18

Results Presentation

1Q12January-March 2012

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

CONTENTS

1T 2004

1 1Q 2012

1. Key Events

• Macroeconomic Overview The performance of the various economies in the first months of the year, together with the cutbacks made by governments in order to address their deficits, have led to a situation where the outlook for the growth of the world economy for 2012 has been reduced. According to the most recent report by the International Monetary Fund, the world GDP will moderate its growth from +3.9% in 2011 to +3.5% in 2012, following the trend observed in 2011. Moreover, as was also the case in 2011, growth will stem, once again, from the developing economies. Consequently, for Latin America a +3.7% growth figure is expected (according to the IMF), to which Brazil will contribute with +3.0% and Mexico with +3.6%. For the U.S. and Europe, the forecast is for figures of +2.1% and -0.3%, respectively (figures from the latest IMF report). The Spanish economy is being penalised by the budgetary restrictions which have led estimates of growth for 2012 to be placed at -1.7% (GDP for the first quarter dropped -0.3%), according to the Government’s forecast, which was included in the National Budget. According to the latest Euroconstruct report, the Spanish construction sector will continue its downward course and will hit bottom in 2012, when it will decline 9.0% (vs. -19,0% in 2011), causing further detriment to a sector which has already shrunk to half its size, both in terms of production as well as of employment.

2 1Q 2012

• Group Performance The OHL Group has obtained very satisfactory results in the first quarter of 2012 despite the difficult macroeconomic environment. The growth figures achieved in the principal items on the Profit and Loss Account in comparison to the first quarter of the previous year are set out below:

- Sales: +20.5% - EBITDA: +35.6% - EBIT: +42.3% - Attributable Net Profit: +10.5%

Once again, the principal driving force behind the Group’s results was the activity of the Concessions division, which obtained growth figures of +32.3%, +39.4% and +47.7% in Sales, EBITDA and EBIT, respectively, in this first quarter. With these figures, the activity of Concessions has increased its contribution to the overall performance of the Group, now accounting for 39.0% of Sales, 85.4% of EBITDA and 86.1% of EBIT. The Construction division, with 50.1% of the Group’s Sales, has also grown with respect to the first quarter of 2011, although to a more moderate degree. The growth figures for this division were +2.9%, +3.5% and +5.9% in Sales, EBITDA and EBIT, respectively. The significance of international operations has also increased in the Group, accounting for 72.6% of Sales and 93.0% of EBITDA in the first quarter of 2012. The geographical breakdown of the Group’s Sales in the first quarter is shown below:

Country %Sales - Spain 27.4 - Brazil 26.1 - Mexico 14.2 - USA and Canada 12.1 - Czech Republic 8.8 - Qatar 4.5 - Others 6.9

The Group has ended the first quarter with an order book of projects worth 8.9 billion Euros, equivalent to 21.2 months of sales, and with a large component of major international contracts, among which the following stand out: the Obskaja-Salechard-Nadym Railway Line in Russia, the Chum Hospital in Montreal (Canada), the Marmaray Tunnels in Turkey and the Mecca-Medina High-Speed Railway in Saudi Arabia. The construction order book in Spain represents only 23.7% of the total. A significant event in the month of March was the new bond issue in the amount of 300 million Euros, which was placed with great success among European investors, demonstrating the prestige attained by the Group in the international capital markets. This bond accrues a 7.625% interest rate (noticeably lower than that of the issue made in 2011) and matures in 8 years (March 2020). The objective of the issue was to partially pre-finance the maturity in 2015 of 700 million Euros of the issued placed in 2010. For this purpose, an offer was made to the holders of these bonds at 105.5% on the par value, which was taken up by 25.2% of such bond-holders, involving an amount of 176.3 million Euros.

3 1Q 2012

On 24 April 2012, OHL and Abertis signed an agreement of intent providing for a corporate reorganisation, whereby Abertis would take over the concession assets of OHL in Brazil and Chile, and OHL would become a reference shareholder in Abertis. In the terms of this agreement:

- Abertis receives assets spun off by OHL comprised by 60% of OHL Brasil and associated liabilities in the amount of 530 million Euros.

- OHL receives a 10% stake in the capital of Abertis and the write-off of the aforementioned liabilities of 530 million Euros, the payment of which will be met by Abertis.

- Abertis acquires the concession assets of OHL in Chile in exchange for a cash price of 200

million Euros, approximately.

The transactions described above are pending a number of requirements and formalities which are routine in processes of this kind.

Subsequent to this agreement, OHL has acquired an additional 4.94% of Abertis, whereby OHL would go on to hold a 14.94% interest in the company. Through this operation, a transformation would take place in the OHL Group, which would:

- Become the reference industrial shareholder of Abertis, the largest concession company in the world following this transaction, with a clear determination to maintain this position.

