2009 Results Presentation

Madrid, February the 23rd of 2010

2

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 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 OHL´s results, behaviour and achievements, or the results and conditions of its activities, to be substantially different to those and to its future estimates.

This presentation and the future estimations contained here within, are given on this date and OHL 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 the facts, conditions and circumstances in which these future estimates were founded.

3

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

4

Economic EnvironmentWorld and Spanish Financial Crisis

In August 2007 the world financial crisis surfaces due to:

End of expansion phase in 2006

Wrong and excesively expansive monetary policies applied

Failure of the systems of financial regulation and supervision

Inappropiate practices within some financial institutions

Burst of the real estate bubble

In Spain three different crisis happen at the same time:

The world financial crisis

The real estate crisis. Caused by the over dimension of the homes construction segment

The competitiveness crisis, with consumption and investments reaching the end of the expansion phase, causing an annual external deficit of 10% of the GDP

5

Economic EnvironmentWorld and Spanish economies overview

The world economy as a whole is improving since 2Q09:

Germany, Japan and France begin to show positive rates in the 2Q09 and USA and Italy in the 3Q09

Nevertheless, many doubts arise over the consistency of the recovery due to:

Important dificulties persisting within the financial sector

The excesive dependance of the recovery on the extraordinary aid packages of measures adopted by the Governments

In Spain the economic recovery is showing to be slower:

The real estate sector is still holding back the growth

The homes leverage levels and the unemployment rates continue to be very high and hold back the private consumption growth

The public leverage level has rised up to 55,2% as of 2009 year end

The Public Deficit has been of 11,4% of the GDP in 2009. In 2013 it should be of 3% or less, which will drive to a cut on the consumption public expenditure

With less private consumption and less public consumption an increase of exports would be needed to reach an aggregate demand that allows for growth

6

Macroeconomic Data 2008 2009 2010P

GDP Growth

(1) 0,9% -3,6% -0,6%

CPI (2) 1,4% 0,8% 2,0%

Construction

GFCF (2) -5,8% -11,3% -9,5%

CEB interest

rates

(3) 2,5% 1,0% 1,0%

Public

Deficit

(2) 3,8% 11,4% 10,8%

Unemployment

Rate

(4) 13,9% 18,1% 19,3%

(1)

IMF(2)

Funcas(3)

BBVA Studies Service(4)

OCDE

Economic EnvironmentSpanish Economy Data

7

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

8

Successful strategy established in 2002 (anticipating the current concerns):

Strong growth in Concessions

Strong growth in International Construction

Taking advantage of the good moment of the civil works in Spain

Sharp decrease of residential construction since 2002

Exclusion of any real estate activity

Financial discipline and confidence

Permanent needs covered with long term financing

Short term credit lines to cover seasonal needs

Important and permanent liquidity position

Without refinancing needs

Without assets disposal needs

Recourse Net Debt / Recourse EBITDA ratio always below 3 times

“Investment Grade” rating during 8 consecutive years (2001-2009), only interrupted due to the change of the Rating Agencies criteria during the crisis

OHL PositionOHL well positioned against the crisis

9

OHL Positioncotizacion

42 49 57

102 105

141151

166

020406080

100120140160180

2002 2003 2004 2005 2006 2007 2008 2009

5.95910.65612.75018.39826.67032.75653.04561.332

2.7293.309 3.717

4.2245.114

5.302

6.0245.395

010.00020.00030.00040.00050.00060.00070.00080.000

2002 2003 2004 2005 2006 2007 2008 2009

1.7722.112 2.231 2.443

3.2783.764 4.009

4.390

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

2002 2003 2004 2005 2006 2007 2008 2009

188 229 262 285

489543

608

747

0100200300400500600700800

2002 2003 2004 2005 2006 2007 2008 2009

Turnover (€ mn) EBITDA (€ mn)

Net Profit (€ mn) Orderbook (€ mn)

