1

Index

1. Global Company..3 2. Expanding strategy.7 3. Mission & Values..8 4. Entry in India.9 5. Major Projects in India10 6. SWOT Analysis..11 7. Future Outlook.13

Mission and values

Vision
We carry out projects to create a more efficient and sustainable world, with better quality of life for society, generating returns and allowing our people to grow.

Mission
We construct and manage solutions and services for building, energy, infrastructures and the environment that efficiently and sustainably contribute to greater social welfare, fostering economic growth and generating value for all our stakeholders.

Values
Ethical values

Caring for people. Diversity. Integrity. Results orientation. Social responsibility. Excellence.

Professional values

Commitment. Loyalty. Innovation. Flexibility. Leadership. Respect for our environments.

Isolux Corsn Entry via Joint Venture in India

Isolux Corsn Concesiones, invested up to USD 400 million in a joint venture with Morgan Stanley Infrastructure Partners (MSIP) in India, one of the largest foreign investments in Indian transport infrastructure to date. Isolux Corsn Concesiones is a large-scale infrastructure concessions subsidiary of Grupo Isolux Corsn, a global company with revenues of USD 4 billion, specializing in large projects across construction, engineering and concessions. The joint venture is constructing three highway projects in India under long-term concession agreements awarded through the Build-Operate-Transfer (BOT) program of the National Highways Authority of India (NHAI). The three projects, which total over 400 kilometers of road, are estimated to cost over USD 1.6 billion and have already received debt financing from leading financial institutions and substantial equity investment from Isolux Corsn. The projects are expansions of existing roads, and will link major cities, industrial hubs, as well as ports and tourist attractions. In addition to these three projects, Isolux Corsn has qualified to bid on several new NHAI projects. This platform will leverage Isolux Corsns strong credentials in developing infrastructure assets for emerging markets and its proven ability to work with local construction companies. Antonio Portela, CEO of Grupo Isolux Corsn, said, This investment represents the recognition of our strategy in India and the confidence in our expertise in the development of large infrastructure projects in emerging markets. We believe that Isolux Corsn Concesiones will capitalize on the Indian roads opportunity and create a best-in-class road portfolio company in the years to come. The Indian road development program being undertaken by the NHAI under a Public Private-Partnership model is among the largest PPP programs in the world today. NHAIs National Highway Development Program was initiated in 1999 and is estimated to total USD 50 billion when completed. India has witnessed double-digit growth in vehicle registrations over the past 10 years, according to Euromonitor, and Morgan Stanley Research identifies it as the second-fastest growing auto market in the world. The joint venture with Isolux Corsn Concesiones adds to successful presence in Indias transportation sector, providing with an excellent road concession platform in a market that is experiencing rapid urbanization and dramatic growth in vehicles. As with other investments in emerging markets, company target unique assets and world class partners to build exceptional infrastructure companies in the region.

Isolux Corsn major projects in India

Solux Corsn Concesiones is a large-scale subsidiary of Grupo Isolux Corsn, which currently has three highway projects under construction in India that are included in a joint venture with Morgan Stanley Infrastructure Partners. These projects include a 94 km, two-to-six laning project on National Highway 8 from Kishangarh to Beawar in the state of Rajasthan; A 133 km, two-to-four laning project on National Highway 6 from Maharashtra-Gujarat Border to Hazira in the state of Gujarat; And a 192 km, four-to-six laning project on National Highway 2 from Varanasi to Aurangabad in the states of Uttar Pradesh and Bihar. All three projects are financially closed and have concession lives of 18-30 years, with expected completion dates in 2012 and 2013. The company continues to actively pursue other attractive road concession projects and partnerships in India and other parts of South Asia.

India is the key focus of Isolux Corsn's investment in Asia, and one of the most important mainstays in its international expansion strategy. Isolux Corsn , is number one European developer of large infrastructure projects in India. The company has also begun activities in the power industry in India, with the expansion of two 132-kV substations in Maharasthra and the construction of various power transmission lines in Uttar-Pradesh. Last year, the Isolux Corsn Installations and T&D area started operations in this subcontinent with an EPC contract for the Mohali Shopping Mall facilities, 300 kilometers to the north of Delhi.