- Crystallise the value generated in Brazil and Chile.

- Obtain a Net Profit on the order of 1.2 billion Euros, which doubles the net assets attributable to the parent company of the OHL Group.

- Strengthen its financial position, achieving significant degearing.

- Balance its order book of concessions by incorporating clearly complementary assets which will provide a significant flow of dividends.

4 1Q 2012

2. Highlights (Figures unaudited)

KEY CONSOLIDATED FIGURES(Euros Mn) 03/31/12 % 03/31/11 % Var. (%)

TURNOVER 1,173.8 100.0% 974.5 100.0% 20.5%

EBITDA 312.4 26.6% 230.4 23.6% 35.6%

EBIT 259.2 22.1% 182.2 18.7% 42.3%

ATTRIBUTABLE NET PROFIT 41.2 3.5% 37.3 3.8% 10.5%

ORDER BOOK: Short-term 8,936.9 7,071.6 26.4%

Long-term 74,422.6 75,226.6 -1.1%

Total 83,359.5 82,298.2 1.3%

HUMAN RESOURCES03/31/12 03/31/11 Var. (%)

Permanent staff 18,428 16,555 11.3%

Temporary staff 7,284 5,953 22.4%

TOTAL 25,712 22,508 14.2%

RATIOS03/31/12 03/31/11

EBITDA / TURNOVER (%) 26.6 23.6

EBIT / TURNOVER (%) 22.1 18.7

BEFORE TAXES PROFIT / TURNOVER (%) 10.0 9.1

ATTRIBUTABLE NET PROFIT / TURNOVER (%) 3.5 3.8

5 1Q 2012

3. Performance by activity (Figures unaudited)

TURNOVER(Euros Mn) 03/31/12 % 03/31/11 % Var. (%)

Concessions 457.4 39% 345.6 35% 32.3%

Construction 587.9 50% 571.4 59% 2.9%

Other Activities 128.5 11% 57.5 6% 123.5%

TOTAL 1,173.8 100% 974.5 100% 20.5%

EBITDA(Euros Mn) 03/31/12 % 03/31/11 % Var. (%)

Concessions 266.9 85% 191.5 83% 39.4%

Construction 38.4 12% 37.1 16% 3.5%

Other Activities 7.1 2% 1.8 1% 294.4%

TOTAL 312.4 100% 230.4 100% 35.6%

EBIT(Euros Mn) 03/31/12 % 03/31/11 % Var. (%)

Concessions 223.2 86% 151.1 83% 47.7%

Construction 34.2 13% 32.3 18% 5.9%

Other Activities 1.8 1% -1.2 -1% n.s.

TOTAL 259.2 100% 182.2 100% 42.3%

6 1Q 2012

• Concessions The area of Concessions has continued its positive performance, achieving significant growth with respect to the figures obtained in March 2011:

- Sales: +32.3% (+22.9% excluding construction sales as per IFRIC 12) - EBITDA: +39.4% - EBIT: +47.7%

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

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

From 01/01/12 to 03/31/12

From 01/01/11 to 03/31/11

Var. (%)Updating

(5 )Last updating

ARGENTINA Aecsa (1) 203,435 203,259 0.1% 58.4% December 2011

BRAZIL Autovias (1) 112,414 110,555 1.7% 9.7% July 2011

Centrovias (1) 130,393 122,941 6.1% 9.7% July 2011

Intervias (1) 154,363 148,528 3.9% 9.7% July 2011

Vianorte (1) 86,834 84,693 2.5% 9.7% July 2011

Autopista Planalto Sul (1) 74,808 77,663 -3.7% 6.5% December 2011

Autopista Fluminense (1) 137,840 126,419 9.0% 10.7% February 2012

Autopista Fernao Dias (1) 429,536 404,246 6.3% 7.7% December 2011

Autopista Regis Bittencourt (1) 395,582 386,349 2.4% 5.9% December 2011

Autopista Litoral Sul (1) 347,279 317,632 9.3% 8.3% February 2012

CHILE Autopista del Sol (1) 95,917 86,105 11.4% 2.2% January 2012

Autopista Los Libertadores (1) 46,112 42,892 7.5% 4.4% February 2012

Autopista Los Andes (1) 21,153 17,167 23.2% 7.9% January 2012

SPAIN Euroglosa M-45 (2) 78,468 80,339 -2.3% 2.0% March 2012

Autopista Eje Aeropuerto (1) 7,087 7,644 -7.3% 2.6% January 2012

Autovía de Aragón (2) 100,354 97,018 3.4% 38.4% January 2012

Metro Ligero Oeste (3) 20,490 22,615 -9.4% 2.4% January 2012

Puerto de Alicante (T.M.S.) (4) 27,672 24,636 12.3% 2.4% January 2012

MEXICO Amozoc-Perote (1) 26,819 26,752 0.3% 17.3% January 2012

Concesionaria Mexiquense (1) 250,972 183,230 37.0% 3.6% January 2012

Viaducto Bicentenario (2) 23,645 16,794 40.8% 4.4% January 2012

PERU Autopista del Norte (1) 26,798 22,012 21.7% 0.5% November 2011

TARIFFS UPDATINGTRAFFIC PERFORMANCE

(1) 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 1Q 2012

- The impact of the performance of the Latin American currencies with respect to the euro, compared to 2011:

