II. STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET 3 III. BUSINESS AREAS PERFORMANCE 14 IV. BOARD RESOLUTIONS 27 V. STOCK PERFORMANCE 29

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2 I. HIGHLIGHTS OPERATING DATA 1 ECONOMIC-FINANCIAL DATA 2 II. STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET 3 III. BUSINESS AREAS PERFORMANCE 14 IV. BOARD RESOLUTIONS 27 V. STOCK PERFORMANCE 29 VI. SHAREHOLDER STRUCTURE 30 For further information, please contact: Investor Relations Department Tel: relacionesinversores@gruposyv.com Pº Castellana, Madrid Webpage: NOTE: The financial information contained in this document has been elaborated according to the International Financial Reporting Standards. This information has not been audited and could be modified in the future. 2009

3 - 1 - I. HIGHLIGHTS OPERATING DATA (Millions of euros) September 2009 September 2008 % Var 09/08 CONSTRUCTION - SACYR/SOMAGUE BACKLOG 7,954 6, % Months of Activity % HOUSING DEVELOPMENT - VALLEHERMOSO PRE-SALES % PRE-SALES PORTFOLIO 806 1,710 (52.9%) CONCESSIONS SACYR CONCESIONES * INCOME PORTFOLIO 30,898 13, % KM UNDER CONCESSION 1,467 1, % PROPERTY TESTA LEASEABLE AREA (Thousand Square meters) 1,500 1, % OCCUPANCY RATE 96.4% 98.8% (2.4) RENTAL PORTFOLIO 2,833 3,167 (10.5%) SERVICES VALORIZA INCOME PORTFOLIO 11,634 10, % * Proforma Information

4 - 2 - I. HIGHLIGHTS ECONOMIC-FINANCIAL DATA (Millions of euros) September 2009 September 2008 * % Var 09/08 TURNOVER 4,487 3, % Construction (Sacyr Somague) 2,401 2,727 (11.9)% Housing Development (Vallehermoso) 1, % Concessions (Sacyr Concesiones) % Property(Testa) (3.6)% Services (Valoriza) % Holding and Adjustments (193) (377) ns EBITDA (25.0)% Construction (Sacyr Somague) (16.1)% Housing Development (Vallehermoso) (52.7)% Concessions (Sacyr Concesiones) % Property (Testa) (3.7)% Services (Valoriza) % Holding and Adjustments (119) (43) ns NET ATTRIBUTABLE INCOME ns MARKET CAPITALISATION (1) 3,945 3, % Nº of outstanding shares (Thousands) 304, , % NET EQUITY (2) 2,721 2, % NET CORPORATE DEBT (2) 609 1,866 (67.4%) (1) Corrected in 2008 with a bonus issue of 1x14 in October (2) 2008 data as at December 31 *Pro forma with Itínere assets transferred to Citi, Atlantia and Abertis considered as interrupted activities

5 - 3 - II. STATEMENT OF INCOME CONSOLIDATED INCOME STATEMENT September September % Var (Thousands of Euros) * 09/08 REVENUES ,3% Other Sales ,1% Operating income ,7% External and Operating Expenses ( ) ( ) 16,5% GROSS OPERATING PROFIT (25,0%) Depreciation ( ) ( ) 33,5% Trade Provisions ( ) (7.415) ns ORDINARY NET PROFIT (60.833) ns Changes in fixed assets provisions ns NET OPERATING PROFIT (60.833) ns Financial results ( ) ( ) (14,5%) Exchange rate differences (3.921) ns Results from equity accounted subsidiaries ( ) ns Provisions for financial investments (78) (15.137) (99,5%) Change in value of financial instruments at fair value (130) 3 ns Results from sales of non current assets ( ) ns PROFIT BEFORE TAXES ( ) (32.894) ns Corporate Tax ns PROFIT FOR CONTINUING ACTIVITIES ( ) (17.519) ns RESULTS FOR COMPANIES WITH DISCONTINUED ACTIVITIES ns CONSOLIDATED RESULTS ns Minorities (14.581) ns NET ATTRIBUTABLE PROFIT ns *Proforma 2008 with Itinere concessions as held for sale. The results as of September 30, 2009 for the Sacyr Vallehermoso Group do not only reflect the evolution of the business operations but also its adjustment to current market conditions, both from the standpoint of business and of financial structure, as has already been reflected in the financial information of the first half. Therefore, the main points necessary for understanding these results are given below. Noteworthy aspects that had an impact on the SyV Group s cash flow In this respect, there have been two important transactions: 1) The sales up to September 2009 of certain real estate assets, both in Vallehermoso and Testa, have generated a net cash of 1,445 million of which 1,106 million have been earmarked for financial debt reduction. 2) The disinvestment in Itínere. On June 3, 2009, the CNMV approved the takeover bid over 100% of Itinere s shares, as requested by Pear Acquisition Corporation, S.L. (on behalf of Citi Infraestructure Partners) on April 6, 2009, at a price of 3.96 euros per share. The takeover was successfully settled on June 26, 2009, and together with the sale carried out on July 2009