CAGR:+21,8%

CAGR:+21,6%

CAGR:+33,8%

■

Long term

■

Short term

2002-2009: important and sustainable growth

CAGR:+13,8%

10

0

100

200

300

400

500

600

700

800

900

1000

31-12-02 30-6-03 31-12-03 30-6-04 31-12-04 30-6-05 31-12-05 30-6-06 31-12-06 30-6-07 31-12-07 30-6-08 31-12-08 30-6-09 31-12-09

OHL IBEX-35 Avg. other construction companies (1)

•

The

share

price

performance reflects

the

successfull

strategy

and

the

good

results

obtained

•

Generation

of

value

for

the

shareholders:•

25% distributed

as dividend•

75% reinvested

in the

Group generating

a 32,2% ROE (2)•

100 euros of

31/12/02 turn

as of

31/12/09 into:•

469 €

invested

in OHL•

188 €

invested in the average of the other construction companies•

OHL joins

the

Ibex35 in June 2008

OHL Positioncrecimiento

(1) Average of

construction

companies

quoted

(without

OHL)(2) As of

2009 year

end

Share

price

performance (31/12/02 –

31/12/09)

–

OHL CAGR: +24,7%–

Avg. other

c.companies

CAGR (1):

+9,4%–

Ibex35 CAGR:

+10,2%

2002-2009: Share price performance

11

20%

9%29%

42%

37%

4%17%

42%

4%

83%

11%2% 4%4%

88%

4%

Orderbook EBITDAFixed Assets

14%2%

61%23%

OHL Position

OHL Domestic

Constr.

OHL International Constr.

OHL Concessions

Other

Turnover Workforce

OHL Concessions Group (2009 figures)

61% of EBITDA and 88% of the orderbook corresponding to Concessions

12

OHL PositionOHL International Group (2009 figures)

86%

14%

OrderbookTurnover

59%41%

EBITDA

88%

12%

International

Domestic

America: 9USACanadaMexicoEquatorBrazilChileArgentinaColombiaPeruCentral Europe: 7Zcech

RepublicaSlovach

RepublicHungaryMontenegroBosnia HerzegovinaBulgaryRumaniaAsia: 3AzerbaiyanTurkeyQatarAfrica: 1AlgeriaSpain: 1TOTAL: 21

Currently operating in

88% of EBITDA and 86% of orderbook abroad

13

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

14

•

Strong growth of every main financial magnitude•

Net profit grows +9,9%. If not taking into account the disposal of finantial instruments in both years, such variation would have been of +66,1%

2009 Results

(€ mn) 2009 % 2008 % % Var.

Turnover 4.389,5 100,0 4.008,8 100,0 +9,5%

EBITDA 746,9 17,0 607,6 15,2 +22,9%

EBIT 534,6 12,2 422,7 10,5 +26,5%

Net Profit 165,6 3,8 150,7 3,8 +9,9%

P&L – Main Figures

15

2009 Results

The turnover rises +9,5% mainly driven by Concessions and International Construction despite the fall in Domestic Construction

(€ mn) 2009 % 2008 % % Var.■

OHL Concessions 742,6 17 542,4 13 +36,9%

■

OHL International C. 1.829,9 42 1.429,1 36 +28,0%■

OHL Domestic

C. 1.604,4 37 1.786,4 45 -10,2%

■

OHL Industrial 28,1 1 25,5 0 +10,2%■

OHL Developments 55,1 1 105,5 3 -47,8%

■

OHL Environment 129,4 3 119,9 3 +7,9%TOTAL 4.389,5 100 4.008,8 100 +9,5%

Turnover

16

2009 Results

Despite the difficult macroeconomic environment the EBITDA grows +22,9% due to the impulse of Concessions and International

Construction

(€ mn) 2009 % 2008 % % Var.■

OHL Concessions 455,9 61 339,9 56 +34,1%

■

OHL International C. 173,2 23 111,1 18 +55,9%■

OHL Domestic

C. 105,0 14 120,8 20 -13,1%

■

OHL Industrial (0,5) 0 1,6 0 n/a■

OHL Developments 0,1 0 14,9 3 -99,3%

■

OHL Environment 13,2 2 19,3 3 -31,6%TOTAL 746,9 100 607,6 100 +22,9%

EBITDA

17

2009 ResultsNon current assets and Debt

•

Infrastructure concessions concentrates 88% of the investment effort carried out at Group level in 2009 and currently represent 77% of total investment

