03. SACYR VALLEHERMOSO GROUP

PRESENT AND FUTURE

Grupo Sacyr - Origins and Background

The Sacyr Vallehermoso Group strives to achieve excellence in each and every project it undertakes. This dedication, underpinned by the high technical capability of its teams and backed by the use of state-of-the-art building technology, is considered by experts to be a paragon of innovation in the sector.

Corporate Responsibility

2011 was a key year for Corporate Social Responsibility. The Group's First Corporate Social Responsibility Master Plan, which had been drafted for 2010 and 2011, was concluded. The Plan aims to equip our organisation with the tools we need to implement the right CSR policy; it was carried out by a team of 15 people drawn from all of the Company's business areas and staff levels.

It envisages 27 specific actions to enable the Group to move forward in Corporate Social Responsibility in a robust, objectively measurable way.

At year-end, a new Master Plan, for 2012-2013, was submitted to the Board of Directors. The approval of the new plan has allowed work in this area (to which the Group is highly committed)to move forward.

Our CSR policy is based on the actions under the Plan, with the Sacyr Vallehermoso Foundation serving as the vehicle for the Group's charity and sponsorship activities, measurement and reporting in compliance with the GRI standard, in addition to our commitment to the United Nations Global Compact. Our second progress report in this regard came out in 2011.

> In 2011 The Group's First Corporate Social Responsibility Master Plan, was concluded.

The SyV Group's specific report on Corporate Social Responsibility for 2011 its sixth such report. The report outlines the Company's specific activities regarding stakeholders and dialogue forums, human resources, labour rights, risk prevention, quality, development and innovation, safety, supplier relationships, commitment to the community and social action, and commitment to the environment.