6 - 4 - of 17.4% of ItÍnere to Caixa Galicia, Caixanova and Cajastur, has generated capital gains after tax of million and a cash flow for the SyV Group (net of the amount corresponding to the concessions that remain in the group) of 1,676 million, which will be earmarked for debt repayment. During September 2009, the delisiting of Itínere from the Stock Market and the creation of the new Itínere resulting from the merger between Itínere, Pear Acquisition Corporation, Avasacyr and Sacyr Participaciones II (group that holds SyV Group s stake in Itínere). As at September 30, 2009, the SyV Group s stake in this new company stands at 16.3%, generating an additional cash flow of 286 million once the sale process is completed. These transactions have reduced the Sacyr Vallehermoso Group s net debt of 14,512 million as at 2008 year-end to 11,798 million. Noteworthy aspects that had an impact on accounting results: The Itínere divestment means that Itinere has to leave the SyV Group consolidation perimeter via global consolidation and therefore the assets and liabilities associated with Itinere which were entered at the close of the first quarter of 2009 as assets/liabilities held for sale must also leave the consolidation perimeter. As at September , SyV maintained a financial stake in Itinere of 16.3%, which has been accounted for as a financial asset held for sale as stipulated in IAS 39. The entry "Consolidated results for the year for discontinued activities" in the Income Statement includes the results of all Itínere s concession assets until the date of the takeover for 54.7 million, as well as the result (net of tax) obtained from the sale of Itínere for a total of million euros. The financial statements of September 2008 are presented using the same criteria in order to make them fully comparable In order to follow a prudent policy, the SyV Group has reserved for all accounts receivable from clients experiencing financial difficulties or most overdue invoices pending from advisers, both legal and financial, relative to the takeover bid of Itínere, reserves for completion of projects, etc, with a negative impact in the income statement of 261.1million euros, as well as allocating goodwill to certain concession assets as a result of the current backdrop of falling traffic.

7 - 5 - With respect to the Repsol YPF stake, only the accrued dividends have been recognised ( million). Therefore, for accounting purposes the results by the equity method related to the stake in Repsol, were reduced by 59.1 million (instead of the 20.01% of the 1,257 million net profits of Repsol YPF, in other words, million against the investment in noncurrent financial assets. RESULTS ANALYSIS As at September 30, the Group s total revenue amounted to 4,487.4 million, up 12.3% with respect to 3Q08. EBITDA stood at million, leaving the gross margin at 8.1%. Net profit stood at million, in comparison with the 6.1 million registered as at September 30, REVENUE On September 30, 2009, the group s revenue amounted to 4,487.4 million, up 12.3% with respect to September This growth is partly due to the sales of Vallehermoso and the good performance of the services and concessions divisions, which offset the slight decline in the property business due to the sales of assets and the decrease in construction activity. Business areas performed as follows: REVENUE September % Var (Thousands of Euros) * 09/08 Construction 2,401,050 2,726,722 (11.9%) Sacyr 1,822,017 2,180,541 (16.4%) Somague 579, , % Housing Development (Vallehermoso) 1,337, , % Concessions (Sacyr Concesiones) 70,522 51, % Property (Testa) 195, ,214 (3.6%) Services (Valoriza) 675, , % Holding and adjustments (193,039) (376,944) REVENUE 4,487,428 3,995, % * Pro forma The revenue from the construction business stood at 2,401.0 million at September 30, The variance with respect to the previous year was