03/31/12 03/31/11 Variation

Brazilian Real 2.35 2.30 -2.2%

Mexican Peso 17.18 16.75 -2.6%

Chilean Peso 648.02 665.36 2.6%

Argentinean Peso 5.80 5.60 -3.6%

Peruvian New Sol 3.56 3.87 8.0%

Average exchange rate for the period (€ 1)

- 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 Mexican 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 2011, Controladora Vía Rápida Poetas inaugurated the road distributor, which integrates the flow of vehicle traffic between the Luis Cabrera and Mexico-Contreras avenues and the beltway around Mexico City in the southbound and northbound directions.

- The opening to traffic on 3 November 2011 of Section 0 of the Autopista Urbana Norte toll expressway, which culminated the connection of the second levels of two federal entities: the Federal District and the State of Mexico, linking with the Bicentennial Viaduct. On 14 December 2011, Section 1 commenced operation, extending Section 0 up to Avda. Ejército Nacional. On 2 April 2012, an additional segment was opened to traffic within Section 1, which connects with the other two opened previously, thereby enabling a continuous connection from the Bicentennial Viaduct up to Palmas and including the link located at Avenida del Conscripto.

- The opening on 7 September 2011 of the Monasterio toll plaza on the Autopista Los

Andes concession in Chile.

- The change in the accounting method applicable to the concession contract of the company Metro Ligero Oeste, S.A. from the intangible asset model to the financial asset model, in September 2011.

8 1Q 2012

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 03/31/12 03/31/11 Var. (%) 03/31/12 03/31/11 Var. (%)

ARGENTINA 5.5 3.5 57.1% -0.9 -0.9 0.0%Aecsa 5.5 3.5 57.1% -0.9 -0.9 0.0%

BRAZIL 194.0 175.1 10.8% 110.7 90.2 22.7%Autovias 26.3 23.7 11.0% 16.7 14.7 13.6%

Centrovias 27.5 23.8 15.5% 16.6 14.9 11.4%

Intervias 29.7 26.3 12.9% 19.0 13.4 41.8%

Vianorte 23.7 21.3 11.3% 14.8 11.3 31.0%

Autopista Planalto Sul 8.8 10.5 -16.2% 3.0 3.4 -11.8%

Autopista Fluminense 14.7 12.4 18.5% 8.0 5.7 40.4%

Autopista Fernao Dias 21.3 18.8 13.3% 8.1 7.2 12.5%

Autopista Regis Bittencourt 25.3 23.5 7.7% 16.1 13.9 15.8%

Autopista Litoral Sul 16.7 14.8 12.8% 8.4 5.7 47.4%

CHILE 11.1 9.7 14.4% 8.7 8.0 8.7%Autopista del Sol 5.0 4.6 8.7% 4.0 3.9 2.6%

Autopista Los Libertadores 2.7 2.4 12.5% 2.2 1.9 15.8%

Autopista Los Andes 3.4 2.7 25.9% 2.5 2.2 13.6%

SPAIN 38.6 21.2 82.1% 26.9 9.7 177.3%Euroglosa M-45 3.4 3.2 6.3% 2.9 2.9 0.0%

Autopista Eje Aeropuerto 1.0 1.1 -9.1% -0.1 -0.3 n.s.

Autovía de Aragón 5.0 2.4 108.3% 3.9 2.0 95.0%

Metro Ligero Oeste 23.9 10.0 139.0% 18.3 3.7 n.s.

Puerto de Alicante (T.M.S.) 5.3 4.5 17.8% 1.9 1.4 35.7%

MEXICO 34.1 25.2 35.3% 119.3 75.5 58.0%Amozoc-Perote 5.5 4.7 17.0% 2.9 3.4 -14.7%

Concesionaria Mexiquense I (1) 25.3 18.1 39.8% 87.6 50.4 73.8%

Viaducto Bicentenario (1) 3.3 2.4 37.5% 28.8 21.7 32.7%

PERU 5.6 4.4 27.3% 3.2 3.2 0.0%Autopista del Norte 5.6 4.4 27.3% 3.2 3.2 0.0%

TOTAL CONCESSIONS 288.9 239.1 20.8% 267.9 185.7 44.3%

Headquarters and others 168.5 106.5 58.2% -1.0 6.0 n.s.

