedicine centre (CEBEGA) in Corunna. Infrastructure and track preventive treatment plan on lines A. Ibérico. Lot F.2 - Córdoba (Spain). Supplementary work A-22 Lleida – Huesca Motorway. Section: Ponzano - Velillas (Spain). Photovoltaic power Plant - Malý Krtís 3/4 (Slovak Republic). Other Activities Arenales 50MW thermal solar power plant in Morón de la Frontera (Spain). Ensenada desalination plant, Baja California (Mexico). 50 MW electric power generation plant using biomass as fuel, in San Juan del Puerto (Spain). San José dos Campos WWTP. Sao Paulo (Brazil). Design and construction of the expansion and modernisation of the Lagares WWTP (Spain). New electric power plant at the Asturias Airport. Avilés (Spain). Trujillo 3 photovoltaic power plant, Trujillo (Spain). Photovoltaic power plant in Lecce - Puglia (Italy).

22 2H 2011

6. Share Price Performance At 31/12/11, the share capital totalled 59,844,565 euros, represented by 99,740,942 ordinary shares with a face value of 0.60 euros each, listed at 19.38 euros on 31/12/11 and with a P/E ratio of 8.7 for 2011 earnings. During the past year, a total of 179,685,765 shares were traded on stock exchanges (180.2% of the total tradable shares) with a daily average of 699,166 securities traded and a share price depreciation of -13.2%, in line with the performance of the Ibex 35. OHL has been present in the Ibex 35 and the FTSE4Good Ibex sustainability index since 2008. Moreover, since September 2011, OHL México, S.A.B. de C.V. has gone on to form a part of the Índice de Precios y Cotizaciones (IPC), the principal stock index of the Mexican Stock Exchange (BMV). STOCK PERFORMANCE

OHL share price (euros) Annual revaluationLast High Low OHL Ibex-35 Construction Index

2011 19.380 28.000 15.940 -13.2% -13.1% -6.9%

VOLUME TRADENumber of shares

tradedAverage daily volume (*) Cash daily average

2011 179,685,765 699,166 15.3(*) Euros Mn MARKET CAPITALIZATION(Euros Mn) 31/12/11 31/12/10 Var. %

Market Capitalization 1,933.0 2,227.0 -13.2%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

125%

Dec 10

Jan Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dec 11

2011

OHL IBEX-35 Construction

Within the scope of its Concessions activities, the OHL Group has two international subsidiaries listed in their respective countries, Brazil and Mexico, whose key figures are:

23 2H 2011

OHL BRASIL

Total number of shares 68,888,888

OHL's stake 60.00%

Share price as of 31/12/2011 (Brazilian Real) 61.00

Exchange rate Euro/Brazilian Real as of 31/12/2011 2.41

Total market cap (Euros) 1,743,588

Value OHL's stake 1,046,153

Share price performance since 31/12/2010 1.68%

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

Dic2010

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic2011

2011

OHL Brasil BOVESPA

OHL MÉXICO

Total number of shares 1,492,788,102

OHL's stake 73.85%Share price as of 31/12/2011 (Mexican Peso) 21.62

Exchange rate Euro/Mexican Peso as of 31/12/2011 18.05

Total market cap (Euros) 1,788,513

Value OHL's stake 1,320,746

Share price performance since 31/12/2010 -9.08%

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

Dic2010

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic2011

2011

OHL México MEXBOL

24 2H 2011

25 2H 2011

Any statements appearing in this document, other than those which refer to historical data, including, on a non-restrictive basis, statements with respect to operational development, business strategy and future targets, are estimates for the future and, as such, involve known and unknown risks, uncertainties and other factors which may cause the results of the OHL Group, its actions and successes, or the outcomes and conditions of its activity, to be substantially different from such information and from the Group’s estimates for the future.

This document, including the estimates for the future it contains, is provided with effects as from this day and date, and OHL expressly declines any obligation or commitment to provide any update or revision of the information contained herein, of any change in its expectations or of any modification of the facts, conditions and circumstances on which these estimates with respect to the future have been based.

Obrascón Huarte Lain, S.A.