8 %. The high backlog amounted to 7,954.4 million at September 30, 2009, guaranteeing significant business growth in the future. The set of sales deeds in the housing development division, stood at 1,337.4 million, up 69.9% with respect to the million from 3Q08. Of this amount, the sale of residential products amounted to million, while sales of land amounting to million during the first nine months of Revenue from provision of services amounted to 5.7 million. In the concessions division, the 37.9% growth in income is derived from increases in tariffs (both toll charges and royalties) and the start of new concessions. Therefore, during the first nine months of 2009 the following Spanish motorways have generated revenue: Turia, Eresma and Barbanza (opened in August 2008, September 2008 and December 2008 respectively) and a stretch of the motorway S. José-Caldera in Costa Rica (opened on June 7, 2009). Income from rentals from properties in operation and property management services amounted to million, down 3.6% from 3Q08. From this figure rental income from property exploitation amounts to million, down 2.9% with respect to September 2008, had it been kept the same income would have grown 1.1%. The remaining 4.4 million corresponds to property management services. This evolution is due to a combination of increases in average rental area (up 0.8%), average occupancy level (down 2.0%) and average unit income of the rental portfolio (down 0.3%), The services business continued with the growth rate of previous periods, registering significant growth in revenues of 11.7% to million. Growth has been particularly salient in the areas of Energy and Water growing 70.7% and 11.0% respectively. Regarding the revenue registered by geographic areas, 80.4% corresponds to operations in Spain, 8.3% to Portugal through Somague s construction business and Valoriza s services business and the remaining 11.3% corresponds to activities in Ireland, Chile and Costa Rica for the construction of awarded projects-, and the rest corresponds to the construction business developed in Italy and other countries as well as properties rented by Testa in Miami and Paris.

9 - 7 - REVENUE September % Var (Thousands of Euros) * 09/08 Spain 3,607,177 3,240, % Portugal 377, ,796 (10.4%) Ireland 157,763 82, % Italy 94,467 36, % Costa Rica 41,032 8, % Chile 10,390 48,021 (78.4%) Other Countries 199, , % REVENUE 4,487,428 3,995, % * Pro forma GROSS OPERATING PROFIT (EBITDA) The Group s gross operating income was million, down 25.0% from 3Q08, as a result of the economic situation in the real estate market and the slowdown in national construction activity. However, the significant increase in Ebitda in the concessions and services division is noteworthy. The recurrent business activities (infrastructure concessions, rental property and services), with million, represent 83.2% of the total EBITDA. The Ebitda of these businesses grew by 15.4%, despite the negative change in the Ebitda of the Property division as a result of a decrease in the operating surface area with respect to September The more cyclical businesses (construction, housing development) and holding represent 16.8% of the consolidated operating income, with 61.1 million. In the property development division there has been a 52.7% decreases with respect to 3Q08 and a 16.1% decrease in the construction division. GROSS OPERATING PROFIT (EBITDA) September % Var (Thousands of Euros) * 09/08 Concessions (Sacyr Concesiones) 51,279 34, % Property (Testa) 160, ,133 (3.7%) Services (Valoriza) 90,698 60, % Recurrent activities 302, , % Construction (Sacyr - Somague) 126, ,260 (16.1%) Housing development (Vallehermoso) 54, ,727 (52.7%) Growth activities 180, ,986 (31.9%) Holding and adjustments (119,240) (42,603) EBITDA 363, ,166 (25.0%) *Pro Forma

10 - 8 - DEPRECIATION The depreciation provision technical and revertible assets amounted to million, of which Testa s business activity as well as as the concessions activity accounted for most of SyV Group s total depreciation. FINANCIAL RESULTS The financial results amounted to million against million with respect to the same period in Of this amount, 40.8 million correspond to financial income (down 76.2% with respect to the millions corresponding to September 30, 2008). Financial expenses amounted to million against the million registered the previous year, which represents a 30% decrease as a consequence of the reduction in the Group s debt and its cost, which has gone from 5.4% to 3.5%. RESULTS FROM EQUITY ACCOUNTED SUBSIDIARIES With respect to the Repsol YPF stake, as in the first semester of 2009, only the accrued dividends have been recognised ( million) against million in 3Q08 (20.01% of the 2,816.0 million registered by Repsol YPF as at September 30, 2008). Therefore, for accounting purposes, the results by the equity method related to the stake in Repsol, were reduced by 58.6 million (instead of the 20.01% of the 1,257 million net profits of Repsol YPF, in other words, 251 million) against the investment in non-current financial assets. Included under this statement of income heading is the negative figure that results from adjusting to fair value the Madrid Levante Motorway and the R-4, as well as the negative contribution of some infrastructure concession companies that are at the initial stages of activity. RESULTS FOR SALES OF ASSETS The sales of real estate assets related to the Groups property business and of some Madrid offices used for own use, have resulted in a profit of 66.3 million. In the first period of 2008, 44.2 million were registered under this category and a negative result for the sale of the Eiffage stake amounting to million was also registered. RESULTS FOR DISCONTINUED OPERATIONS The profit generated by the sale of Itínere (takeover and subsequent sale of 17% in July) is included in the caption "Result of discontinued operations" net of tax and amounts to million. The remaining 54.7 million correspond to the results produced by the concession assets of Itínere right up to the completion of the takeover after which SyV started to record its participation in Itínere as a financial investment.