TOTAL 457.4 345.6 32.3% 266.9 191.5 39.4%

SALES EBITDA

(1) Includes in EBITDA the adjustment for returns guaranteed by the concession grantor, which is classified in Other operating revenues and is not included in turnover: Conmex 71.2 million Euros and Viaducto Bicentenario 27.9 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 March 2012, this figure totalled 93.2 million Euros (49.3 million Euros at 31 March 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 24.8 million Euros at 31 March 2012 (22.5 million Euros at 31 March 2011). Prior to the application of IFRIC 12, the costs of these operations were considered additions of fixed assets at the time of their performance and were subsequently depreciated in line with their useful life.

9 1Q 2012

In February 2012, a contract was awarded for the construction and operation of the future container terminal of the East Dock at the Port of Santa Cruz de Tenerife. OHL Concesiones manages an order book of 29 major concessions, including 23 toll motorway concessions, with a total of 4,417 kilometres, one airport, three ports and two railway concessions, consolidating its position as one of the leading infrastructure operators worldwide The long-term order book at 31 March 2012 reached the figure of 73.9 billion Euros, increasing +2.7% with respect to the close of accounts at 31 December 2011. This increase is due to the addition of the New Dock at the Port of Tenerife, as well as to the updating of figures made by the rest of the concessions.

10 1Q 2012

• Construction The Construction division sales have begun the year with an increase of +2.9% with respect to the first quarter of 2011. This growth has taken place thanks to the increased activity in the areas of Central and Eastern Europe, the U.S. and Canada, to which the commencement of a number of the major awards obtained in early 2011 has contributed, principally the projects in Canada. The activity in Spain has declined at levels similar to those in previous quarters, -19.4%. Both the EBITDA as well as the EBIT figures have grown, by +3.5% and +3.9% respectively, in line with estimates. As noted in the presentation of the results for 2011, the major international contracts obtained in 2011 will take some time in becoming fully visible on the profit and loss account, as these are large-scale design and construction projects with performance schedules of between 3 and 5 years and in most cases include a design stage of between one and one and a half years. In the context of this business activity, it is important to highlight the move to a higher scale of operations derived from the success obtained in winning awards during 2011, as reflected by the significant construction order book figure, 8.6 billion Euros. This figure signifies +27.8% growth with respect to the same quarter in the past financial year, is equivalent to 21.2 months of sales and guarantees strong growth in this activity in the future. The existing order book is comprised by contracts involving a high degree of technical quality connected in most cases to niches of specialisation in which OHL is particularly strong (railways and hospitals). The geographical distribution of the order book is as follows:

Area % Order Book - Central & Eastern Europe 25.2% - Spain 22.6% - Middle East & North Africa 22.4% - USA and Canada 19.3% - Others 10.5%

• Other Activities A reminder should be included here with respect to the change in the presentation of the Environment Division in the Accounts as, following the agreement for the sale of Inima reached in November 2011, the division has been accounted for as a discontinued operation. Consequently, the division’s impact on Sales, EBITDA and EBIT has disappeared from the Profit and Loss Account, both in 2012 as well as in 2011. The turnover of Other Activities (without Environment) totalled 128.5 million Euros, signifying growth of +123.5% with respect to the same period in the previous year, thanks to the strong performance of the Industrial Division. The combined EBITDA figure for these activities amounted to 7.1 million Euros.

11 1Q 2012

4. Financial Statements (Figures unaudited) A contract for the sale of the subsidiary OHL Medio Ambiente, S.A.U. was signed on 16 November 2011. The contract is subject to fulfilment of the usual conditions for transactions of this kind and is expected to materialise in 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 result before minority interests is presented as a result from discontinued operations after taxes. The Consolidated Profit and Loss Account at March 2011 has been restated in order to render the information comparable, whereby the figures differ from those presented originally.

