04. BUSINESS DIVISIONS

Infrastructure concessions: Sacyr Concesiones

BUSINESS SUMMARY

Hospital de Braga. Portugal

In 2011, the milestones in Sacyr Concesiones' business were as follows:

• In January, Sacyr Concesiones was awarded the concession to build, repair, maintain and operate the Concepción – Cabrero motorway in Chile, involving an investment of 270 million of euros. The concession, located in the Bío Bío Region (the Eighth Region of Chile), intersecting Ruta 5, which crosses Chile from north to south. This 103 km motorway will link the cities of Concepción and Cabrero.

• In January, Sacyr Concesiones was awarded the concession to build, widen, upgrade, maintain and operate a new motorway in Chile: : the Alternativas de Acceso a Iquique project, with an investment of 140 million of euros. The 78.4 km concession is located in Chile's First Region (Tarapacá), and will traverse the comunas, or municipalities, of Pozo Almonte, Alto Hospicio and Iquique.

• In May, the 705 bed Braga Hospital began operating.

• In October, the 28.04 km Guadalmedina motorway opened.

• In November, the final stretch of the Vallenar- Caldera motorway began operating. The first stretch (64.6 km long) opened in April, and the opening of the final stretch has made the entire 221 km project operational.

In 2011, the following financing and refinancing transactions were concluded:

• In February, the financing of the €163 million in borrowings related to the Guadalmedina motorway was concluded.

• In July, the 61.4 million of euros in borrowings related to the Hospital de Parla was successfully refinanced

• In August, the 135.5 million of euros in borrowings related to the Arlanzón motorway was refinanced.

• In addition to the amount of 196 million of euros relating to the financing of the Concepción-Cabrero motorway.

• In October, financing of the 80 million of euros in borrowings for the Alternativas de Acceso a Iquique motorway was concluded.

Lastly, the company entered into the following corporate transactions:

• February 2011, the company sold 60% of Autopista del Guadalmedina and currently holds a 40% stake.

• In December, a 49% stake in the Concepción Cabrero and the Alternativas de Accesos to Iquique motorways were sold for 120.7 million of euros and 56.5 million of euros, respectively.