11 - 9 - NET PROFIT Net attributable profit amounted to million, against the loss registered as at September 30, 2008 of 6.1 million. INCOME PORTFOLIO The future income portfolio amounted to 54,126.3 million and was primarily supported by the most recurrent activities, concessions and services. Sacyr Concesiones represents 57.1% of the total portfolio and Valoriza represents 21.5%. The implicit operating income on the abovementioned portfolio stood at 18,837.9 million. The income portfolio increased by 56.5% with respect to September 30, 2008, mainly due to: Major projects awarded in the construction business including the third set of locks of the Panama Canal, and projects awarded in Italy and Libya have led to a 32.5% increase in the backlog. New concessions awarded since September 2008, Autopista Pedemontana Veneto, Autopista Vallenar Caldera, Autopista Litoral Oeste and the Braga and Azores hospitals representing a 132.9% increase in the income portfolio. Organic growth in the services business representing an 11.5% increase in the income portfolio. Testa s portfolio has decreased due to outgoings related to the sales since September 2008 of a shopping centre in Madrid and other assets. This decrease is partly offset by the entry into operation of the SyV Tower Hotel. PORTFOLIO BY BUSINESS ACTIVITY September 2009 (Thousands of Euros) Income % Ebitda* %Ebitda Sacyr (Construction portfolio) 7,954, % 466,286 Vallehermoso (Pre-sales portfolio) 806, % 101,521 Sacyr Concesiones (Revenues portfolio) 30,898, % 14,739,814 Testa (Rents to maturity) 2,833, % 2,296,226 Valoriza (Services portfolio) 11,634, % 1,234,043 TOTAL 54,126, % 18,837,890 *Margin of Ebitda at December 08

12 II. CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET September December Var (Thousands of Euros) * 9M 09 NON-CURRENT ASSETS 14,001,387 14,354,605 (353,218) Intangible assets 272, ,946 (8,600) Investment properties 2,647,764 2,882,014 (234,251) Concession projects 1,494,184 1,290, ,712 Fixed assets 939, ,228 (22,259) Financial assets 8,466,098 8,726,372 (260,274) Other non-current assets 13,384 44,996 (31,612) Goodwill 167, , CURRENT ASSETS 7,277,408 13,757,961 (6,480,553) Non-current assets held for sale 58,596 5,751,963 (5,693,367) Inventories 3,449,116 4,805,126 (1,356,010) Trade and other receivables 2,703,514 2,535, ,068 Financial assets 557, , ,831 Cash 508, ,584 28,925 TOTAL ASSETS/ LIABILITIES 21,278,796 28,112,566 (6,833,770) EQUITY 2,811,030 2,652, ,344 Shareholder's Equity 2,721,084 2,350, ,994 Minority Interests 89, ,596 (212,650) NON-CURRENT LIABILITIES 10,598,175 10,843,297 (245,122) Financial Debt 9,575,050 9,746,412 (171,362) Financial Instruments at fair value 319, ,135 91,277 Provisions 64,497 62,405 2,092 Other non-current liabilities 639, ,344 (167,128) CURRENT LIABILITIES 7,869,590 14,616,583 (6,746,992) Liabilities associated with the non-current assets held for sale 0 5,014,674 (5,014,674) Financial Debt 3,288,671 5,431,076 (2,142,405) Current trade and other payables 3,004,842 3,426,988 (422,146) Trade provisions 231, ,448 36,825 Other current liabilities 1,344, , ,408 * Proforma 2008 with Itinere's assets as held for sale BALANCE SHEET PERFORMANCE The balance sheet decreased by 6,833.8 million during the first nine months of This was mainly due to two factors: The sale of Itínere represents a significant reduction in current assets and liabilities as a result of the "assets and liabilities held for sale" (amounting to 5,693.4 million of assets) as well as investments in associated companies and financial debt leaving the balance sheet. The sale of real estate products during the semester by Testa and Vallehermoso. Therefore, the headings for investment properties, asset inventories and financial debt in the liabilities of the balance sheet as at September 30, 2009, represent the biggest reductions.