10

SWOT Analysis

Strengths: Skill Amalgamation Project expertise End to End Solutions Market leadership in India and Global Presence Good Innovations and Research & Development

Weakness: Capital Intensive Overseas Business Operational Risk Foreign Cash Conversion Growth in Assets overweighting Growth in Profits Basic Infrastructure and problem from Locals

Opportunities: New Business contracts High Growth Increasing E&P investments Steady source of demand Untapped offshore Market Rising demand for renewable energy

Threats: Intense competition 11

Technology Risk Interest rate increase in loans Cost overruns International & political risks

Growth Strategy Fundamental objectives To develop an internal standard framework, this regulates the international mobility of staff by responding to the needs of each business area and by maintaining rational cost criteria. To specify the salary scheme and the additional benefits for employees subject to international mobility. To unify the criteria to be followed by all business areas in the management of international mobility, thereby allowing fulfillment of fiscal and employment obligations.

Corporate Social Responsibility

The company organised activities as part of the World Environment Day according to the slogan Green Economy: It includes you and the National Road Safety Week, both of which had the participation of the local community and workers from the NH2 in Kudra.

Isolux Corsn built a nursery in the vicinity of the NH6 motorway for workers children where the children are given an education, food and drinking water.

12

Future Outlook During 2012, the gross domestic product (GDP) of the Spanish economy underwent an annual decrease of 1.4 % meanwhile; in 2011 the GDP experienced a slight increase of 0.4%. During 2012, in regard to neighboring countries, it has to be remarked that in the euro zone, the GDP has decreased by 0.5%, whilst in 2011 increased by 1.5%. These figures clearly indicate that the year 2012 has been negative for the euro zone and especially adverse for the Spanish economy. This decrease is due in particular to the decline in internal demand (3.9%), mainly caused by the reduction in public administration consumption and in the gross formation of fixed capital (9.1%), household consumption also decrease (2.2%) and a decline of the Public Administrations (3.7%). The GDP growth of the year was softened due to the increase in exports of goods and services by 3.0%. In comparison with previous year, employment has decreased by 4.4 %, which led to a sharp increase in the unemployment rate from 21.6 % in 2011 to 25% in 2012. The consumer price index ended in 2012 at 2.4%, which is lower than the 3.2% at which 2011 ended. Regarding investment, the gross formation of fixed capital fell by 9.1% in 2012, reflecting a 6.7% increase in capital goods and 11.5% decline in construction. Forecast for the year 2013 by the International Monetary Fund and the Bank of Spain draw a recessive scenario for the Spanish economy for 2013 Economic forecasts for 2013 foresee a significant decline in the performance of the Spanish economy. GDP is expected to decrease by 1% to 2%, with a slight decrease in the public administration consumption due to governmental adjustments, investment in construction and household consumption. Economic forecasts for those emerging countries in which the Company operates are quite positive in contrast to the expected pessimistic atmosphere of the eurozone and the U.S. If confirm, the existing pattern for more than one decade will be extended in those countries: rapid economic growth, stable financial conditions and heavy investment in infrastructure. Logically, the 13

heterogeneity within the Group is remarkable and there are problematic cases, but in overall the outlook is positive. In this context, emerging countries could easily reach next years a GDP growth around 5.5%, one percentage point above the average of recent decades. The expected growth of 2013 Gross Domestic Product in those countries in which the Company operates are for Brazil (3.5%), India (6.5%), Mercosur (3.3%), Mexico (4.7%), Middle East and North of Afica (3.3%) and Saharan Africa (4.5%). The business volume of Grupo Isolux Corsn during 2012 exceeded 2,269 million euro, 17% of which relates to the domestic market and 83% to international markets. The Groups total portfolio at 31 December 2012 amounts to 46,481.4 million euro, 18% of which relates to domestic market and 82% to international ones. Despite the current macro-economic environment both in Spain and globally, Group portfolio figures, enable us to be reasonably optimistic about our prospects in 2013. Grupo Isolux Corsn expects to improve turnover by maintaining its profitability ratios and cash generation during 2013.

14