DEBT (€ mn) 2009 % 2008 %

•

Gross Recourse

Debt 1.269,8 29% 1.138,4 32%

•

Gross Non Recourse

Debt 3.183,8 71% 2.382,2 68%

Total Gross Debt 4.453,6 100% 3.520,6 100%

•

Net Recourse

Debt 730,1 21% 716,6 26%

•

Net Non Recourse

Debt 2.717,2 79% 2.038,8 74%

Total Net Debt 3.447,3 100% 2.755,4 100%

NON CURRENT ASSETS (€ mn) 2009 % 2008 %

•

OHL Concessions 4.935,3 77% 3.570,3 73%

•

Other 1.477,1 23% 1.294,2 27%

Total Non current Assets 6.412,4 100% 4.864,5 100%

•

70% of Gross Debt is long term debt•

Strong Cash & Equivalents position of € 1.006,2 mn•

Recourse Debt at a controlled level (Recourse Net Debt equal to Recourse EBITDA (1) multiplied by 2,5)•

59,6% of Gross Debt at fixed rates

(1) Recourse

EBITDA = Total EBITDA –

Concession’s EBITDA

18

2009 Results

•

Total Recourse liquidity available as of 2009 year end of € 1.287 mn

•

Increase of the recourse credit lines availability during the year•

Continue obtaining long term debt to cover permanent needs

Recourse liquidity available (€ mn) 2009 Final Maturity

Euro bonds 600 May 2012

OHL ZS bonds 16 June 2010

Syndicated

Facility 47 January

2011 (1)

Revolving

Sindicated

Facility 213 January

2011 (2)

Short Term

credit

lines 1.021 Yearly

review

Other

(Commercial discount, mortgages

and

other) 120

Total Recourse

availability 2.017

Recourse

financing

used 1.270

Recourse

financing

available 747

Recurse

Cash & Equivalents 540

Total Recourse

liquidity

available 1.287

Liquidity & Maturity Profile as of 31/12/09

(1)

Semi-annual

maturities

in January

and

July. Annual

ammounts

of

€

31 mn in 2010 and €16 mn in 2011

(2)

Annual

maturity

in january: €

22 mn in 2010 and €

191 mn in 2011

19

2009 ResultsCapital increase

As of December 2009, OHL launched a capital increase to:

Improve its financial structure:

Increase Shareholders Equity from € 784 mn to € 1.104 mn in 2009: +40,8%

Support its strategy of maintaining a healthy financial structure

Strengthen its capacity to take advantage of new growth oportunities, specially in Concessions and International Construction

Largely successful:

Full commitment of the main shareholder, Grupo Villar Mir, that guaranteed and underwrote its stake (57,16%)

9 times oversuscribed

20

2009 2008

2009 Results

Long TermShort Term

61.332

5.395

96% corresponding to OHL Concessions

14,7 months of total sales 8,1%

91,9%53.045

6.02410,2%

89,8%

-10,4%

+15,6%

+13,0% 59.068

66.727Total Orderbook (€mn)

Short & Long Term Orderbook Performance

21

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

22

Main ActivitiesBussiness Structure

OHL Domestic

Construction

OHL International Construction

OHL Concessions

OHL Environment

OHL Developments

OHL Industrial

23

2009 Orderbook

Mexico45%

Brazil37%

Spain10%

Chile5%

Peru2%

Argentina1%

Constant and important growth:

Ranked #7 in the world as highways concessionaire according to the 2009 Public Works Financing ranking

Most important investor in toll roads in Latin America

25 principal concessions:

20 in operation 5 under construction

21 highways (4.400 Km) , 2 railways, 1 port and 1 airport

Geographical presence:

Strategic countries: Brazil, Mexico, Chile, Peru and Spain

60% stake in OHL Brasil with a market cap of more than 5 times the investment made

Preference for majority holdings (72% on average)

Minimun profitability target for the equity of 15% annually accrued in €

Main Activities

Main Figures

(€ mn) 2009 2008 % Var.