13 On the investment side, concession projects currently under construction represented a gross investment of million in new assets. The bulk of net investments involve the construction of new energy plants and new water treatment plants for 47.7 million, which are registered in the services area balance sheet. In the following section more detail is given about the composition and main movements in the balance sheet. NON-CURRENT ASSETS Real Estate assets include properties in operation for 2,647.8 million. At September 30, works in progress continue for various buildings under construction that will serve as rental property in the future for 35.8 million. Other tangible fixed asset investments in progress for include electrical co-generation and generation plants, water and sewer grids and other projects pertaining to the service business. Tangible fixed assets include machinery, technical facilities and other fixed assets. The amount of accumulated depreciation stands at million. The Sacyr Vallehermoso Group has invested 1,096.8 million in concession projects in operation (mainly highways), and million in projects under development. Non-current financial assets include stakes carried by the equity method amounting to 7,770.2 million (the biggest components include the stakes in Repsol YPF and in concessionaires belonging to Sacyr Concesiones). In addition, this heading includes million related to deferred tax and the remainder relates to amounts owed by SyV Group companies CURRENT ASSETS In the aggregate, current assets amount to 7,277.4 million, down 47.1% since December 2008, mainly due to the sale of Itínere, whose assets were represented as non-current assets held for sale. Inventories are the most significant part with 3,449.1 million, which basically corresponds to the residential development activity of Vallehermoso, and trade and other receivables accounted for 2,703.5 million. EQUITY As at September 30, 2009, equity was 2,811.0 million. 96.8% of the total ( 2,721.1 million) corresponded to SyV s shareholder s equity, and 89.9 million to the Group s minority interests. As at September 30, the share capital is represented by million shares with a nominal value of 1 each.

14 FINANCIAL DEBT According to what has already been mentioned in the first part of this report, during 2009 the takeover bid of Citi over Itinere took place, which together with the sale on July 2009 of 17.4% of Itínere to Caixa Galicia, Caixanova and Cajastur reduced net financial debt by 2,714 million, from 14,512 million at 2008 year-end to 11,798 million. The sale of the rest of SyV Groups stake in Itinere (16.3%), will allow the amortisation of another 286 million. As at September 30, net corporate debt amounted to 11,797.5 million. In the following table the breakdown is shown: NET FINANCIAL DEBT September December % Var (Millions of Euros) M 2009 Corporate 609 1, % Capital Intensive Activities 5,221 6, % Testa 2,334 2, % Sacyr Concesiones % Vallehermoso 1,891 2, % Other 5,968 6, % Repsol YPF 5,055 5, % SyV Participaciones % Otras % NET FINANCIAL DEBT 11,798 14, % Corporate: The net corporate debt has decreased by 67.4% and now stands at 609 million. Capital Intensive Activities: The debt attached to infrastructure concessions reached million. In the rental property business, the debt consists of mortgage loans and leasing contracts for an amount of 2,334.3 million to finance operating assets and assets in progress. As for the housing development business, its net debt of 1,891.4 million is aimed at financing the inventory appearing on Vallehermoso s balance sheet for an amount recorded on the books of 2,820.5 million. Furthermore, the pre-sales figure (signed housing contracts prior to the delivery of homes) reached million, covering 43% of the total debt.

15 Other Activities The investment in Repsol YPF was financed through a bank loan with a balance as at September 30 of 5,039.1 million. Lastly, structured debt incurred by other business areas pertains mostly to Valoriza s project financing and environmental concessions.