Torre Espacio

Paseo de la Castellana, 259 D 28046 Madrid

Francisco J. Meliá Investment Relations Manager

Tel.: 91 348 41 90

Fax: 91 348 42 07 meliaf@ohl.es

www.ohl.es

V. NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2011 1) Basis of presentation of the financial statements at 31 December 2011 The principles of consolidation, accounting policies and valuation standards used in the preparation of the consolidated financial statements at 31 December 2011 are the same as those applied in the consolidated annual accounts for the 2010 financial year, except for the following new standards, amendments and interpretations which, if applicable, have been used by the Group in the preparation of the consolidated financial statements at 31 December 2011. 1.1 Standards, amendments and interpretations effective during this period During the 2011 financial year the following standards have now become mandatory:

• Amendment IAS 32 “Financial instruments: Presentation-Classification of rights over shares”. • Revision IAS 24 “Information to disclose on related parties”. • Amendment IRFIC 14: “Minimum obligatory advance payments”. • IRFIC 19 “Cancellation of financial liabilities with wealth instruments”.

These rules have not had an impact on the consolidated financial statements of the OHL Group, which is why the accounting policies used in the preparation of these consolidated financial statements coincide with the ones used in the annual statements of the 2010 financial year. 1.2 Standards, amendments and interpretations which can be applied in advance Standards, amendments and interpretations issued and not in force At the date of the preparation of the consolidated financial statements at 31 December 2011, the following are the most significant standards and interpretations published by the IASB but which had not as yet entered into effect because their date of entry into force was subsequent to the date of the preparation of the consolidated financial statements, even though they have already been approved for use in the European Union:

Standards, amendments and interpretations Application mandatory in financial years commencing as from

Amendment IFRS 7

Prepayments of minimum funding requirements 1 July 2011

Separate financial statements at 31 December 2011 The accounting principles used in the preparation of the separate financial statements are those contained in the current General Accounting Plan, approved by Royal Decree 1514/2007, of 16 November 2007, which entered into force on 1 January 2008 and is applicable to the financial years commencing on that date. 2) Remarks on the seasonality or cyclic nature of transactions The activities of the companies comprising the OHL Group, taken overall and for a twelve-month period, are not subject to significant seasonality or cyclic circumstances, for which reason the operating result over such period reflects a homogenous progression.

3) Estimates made The consolidated results and the determination of the consolidated net assets are sensitive to the valuation standards and estimates used by the Parent Company’s Directors for the preparation of the consolidated financial statements at 31 December 2011. In the consolidated financial statements at 31 December 2011, estimates made by the Senior Management of the Parent Company and of the consolidated companies have been used occasionally to quantify some of the assets, liabilities, revenues, expenses and commitments which are recognised in them. Basically these refer to:

• Losses from the impairment of certain assets. • The useful life of tangible and intangible assets. • The recognition of results in construction contracts. • The amount of certain provisions. • The fair value of assets acquired in business combinations and goodwill. • The fair value of certain unlisted assets. • Evaluation of possible contingencies for employment and tax risks.

Despite the fact that the estimates described above were made on the basis of the best information available at the close of accounts on 31 December 2011, it is possible that events which could take place in the future may make it necessary to change such estimates (raising or lowering them). If this becomes necessary and in accordance with IAS 8, such changes would be made in a prospective manner, recognising the effects of the change in estimate in the consolidated profit and loss account of the financial years affected. 4) Comparison of the information The information referring to 31 December 2011 and 31 December 2010 contained in the consolidated financial statements is presented, solely and exclusively, for purposes of comparison. With respect to the segmented information, the activities of national and international construction developed by the OHL Group have been grouped together under the heading of “Construction”. 5) Subsequent events No significant events have occurred between 31 December 2010 and the date of preparation of the consolidated financial statements. 6) Principal risks and uncertainties for the 2011 financial year The OHL Group carries out its activities in a range of sectors and countries, a fact which signifies exposure to different risks relating to the businesses in which it is engaged. The OHL Group controls these risks in order to minimise any adverse impacts which such risks may involve. The Group has controls in place and in operation in order to mitigate the risks relating to tendering processes, contracting, planning and performance of works, as well as all aspects associated to the quality, environmental management and human resources.