Turnover 742,6 542,4 +36,9%

EBITDA 455,9 339,9 +34,1%

Orderbook 58.799,3 50.425,4 +16,6%

OHL Concessions

Turnover EBITDA

2005-2009 CAGR +31,3% +31,6%

24

Operation as of December 2009 of 28 out of the 29 toll plazas of the Federal roads in Brazil (Planalto Sul, Fluminense, Fernao Dias, Regis Bittencourt and Litoral Sul)

Beginning of operation in November 2009 of a 5,5 Km tranch of the Bicentenario Viaduct in Mexico

Increase from 32,8% to 49,0% of the stake in Toluca airport on September 25th of 2009

Increase of the stake in Amozoc-Perote from 55,0% to 69,2% on October 15th of 2009

Acquisition of a 50% stake in the port of Alicante, reaching a 100% ownership, on October 16th of 2009

9,72% stake sold on August 30th of 2009 of I-2000 (company that owns 100% of the chilean concessions of Sol and Libertadores). The Group continues to control the company with a 65,3% stake

Main ActivitiesOHL Concessions – 2009 highlights

25

Country Stage Km Total Investment % OHL OHL Equity Traffic avg./day (1)

Argentina Operation 60 340 71% 100,1 208.46560 340 100,1 208.465

Brazil Operation 316 421 60% 103.160Brazil Operation 218 353 60% 61.709Brazil Operation 376 621 60% 141.447Brazil Operation 237 330 60% 78.207Brazil Operation 320 681 60% 84.770Brazil Operation 562 912 60% 233.323Brazil Operation 402 1.138 60% 278.801Brazil Operation 382 875 60% 209.993Brazil Operation 413 472 60% 63.221

3.226 5.803 101,4 1.254.631Chile Operation 132 171 65% 74.472Chile Operation 119 146 65% 36.671Chile Construction/Operation 92 329 100% 37,5 13.823

343 646 67,2 124.966Spain Operation 8 109 100% 0,1 76.565Spain Operation 9 426 100% 179,5 9.120Spain Construction/Operation 56 247 95% 15,8 94.591

73 782 195,4 180.276Mexico Operation 52 87% 127.360Mexico Construction 103 100% NAMexico Operation 123 194 69% 45,3 25.731Mexico Construction 32 166 100% 4,0 NAMexico Construction/Operation 32 1.404 100% 131,2 13.861

342 3.518 482,3 166.952Peru Operation 356 204 100% 4,2 14.164

356 204 4,2 14.1644.400 11.293 75% 950,6 1.949.454

Rio deJaneiro-Espirito Santo

Sao Paulo-CuritibaCuritiba-Florianópolis

Viaducto Bicentenario

Brazil

Chile

Spain

1.754 301,8

Autopista Los LibertadoresAutopista Los Andes

Sao Paulo-Belo Horizonte

Curitiba-Rio Grande do Sul

Autopista del Sol

101,4Vianorte

29,7

Highways

Mexico

PeruAutopista del Norte

Conmex (Fase I)Conmex (II, III y IV)

Total Highways

Amozoc-PeroteLibramiento Norte de Puebla

Aecsa

Autopista M-12Autovía de Aragón - Tramo 1

Autovía M-45

AutoviasCentroviasIntervias

Argentina

Main ActivitiesOHL Concessionss – Main concessions - I -

(2)

(1)

The

avg/day

traffic

corresponds

to

paying

equivalent

vehicles

in every

case with

the

exception

of

M45 and

Aragon

Highway

–

Tranch 1 that indicates the average daily intensity (ADI)

(2)

Includes

equity and long term contributions

of

debt

26

Country Stage Operated Facilities Total Investment % OHL OHL Equity Passengers/

Year

Spain Operation 22 Km 2 Lines 925 51% 65,9 7.445.563Spain Construction 15 Km 1 Line 424 100% 116,2 NA