16 III. BUSINESS AREA PERFORMANCE CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2009 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL Turnover 1,822,017 70,522 1,337, , , ,033 0 (193,039) 4,487,428 Other Sales 103,069 19,384 25, ,029 29,073 49,982 (72,836) 219,153 Total Income 1,925,086 89,905 1,363, , , ,106 49,982 (265,875) 4,706,581 External and Operating Expenses (1,829,240) (38,627) (1,308,737) (36,636) (648,978) (577,923) (154,458) 251,111 (4,343,488) GROSS OPERATING PROFIT 95,846 51,279 54, ,024 90,698 30,182 (104,476) (14,764) 363,094 Depreciation (16,212) (33,388) (1,876) (34,310) (29,735) (10,135) (3,122) (33,253) (162,032) Trade Provisions and change in value of non current assets 305 (1,545) (212,698) (10,378) (6,683) (895) (30,002) 0 (261,895) NET OPERATING PROFIT 79,939 16,346 (160,269) 115,337 54,280 19,152 (137,600) (48,017) (60,833) Changes in fixed assets provisions ,165 (122,165) 0 NET OPERATING PROFIT 79,939 16,346 (160,269) 115,337 54,280 19,152 (15,435) (170,182) (60,833) Financial results 3,414 (32,767) (59,908) (50,761) (15,971) (7,892) (265,896) (8,486) (438,268) Adjustment in exchange rates (509) (16) 0 0 (575) (2,808) (29) 16 (3,921) Results from equity accounted subsidiaries (1,040) (14,107) ,864 (109) 192,382 (380,706) (201,680) Provisions for financial investments 0 (100) (82) 0 0 (100) 202,048 (201,844) (78) Change in value of financial instruments at fair value 0 (130) (130) Results from sales of non current assets 3,969 (0) 0 65,406 (108) 0 39 (2,980) 66,324 PROFIT BEFORE TAXES 85,772 (30,775) (220,224) 129,982 39,490 8, ,108 (764,183) (638,587) Corporate Tax (29,794) 4,678 64,831 (25,392) (7,991) (2,771) 24, , ,732 PROFIT FOR CONTINUING ACTIVITIES 55,978 (26,096) (155,393) 104,590 31,499 5, ,640 (549,544) (395,855) PROFIT FOR DISCONTINUING ACTIVITIES ,758 (76,832) 854,927 CONSOLIDATE RESULTS 55,978 (26,096) (155,393) 104,590 31,499 5,472 1,069,398 (626,376) 459,072 Minorities 1,010 2,046 (40) (134) (971) (82) 0 (211) 1,618 NET ATTRIBUTABLE PROFIT 56,988 (24,050) (155,432) 104,456 30,528 5,390 1,069,398 (626,587) 460,689

17 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2008* (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL Turnover 2,180,541 51, , , , , (377,172) 3,995,810 Other Sales 54,042 10,738 5,325 2,221 43,634 16,913 43,407 40, ,774 Total Income 2,234,584 61, , , , ,094 43,634 (336,677) 4,212,585 External and Operating Expenses (2,110,996) (27,168) (677,547) (39,302) (587,423) (536,422) (79,154) 329,594 (3,728,418) GROSS OPERATING PROFIT 123,588 34, , ,133 60,958 26,672 (35,520) (7,084) 484,166 Depreciation and goodwill (24,954) (22,521) (1,925) (33,116) (25,613) (9,101) (2,757) (1,398) (121,385) Trade Provisions and change in value of non current assets (2,774) (1,592) 1,118 (198) (1,768) (2,058) 0 (142) (7,415) ORDINARY NET PROFIT 95,859 10, , ,819 33,577 15,513 (38,277) (8,625) 355,366 Changes in fixed assets provisions NET OPERATING PROFIT 95,859 10, , ,819 33,577 15,513 (38,277) (8,482) 355,509 Financial results 21,339 (18,575) (31,502) (66,527) (14,175) (10,438) (80,138) (312,843) (512,858) Adjustment in exchange rates (175) (435) 2,555 (8) (61) 1,898 Results from equity accounted subsidiaries (371) (9,773) 7 (101) 1,398 (143) 563,482 (6,437) 548,061 Provisions for financial investments (32) 0 (693) 0 (171) (398) (13,844) 0 (15,137) Change in value of financial instruments at fair value (26) Results from sales of non current assets (488) (1) (0) 41,953 1, (2,257) (451,535) (410,369) PROFIT BEFORE TAXES 116,133 (17,720) 81, ,118 21,573 7, ,959 (787,840) (32,894) Corporate Tax (32,633) 2,272 (25,211) (28,810) (3,761) (2,573) 103,892 2,200 15,375 PROFIT FOR CONTINUING ACTIVITIES 83,500 (15,448) 56,521 79,309 17,811 5, ,851 (785,640) (17,519) PROFIT FOR DISCONTINUING ACTIVITIES ,210 38,210 CONSOLIDATE RESULTS 83,500 (15,448) 56,521 79,309 17,811 5, ,851 (747,430) 20,691 Minorities (1,482) 816 (239) (144) (867) (12,848) (14,581) NET ATTRIBUTABLE PROFIT 82,018 (14,632) 56,282 79,164 16,944 5, ,851 (760,278) 6,110 * Proforma