• CONSOLIDATED PROFIT AND LOSS ACCOUNT The turnover of the OHL Group in the first quarter of 2012 totalled 1.2 billion Euros, +20.5% above the figure for the same period in the 2011 financial year. The turnover figure includes the construction sales made for the OHL concession companies for the work performed by companies outside of the OHL Group, which, in the first three months of 2012 totalled 94.7 million Euros, in comparison to the figure of 49.3 million Euros in the first three months of 2011. The growth in the turnover of the Concessions division was +32.3%, driven primarily by the stronger activity in Brazil, Mexico and Chile, where both the toll rates as well as the traffic flows have increased. The trend in the volumes of traffic has been positive in all countries except for Spain, and the toll rates have been revised in the last half of 2011 and in 2012 in the majority of the concessions. The Construction Division grew +2.9% due to the good performance of its operations abroad, offsetting the decline in activity in Spain as a result of the negative trend in the sector. The business activity abroad has undergone an increase of +22.4% with respect to the first quarter of 2011, due to the increased activity in the Czech Republic, Qatar and Canada, primarily. The rest of the Divisions grouped together in Other Activities have experienced significant growth, due mainly to the thrust of the Industrial Division which is performing major projects in the subsectors of Oil & Gas and Energy. In the first three months of the 2012 financial year, 72.6% of the turnover was generated abroad, in comparison to 70.1% in the first three months of 2011. The most relevant business area in terms of sales was Construction with 50% of the total and, within this division, the international area with 34.1%, followed by Concessions, which now represents 39% of the total. In the distribution of sales by country, Spain accounts for 27.4% of the total, Brazil 26.1%, Mexico 14.2% and the United States 9.7%. The gross operating profit (EBITDA) for the first quarter of the 2012 financial year was placed at 312.4 million Euros, representing 26.6% of turnover, increasing +35.6% over the figure for the same period in 2011. This increase was due, principally, to the operations of Concessions, accounting for 85.4% of the Group’s total EBITDA and growing +39.4% with respect to the same period in 2011, thanks to the greater contribution by Brazil and Mexico.

12 1Q 2012

The Construction Division registered an increase of +3.5%, slightly higher than the figure for sales, due basically to the better margins obtained abroad and to the maintenance, in percentage terms, of the margins in Spain. International operations generated 93% of the Group’s total EBITDA. Of the Group’s total EBITDA, 48.2% was generated in Mexico, 35.8% in Brazil and 7.0% in Spain. The net operating profit (EBIT) for the first three months of the 2012 financial year totalled 259.2 million Euros, 22.1% on turnover, also increasing +42.3% over the figure registered in the first quarter of 2011. The +47.7% growth obtained by Concessions with respect to the first three months of 2011 stands out particularly, whereby this division now generates 86.1% of the Group’s total EBIT. The net amount of financial revenues and expenses in the first quarter of 2012 totalled -135.1 million Euros, representing a poorer outcome to the extent of 51 million Euros with respect to the same period in the 2011 financial year, due to the increase in non-recourse borrowing and to the higher rates of interest existing in the first quarter of the 2012 financial year. The profit before taxes was placed at 117.9 million Euros, 10.0% on turnover, with an increase of +32.3% over the first three months of 2011. The profit for the year from discontinued operations after taxes in the amount of 0.7 million Euros refers to the Environment Division. The profit attributed to minority interests totalled 34 million Euros, in comparison to 19.6 million Euros in the first quarter of the 2011 financial year. This significant increase is due to the good performance of the Concessions Division in Brazil and in Metro Ligero Oeste, S.A. The profit attributed to the Parent Company totalled 41.2 million Euros, representing 3.5% of turnover, and has increased +10.5% with respect to the figure registered in the first quarter of the 2011 financial year.

13 1Q 2012

(Euros Mn) Amount % Amount %

Net turnover 1,173.8 100.0% 974.5 100.0% 20.5%

Variation in work-in-progress or finished product stocks -3.1 -0.3% -1.4 -0.1% 121.4%

Work performed by the company for its assets 2.0 0.2% 0.8 0.1% 150.0%

Purchases -631.5 -53.8% -481.6 -49.4% 31.1%

Other operating revenues 126.2 10.8% 73.5 7.5% 71.7%

Employee expenses -185.6 -15.8% -167.4 -17.2% 10.9%

Other operating expenses -161.5 -13.8% -157.9 -16.2% 2.3%

Depreciation and amortisation -62.6 -5.3% -59.9 -6.1% 4.5%

Imputation of subsidies for non-financial fixed assets and others 1.4 0.1% 1.2 0.1% 16.7%

Deterioration and result from disposals of fixed assets 0.1 0.0% 0.4 0.0% -75.0%

OPERATING PROFIT / (LOSS) 259.2 22.1% 182.2 18.7% 42.3%

Financial revenues 28.7 2.4% 34.5 3.5% -16.8%

Financial expenses -163.8 -14.0% -118.6 -12.2% 38.1%

Results from changes in value on financial instruments at fair value

(net)0.6 0.1% 1.1 0.1% -45.5%

Exchange differences -9.1 -0.8% -12.1 -1.2% n.s.