The strategy of concentrating its investment effort in concession activities (less cyclical and with recurring revenues) and the fact of having undertaken a broad international geographical diversification, combine to render the OHL Group less vulnerable to changes in the economic situation. In addition to the risks directly connected with the performance of its activities, the OHL Group is exposed to financial risks associated with changes in exchange rates, rates of interest, liquidity and credit risks. The exchange rate risks are managed by borrowing in the same currency as that of the assets which the Group finances abroad and by contracting financial instruments. The risks of changes in rates of interest are managed by contracting derivative financial instruments which highly solvent financial institutions. These instruments are considered in the accounts ledgers as cash flow hedges. The liquidity and credit risks are managed with the policies established, particularly those relating to the structure of the debt and to the diversification of the sources of financing. The risks associated with the reliability of the economic and financial information are managed through internal controls established over the processes used for the preparation of financial data and their adjustment to the Group’s accounting policies. With respect to risks of this kind, the Comisión Nacional del Mercado de Valores (CNMV-National Securities Market Commission) set up a working group in 2009 which, in a proposal approved on 17 June 2010, concluded that listed companies, as from financial year 2011, should include a description of their Internal Control System in their Annual Corporate Governance Report, with the Board of Directors being responsible for ensuring that it is adequate and effective and that the Senior Management, through the Financial Management, introduces and implements it. The Auditing Committee is in charge of supervising the Internal Control System, with support from Internal Auditing. During 2010, the OHL Group has made a diagnostic analysis of the current situation of its Internal Financial Information Control System (SCIIF) with respect to the guidelines indicated in the framework of reference of the Comisión Nacional del Mercado de Valores and to the sixteen basic indicators defined in the “CNMV Guide for the Preparation of the SCIIF”. During 2011, it has continued to adopt measures to improve its Internal Control System. 7) Changes in the composition of the Group Section IV, Selected Financial Information, point 11, shows the changes in the composition of the Group occurring in the period between 01/01/2011 and 31/12/2011. The effective date of the transaction, the net cost of the business combinations, the percentage of voting rights acquired on the effective date of the transaction and the percentage of total voting rights at 31/12/2011 are indicated in the aforementioned point with respect to the companies acquired. Likewise, the effective date of the transaction, the percentage of voting rights sold or excluded, the percentage of voting rights subsequent to the sale and the profit or the loss generated are indicated for the companies sold, spun off or deconsolidated.

8) Changes in the scope of consolidation

The changes in the scope of consolidation in the period from 01/01/2011 to 31/12/2011 have been:

GLOBAL INTEGRATION

Addition through formation Participes en México, S.L.U. Sector Huesca Tres, S.A. OHL Health Montreal (Holding) Inc. OHL Health Montreal (Partner) Inc. Operadora de Infraestructuras de Transportes Limitada OHL Emisiones, S.A.U. Aguas de Ensenada, S.A. de C.V. Hidro Parsifal, S.A. de C.V. OHL Construction India Private Limited OHL Industrial USA Inc. Saneamiento do Vale do Pariba, S.A.

Addition through purchase OHL C. Emisiones, S.A.U. Tss Grade Polska, S.R.L.

Exclusion due to merger Sociedad Vehículo CA, S.L. Ferrocivil, S.A. Rentia Invest, a.s.

Exclusion due to winding up Centro de Empresas Sevilla 1, S.A. Leonardo Site, S.L. JV Lot 5 Resort B.V. Lot 5 Developments Holding B.V.

PROPORTIONATE INTEGRATION

Exclusion due to winding up Inalia Water Solutions, S.L. EQUITY METHOD

Addition through purchase Arenales Solar PS, S.L. Linea de Evacuación Compartida FWIS A.I.E.

Addition through formation Health Montreal Collective Limited Partnership Consorcio Español Alta Velocidad Meca Medina, S.A.

Exclusion due to winding up Invercoll, S.A. Pevnustka, a.s.

Exclusion due to sale TSS, a.s. Slovenske Tunely, a.s.