18 CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2009 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL NON CURRENT ASSETS 680,609 1,661,438 86,891 3,676, , ,924 11,861,860 (5,122,733) 14,001,387 Intangible Assets 3,055 13, ,968 92,242 7,026 2,997 51, ,346 Real Estate Investments ,012 2,511, ,864 2,647,764 Concessions Investments 101,115 1,460, ,814 0 (133,411) 1,494,184 Fixed Assets 81,960 5,512 7,303 96, ,617 90,308 9,005 18, ,969 Financial Assets 494, ,107 19, ,550 89,322 30,057 11,849,857 (5,166,165) 8,466,098 Other non Current Assets 0 0 8, , ,384 Goodwill ,880 27, , ,642 CURRENT ASSETS 2,121, ,397 2,979, , , ,503 1,048,797 (508,752) 7,277,408 Non current assets held for sale ,585 (94,989) 58,596 Inventories 444, ,820,532 16,151 18,617 55,937 92, ,449,116 Accounts Receivable 1,464,375 56, ,927 50, , , ,913 (264,003) 2,703,514 Financial Assets 81,436 7,659 1, ,750 9, ,748 (144,804) 557,672 Cash 131, ,303 36,616 47,314 83,773 80,838 32,275 (5,881) 508,510 ASSETS = LIABILITIES 2,802,305 1,827,835 3,066,836 3,790,317 1,512, ,427 12,910,656 (5,631,485) 21,278,796 0 Equity 477, ,971 38,794 1,206, , ,278 2,188,537 (2,012,275) 2,811,030 Shareholder's Equity 462, ,745 35,284 1,201, , ,207 2,188,537 (2,025,205) 2,721,084 Minority Interests 15,362 34,226 3,510 5,708 17,139 1, ,930 89,946 NON CURRENT LIABILITIES 253,419 1,201, ,413 2,136, , ,476 8,567,711 (3,113,402) 10,598,175 Financial Debt 108,719 1,071, ,326 2,066, , ,008 5,566,298 (62,511) 9,575,050 Financial Instruments at fair value 1,493 74, ,241 14, , ,412 Provisions 6,811 7,526 27,579 3,102 12,445 5, ,497 Other non current Liabilities 136,396 48, ,509 44,107 78,412 14,620 2,793,947 (3,051,083) 639,216 CURRENT LIABILITIES 2,071, ,516 2,105, , , ,673 2,154,409 (505,808) 7,869,590 Liabilities associated with the non current assets held for sale Financial Debt 196,667 33,605 1,609, , , , ,674 (13,637) 3,288,671 Trade Accounts Payable 1,541,255 16, ,284 40, , , ,275 33,873 3,004,842 Operating Provisions 94,210 1,545 68, ,738 20,101 30,000 7, ,273 Other current liabilities 238, ,790 55,806 90, ,605 89,659 1,113,460 (533,071) 1,344,805