Deterioration and result from disposals of financial instruments 0.0 0.0% 0.1 0.0% -100.0%

FINANCIAL PROFIT / (LOSS) -143.6 -12.2% -95.0 -9.7% 51.2%

Equity in affiliated companies' and joint ventures' earnings for the year 2.3 0.2% 1.9 0.2% 21.1%

PROFIT / (LOSS) ON CONTINUING ACTIVITIES BEFORE TAXES 117.9 10.0% 89.1 9.1% 32.3%

Corporate tax -43.4 -3.7% -30.5 -3.1% 42.3%

PROFIT / (LOSS) ON CONTINUING ACTIVITIES IN THE YEAR 74.5 6.3% 58.6 6.0% 27.1%

Result after taxes on discontinued operations 0.7 0.1% -1.7 -0.2% -141.2%

PROFIT / (LOSS) FOR THE YEAR 75.2 6.4% 56.9 5.8% 32.2%

Minority interests 34.0 2.9% 19.6 2.0% 73.5%

RESULT ATTRIBUTED TO THE PARENT COMPANY 41.2 3.5% 37.3 3.8% 10.5%

03/31/12 03/31/11Var. (%)

14 1Q 2012

• CONSOLIDATED BALANCE SHEET The principal headings of the consolidated balance sheet at 31 March 2012 and the changes therein with respect to the figures at 31 December 2011 are as follows: Intangible fixed assets: totalled 6.7 billion Euros, the major part of which, that is 95.1%, refers to concession companies. The increase in this heading amounted to 448.9 million Euros, due primarily to the effect of the net investments made during the period in the infrastructure concession companies, particularly Concesionaria Mexiquense, S.A. de C.V., Viaducto Bicentenario, S.A. de C.V. and Autopista Urbana Norte, S.A. de C.V. 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 61.2% 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 March 2012 of 830.3 million Euros, of which 682.1 million Euros refer to concession companies, which are accounted for under this heading on meeting the requirements for consideration as financial assets. Metro Ligero Oeste, S.A. stands out with 548.4 million Euros. Non-current assets held for sale: totalled 386.9 million Euros and refer to all of the assets of the Environment Division, an area in the process of divestment. Trade debtors and other accounts receivable: at 31 March 2012 the balance of this heading totalled 2.2 billion Euros, accounting for 16.1% of the total assets. The works certified for progress payments still outstanding and the works pending certification represent 77.9% 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 2011. Other current financial assets and Cash and cash equivalents: the balance of these headings at 31 March 2012 totalled 1.5 billion Euros, of which 942.4 million Euros refer to non-recourse companies and the remaining 529.2 million Euros to recourse companies. Parent Company shareholders’ equity: at 31 March 2012 totalled 1.3 billion Euros, representing 9.7% of the total assets, increasing by 91.6 million Euros with respect to 31 December 2011, due to the net effect of:

- The attributable profit of the first quarter of the 2012 financial year, totalling 41.2 million Euros.

- An increase in reserves of 56.5 million Euros, brought about by the conversion of financial statements in foreign currency, due principally to the revaluation of the exchange rate of the Mexican peso against the euro.

- A decrease in reserves of 8.5 million Euros from the impact of the valuation of financial

instruments.

- A decrease of 1.5 million Euros as a result of bought-back shares, which refers to 69,270 shares acquired as a consequence of the share liquidity contract signed in February 2011.

- An increase of 3.9 million Euros from other changes in reserves, primarily due to changes in the scope of consolidation.

15 1Q 2012

Minority Interests: were placed at 815.9 million Euros at 31 March 2012, increasing by 53.9 million Euros due to the net effect of:

- The profit of the first quarter of the 2012 financial year allotted to external shareholders in the amount of 34 million Euros.

- An increase of 15.5 million Euros, brought about by the conversion of financial statements in foreign currency.

- A decrease of 2.7 million Euros from the impact of the valuation of financial instruments.

- Other decreases totalling 7.1 million Euros, owing principally to dividends paid and

changes in the scope of consolidation. Liabilities related to non-current assets held for sale: totalled 195.7 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 March 2012 with those at 31 December 2011 is shown below:

GROSS BORROWINGS (1)(Euros Mn) 03/31/12 % 12/31/11 %

Recourse debt 1,937.3 28% 1,748.8 27%

Non-recourse debt 5,065.0 72% 4,849.5 73%

TOTAL 7,002.3 100% 6,598.3 100%

(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) 03/31/12 % 12/31/11 %

Recourse debt 1,408.1 25% 1,256.5 25%

Non-recourse debt 4,122.6 75% 3,852.7 75%

TOTAL 5,530.7 100% 5,109.2 100%

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

The net recourse debt was placed at 1.4 billion Euros and increased with respect to the figure at 31 December 2011 by 151.6 million Euros, due principally to the seasonality typical of the sector in the first months of the year. The net non-recourse debt accounted for 74.5% of the total and increased by 269.9 million Euros with respect to the figure at 31 December 2011, due to the net effect of the need to finance the investments made by the concession companies and to the amortisations made in the period. It should be mentioned that:

- In March 2012, an issue of straight bonds was successfully concluded in the amount of 300 million Euros maturing in 2020, issued at par value and with a coupon accruing an annual interest of 7.625% payable every six months. Of the net amount of the issue, 176.3 million were used for the repurchase of the bonds issued in 2010.