Spain Operation30 Ha. Inner

Harbour and 1.275 m. Berthing line

106 100% 24,1 227.055

Mexico OperationAirport services,

complementary & commercial

970 49% 87,0 2.397.777

2.425 61% 293,2 10.070.39513.718 72% 1.243,8 NATOTAL

Total Other

Toluca Airport

Metro Ligero OesteCercanías Mostoles-Navalcarnero

Port of Alicante

Other

Main ActivitiesOHL Concessions – Main concessions - II -

(1) Includes

equity

and

long term

contributions

of

debt

(1)

27

Country Concession TRAFFIC PERFORMANCE TARIFF REVISION

2009 (vehicles) 09 / 08 Var. % Revision (4) Date

Argentina Aecsa

(1) 208.465 -2,9% 1,9% December

09

Brazil Autovias

(1) 103.160 -0,6% 7,8% July 09

Centrovias

(1) 61.709 +1,6% 10,0% July 09

Intervias

(1) 141.447 -0,1% 7,7% July 09

Vianorte

(1) 78.207 -1,7% 7,5% July 09

Planalto

Sul (1) 63.221 n/a - -

Fluminense (1) 84.770 n/a - -

Fernao

Dias

(1) 233.323 n/a - -

Regis Bittencourt

(1) 278.801 n/a - -

Litoral Sul (1) 209.993 n/a - -

Chile A. Sol (1) 74.472 +4,6% 5,1% Feb./July 09

A. Libertadores (1) 36.671 +1,3% 3,7% January

09

Autopista Los Andes (1) 13.823 +0,4% 13,7% January

09

Spain Euroglosa

M-45 (2) 76.565 -1,0% 1,3% January

09

Eje Aeropuerto (1) 9.120 -13,8% 6,3% January

09

Metro Ligero Oeste (3) 20.399 +7,9% 1,4% January

09

Mexico Amozoc –

Perote (1) 25.731 +36,1% 5,8% January

09

Conmex

I (1) 127.360 +6,4% 6,0% January

09

Viaducto Bicentenario (1) 13.861 n/a - -

Peru Autopista del Norte (1) 14.164 n/a - -

TOTAL 1.875.262

(1) AADT: Annual

Average Daily

Traffic(2) ADI: Average Daily

Intensity(3) Passenger

Number

Daily

Average(4) Average tariff

increase

for

each

toll

gate

Main ActivitiesOHL Concessions – concessions in operation: Traffic & Tariffs

28

2009 Orderbook

Constant and important growth:

Four ways of growing:

Countries with a permanent presence through acquisition of local companies (USA and Central Europe)

Countries with permanent presence historically (Mexico and Chile)

Construction linked to own concessions (Mexico, Chile and Peru)

Other countries only if the strict and sellective requirements established are met (Qatar, Algeria and other)

Stability at orderbook level despite the large weight that the sizeable Qatar and Algeria awards had in 2008

Main Figures

(€ mn) 2009 2008 % Var.

Turnover 1.829,9 1.429,1 +28,0%

EBITDA 173,2 111,1 +55,9%

Orderbook 2.660,1 2.716,5 -2,1%

Chile5% Mexico

12%

Central Europe

23%

USA24%

Peru7%

Qatar24%

Algeria5%

2009 Main Awards € mn

Bicentenario Viaduct, Mexico 284,3

Red vial nº

4, Peru 177,2

Miami Motorway

interchange, USA 160,8

Miami Orange line

subway, USA 140,6

Main ActivitiesOHL International Construction

Turnover EBITDA

2005-2009 CAGR +26,8% +37,7%

29

Main Activities

The Spanish construction sector has historically played an excessive principal role where its gross added value represented in 2007 11% of the GDP, as compared to the 6% average rates of the European Union

The mentioned excessive size of the sector is partially healthy, in the portion represented by investment in infrastructures, developed with the aid of the EU structural funds that reached a quote of 1,5% of the GDP

But the main reason of this oversized sector comes from the residential investments, that reached in 2007 a 9% quote of the GDP compared to the 5,8% quote of the EU

As a result of this the real estate activity is suffering a severe adjustment:

Sharp decrease in sales: from a monthly average of 80.000 homes in 2007 to the current figure of 35.000 homes

Dramatic decrease of the start up of new homes: from 700.000 per year in the most active years to the current 200.000

OHL Domestic Construction – Relative Position of Spanish Construction Sector

30

2009

2010Previsions

2005 - 2020

The PEIT execution should guarantee the civil engineering activity in the long term

Main Activities

Construction sector turnover (1): -21,5%

Civil engineering: +3,4%

No-residential building: -18,8%

Residential building: -55,0%

Public Bidding (2): € 40.000 mn, similar to 2008 level

Cement consumption (3): -33%

Fuentes: (1) Euroconstruct(2) BOE (by announcement

date)(3) Oficemen

The Public Works Ministry has announced its intention to maintain the bidding levels:

The Budget for 2010 contains an investment of more than € 19.000 mn that, according to the Emergency Action Plan for 2010 would suffer an adjustment of € 1.760 mn

Extraordinary Investment Plan in Infrastructures: € 15.000 mn budget with financing 50% from BEI, 20% from ICO and 30% from banks and construction companies

OHL Domestic Construction – Construction Sector in Spain, 2009 and Future

31

Turnover decrease around 10%

Civil engineering represents 67% of the turnover and 74% of the orderbook

Non-residential based building (hospitals and other singular buildings)

Residential building represents only 8% of Domestic Construction turnover

The EBITDA coming from residential construction is of less than 1% of the Group’s EBITDA

OHL Domestic ConstructionMain Activities

Main Figures

(€ mn) 2009 2008 % Var.

Turnover 1.604,4 1.786,4 -10,2%

EBITDA 105,0 120,8 -13,1%

Orderbook 2.603,4 3.220,6 -19,2%

2009 Main Awards € mn

SE-40 highway, Sevilla 81,5

Santa Justa –

Airport railway axis, Sevilla 75,0

A-3 Highway

enlargment, Valencia 46,0

32

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

33

Strategy - I - Operational

OHL CONCESSIONS

Group’s

core

business

Concentrates

the

Group’s

investment effort

Debt

held

in non-recourse

basis and

in local currencies

OHL INTERNATIONAL CONSTRUCTION

Strong

commitment

with

the

prudent

criteria:

OHL DOMESTIC CONSTRUCTION

Concentrated

in civil engineering

Very

selective

building:

OHLINDUSTRIAL

Acting

as constructor or

supplier

of

complete industrial plants:

OHL DEVELOPMENTS

High

standard

projects

in areas

of

touristic

and

historical

interest

OHL ENVIRONMENT

Worldwide presence

in water

desalination

ad purification

concessions

Growth

of

non-residential

Decrease

in residential

with

tendency

to

disappear

Minimum

15% on

site

margin

Positive cash flow

since

commencement

Collections

guaranteed

Not

only

constructor

In Spain

and

abroad

Consistent strategy settled in 2002

34

Strategy - II - FinancialFinancial Discipline and Security

Permanent needs covered with long term debt

Short term credit lines only to meet seasonal needs

Important and stable liquidity position

Recourse Net Debt / Recourse EBITDA ratio allways below 3 times

Concessions financed in non-recourse basis and in local currencies

35

Pages

Economic

Environment

3 to

6

OHL Position

7 to

12

2009 Results

13 to

20

Main

Activities

21 to

31

Strategy

32 to

34

2010 Estimates

35 to

36

Summary:

36

2010 Estimates

Continuity of the strategy applied since 2002

More than +10% growth forecasted at Turnover, EBITDA and Net Profit levels, in line with previous years

Maintenance of the financial policies:Discipline and transparencyNet Recourse Debt / Recourse EBITDA < 3 times

Possibility of disposal of non strategic assets