16 1Q 2012

- In relation to the 240-million-euro Syndicated Loan in effect up to January 2013, a Forward

Start Facility was signed on 23 April 2012, through which the amount of the loan was increased to 300 million Euros and its final maturity date was extended to January 2016.

Of the total gross borrowings, 81.6% is long-term, while the remaining 18.4% is short-term.

17 1Q 2012

(Euros Mn) 03/31/12 12/31/11 Var. (%)

NON-CURRENT ASSETS 9,215.2 8,762.6 5.2%Intangible fixed assets 6,658.9 6,209.1 7.2%

Tangible fixed assets 613.9 625.2 -1.8%

Real estate investments 109.3 104.8 4.3%

Equity-accounted investments 115.7 113.2 2.2%

Non-current financial assets 830.3 903.4 -8.1%

Deferred-tax assets 887.1 806.9 9.9%

CURRENT ASSETS 4,200.9 4,163.5 0.9%Non-current assets held for sale 386.9 335.7 15.3%

Stocks 128.5 134.2 -4.2%

Trade debtors and other accounts receivable 2,166.2 2,166.6 0.0%

Other current financial assets 321.6 326.1 -1.4%

Other current assets 47.7 37.9 25.9%

Cash and cash equivalents 1,150.0 1,163.0 -1.1%

TOTAL ASSETS 13,416.1 12,926.1 3.8%

(Euros Mn) 03/31/12 12/31/11 Var. (%)

NET SHAREHOLDERS' EQUITY 2,123.2 1,977.7 7.4%

SHAREHOLDERS' EQUITY 1,600.7 1,555.3 2.9%

Capital 59.9 59.9 0.0%

Issue premium 390.9 390.9 0.0%

Reserves 1,108.7 881.2 25.8%

Result for the year attributed to the parent company 41.2 223.3 -81.5%

VALUATION ADJUSTMENTS -293.4 -339.6 -13.6%

PARENT COMPANY SHAREHOLDERS' EQUITY 1,307.3 1,215.7 7.5%MINORITY INTERESTS 815.9 762.0 7.1%

NON-CURRENT LIABILITIES 7,402.3 6,956.5 6.4%Subsidies 93.9 92.4 1.6%

Non-current provisions 145.7 115.0 26.7%

Non-current financial debt (*) 5,710.8 5,409.0 5.6%

Other non-current financial liabilities 331.5 304.6 8.8%

Deferred-tax liabilities 803.4 701.6 14.5%

Other non-current liablities 317.0 333.9 -5.1%

CURRENT LIABILITIES 3,890.6 3,991.9 -2.5%Liabilities related to non-current assets held for sale 195.7 153.0 27.9%

Current provisions 245.8 252.1 -2.5%

Current financial debt (*) 1,291.5 1,189.3 8.6%

Other current financial liablilities 13.9 24.4 -43.0%

Trade creditors and other accounts payable 1,686.9 1,876.4 -10.1%

Other current liabilities 456.8 496.7 -8.0%

TOTAL LIABILITIES AND NET SHAREHOLDERS' EQUITY 13,416.1 12,926.1 3.8%* Includes Banking debt + Bonds

ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

18 1Q 2012

• CASH FLOW 01/01/2012 TO 03/31/2012 The funds originating from operations, equivalent to the Profit after Taxes (Attributable) plus amortisations, generated in the first quarter of 2012 totalled 103.9 million Euros. The changes in non-financial current assets and liabilities were negative to the extent of 258.4 million Euros, due principally to seasonality. The cash flow of the operating activities in the period was placed at -154.5 million. Net investment needs totalled -267.0 million Euros were 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 421.5 million Euros and were met through additional borrowing, for the most part without recourse to the Group.

CASH FLOW(Euros Mn) 03/31/12

Gross operating profit (EBITDA) 312.4

Adjustments -208.5

Cash flow in operating activities 103.9

Changes in current capital -258.4

Cash flow in operating activities -154.5

Cash flow in investment activities -267.0

Change in gross non-recourse debt 215.5

Change in cash & banks + non-recourse short-term investments 54.4

Change in net non-recourse debt 269.9

Change in gross recourse debt 188.5

Change in cash & banks + recourse short-term investments -36.9

Change in net recourse debt 151.6

Cash flow of financing activities 421.5

19 1Q 2012

5. Order Book At 03/31/12, the Group’s order book was worth 83.4 billion Euros. Of the total, 10.7% refers to contracts for short-term performance, while the remaining 89.3% are long-term contracts. The short-term order book is placed at 8.9 billion Euros, similar to the situation at 12/31/2011 following the major awards obtained at the end of the financial year. The long-term order book totalled 74.4 billion Euros, undergoing an increase of +2.7% with respect to the situation at 12/31/2011, due to the addition of the New Dock at the Port of Tenerife, as well as to the updating of figures for the rest of the concessions.

ORDER BOOK(Euros Mn) 03/31/12 % 12/31/11 % Var. (%)

Short term 8,936.9 11% 8,896.9 11% 0.4%

Long term 74,422.6 89% 72,455.2 89% 2.7%

TOTAL 83,359.5 100% 81,352.1 100% 2.5%

Concessions 74,196.2 89% 72,030.8 89% 3.0%

Construction 8,645.2 10% 8,740.5 11% -1.1%

Other activities 518.1 1% 580.8 1% -10.8%

The most significant projects contracted between 1 January and 31 March 2012 for short-term performance are listed below: Construction Water Mains for Shafts (USA). Route 60 in Chile. Section 2 Sector 1 (Chile). Las Bambas mining project (Peru). Modernisation Nove Mesto - Vahom Púchov railway (Slovak Rep.). Photovoltaic power plants. Teres, Shabla, Zdravets and Solera (Bulgaria). Botín Art Centre (Spain). Reconstruction and extension of the Brno sewage system (Czech Rep.). Guba-Gusar motorway (Azerbaijan). Medical Centre for the Disabled in Arroyomolinos (Spain). Reconstruction Deinske Jazero – Zohor railway (Slovak Rep.). Reconstruction Esztergom railway (Hungary). Reconstruction Polisvörösvar railway (Hungary).

20 1Q 2012

6. Share Price Performance At 03/31/12, 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 22.32 Euros and with a P/E ratio of 10 times for 2011 earnings.

During the first quarter of 2012, a total of 37,475,567 shares were traded on stock exchanges (37.6% of the total tradable shares), with a daily average of 576,547 securities traded and a share price appreciation of +15.2% in the quarter.

STOCK PERFORMANCE OHL share price (euros) Year to date revaluation

Last High Low OHL Ibex-35 Construction Index

03/31/12 22.320 24.145 19.190 15.2% -6.5% -13.2%

VOLUME TRADENumber of shares

tradedAverage daily volume (*) Cash daily average

03/31/2012 37,475,567 576,547 12.7(*) Euro Mn

MARKET CAPITALIZATION(Euro Mn) 03/31/12 31/12/11 Var. %

Market Capitalization 2,226.2 1,933.0 15.2%

OHL Bonds evolution

Issue date Redemption date

May-07 May-12 6,250% 700 Mn € 188 Mn € 6,250%

Apr-10 Apr-15 7,375% 700 Mn € 524 Mn € 5,444%

Mar-11 Mar-18 8,750% 425 Mn € 425 Mn € 7,505%

Mar-12 Mar-20 7,625% 300 Mn € 300 Mn € 7,877%

Date Yield (03/31/2012)

CouponInitial

amountPending amount

85%

90%

95%

100%

105%

110%

115%

120%

125%

Dic 11 Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic 12

1st Quarter 2012

OHL IBEX-35 Construcción

21 1Q 2012

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

OHL MÉXICO

Total number of shares 1,492,788,102

OHL's stake 73.85%

Share price as of 03/31/2012 (Mexican Peso) 20.19

Exchange rate Euro/Mexican Peso as of 03/31/2012 17.10

Total market cap (Euros) 1,762,845

Value OHL's stake 1,301,792

Share price performance since 31/12/2011 -6.61%

90%

95%

100%

105%

110%

Dic 11 Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic 12

1st Quarter 2012

OHL México MEXBOL

OHL BRASIL

Total number of shares 68,888,888

OHL's stake 60.00%

Share price as of 03/31/2012 (Brazilian Real) 76.99

Exchange rate Euro/Brazilian Real as of 03/31/2012 2.44

Total market cap (Euros) 2,175,092

Value OHL's stake 1,305,055

Share price performance since 31/12/2011 26.21%

90%

95%

100%

105%

110%

115%

120%

125%

130%

Dic 11 Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic 12

1st Quarter 2012

OHL Brasil BOVESPA

22 1Q 2012

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

Investor Relations Manager

Tel.: 91 348 41 90

Fax: 91 348 42 07

meliaf@ohl.es

www.ohl.es

13