19 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2008* (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Ajustes TOTAL NON CURRENT ASSETS 990, , ,209 3,867, , ,297 11,410,336 (3,673,862) 14,354,605 Intangible Assets 22,250 4, ,299 81,273 1,967 3,905 62, ,946 Real Estate Investments 0 (0) 51,516 2,724, ,454 2,882,014 Concessions Investments 74, , ,375 1,290,472 Fixed Assets 103,031 6,479 7, , ,117 87,680 10,229 16, ,228 Financial Assets 789, ,053 21, , ,891 34,981 11,396,202 (4,717,553) 8,726,372 Other non Current Assets , , (0) 44,996 Goodwill 0 (292,828) ,864 27, , ,577 CURRENT ASSETS 2,261,062 6,055,042 4,362,470 99, , , ,725 (862,458) 13,757,961 Non current assets held for sale 576 5,833, ,828 (575,191) 5,751,963 Inventories 603, ,090,211 16,157 24,701 53,621 15, ,805,126 Accounts Receivable 1,455, , ,525 36, , ,573 (89,425) (218,716) 2,535,446 Financial Assets 22,270 (3,472) 10,582 30,102 5,478 9, ,457 (38,815) 185,842 Cash 179,347 96,479 56,152 16, ,149 53,391 3,978 (30,462) 479,584 ASSETS = LIABILITIES 3,251,187 6,654,824 4,482,679 3,966,804 1,467, ,123 11,984,061 (4,536,320) 28,112,566 Equity 456, , ,411 1,111, , ,931 1,017,939 (1,088,202) 2,652,686 Shareholder's Equity 439, , ,940 1,106, , ,889 1,017,939 (1,216,049) 2,350,091 Minority Interests 17, ,791 3,471 5,241 9, , ,596 NON CURRENT LIABILITIES 283, , ,030 2,430, ,309 72,778 8,685,128 (3,039,020) 10,843,297 Financial Debt 94,800 1,077, ,952 2,369, ,729 52,920 5,658,387 (181,113) 9,746,412 Financial Instruments at fair value 1,042 6, ,561 12, ,639 3, ,135 Provisions 6,935 1,362 16,974 3,516 17,645 5, ,427 62,405 Other non current Liabilities 180,349 (160,448) 683,104 44,216 80,981 14,307 2,835,107 (2,871,272) 806,344 CURRENT LIABILITIES 2,511,667 5,175,112 3,301, , , ,414 2,280,994 (409,098) 14,616,583 Liabilities associated with the non current assets held for sale 0 4,977, ,443 5,014,674 Financial Debt 250,481 15,685 2,508, , , ,941 1,947,515 12,257 5,431,076 Trade Accounts Payable 1,972,321 31, ,816 46, , ,243 30,376 58,156 3,426,988 Operating Provisions 85,415 1,590 77,852 6,413 3,725 19,993 0 (540) 194,448 Other current liabilities 203, , ,434 38, ,268 83, ,103 (516,415) 549,397 *Pro forma 2008 with Itínere concessions as held for sale

20 III. BUSINESS AREA PERFORMANCE SACYR/SOMAGUE Net income for the area amounted to 2,401.0 million as at September 30, 2009, down 11.9% with respect to 3Q08. Sacyr, the strongest part of the business, contributed 1,822.0 million, 76% of the total. Meanwhile, during this period Somagues performance has been positive and as a result it has managed its income to grow 6% standing at million. The backlog as at September 30 amounted to 7,954.4 million, up 32.5% from September 2008, guaranteeing 29.8 months of activity. In terms of composition, 86.9% of the backlog represent civil work projects, 10% represent nonresidential building projects and the remaining 3.1% represent residential building projects: CONSTRUCTION BACKLOG September 2009 Millions % Civil works 6, % Non-residential buildings % Residential buildings % TOTAL 7, % 78.3% of the backlog is located in the European Union, with 34.2% pertaining to Spain, 31.6% to Italy, 11.4% to Portugal and 1.1% to Ireland. The remaining 21.7% is located in other countries, and mostly pertains to the project awarded in Panama. Therefore, as at September 30, 2009, 65.8% of Sacyr Vallehermoso s construction backlog is formed of international projects. The most significant contracts awarded during the first nine months of 2009 are the following: The Panama Canal Authority (ACP) has awarded the consortium "Grupo Unidos por el Canal" led by Sacyr Vallehermoso the construction of the third set of locks of the Panama Canal, for a total of 3,118.9 million. Grupo Unidos por el Canal (GUPC) is made up of the following companies: Sacyr Vallehermoso (Spain), Impregilo (Italy), Jan De Nul (Belgium) and the Panamanian Constructora Urbana (Cusa). 2009

21 The Ministry of Transport of the Community of Madrid has awarded the consortium in which Sacyr Vallehermoso has a 50% stake, a million euro contract to extend Metro Line 9 in Madrid. The contract is to extend the line by three kilometres so that in 2011 it reaches Mirasierra and Montecarmelo. Awarding of the Pedemontana- Veneta motorway, between the Italian cities of Milan and Venice, for approximately 2,000 million, of which 1,097.3 million correspond to the SyV Group. Awarding of a campus project for the construction of Repsol s future head office in Madrid for million. The built surface will reach 123,000 m 2, of which 66,300m 2 will be built above ground level. Awarding of construction works to a Joint Venture in which Sacyr participates for stretches 7B, 8, 9 and 10ª of Navarra s Channel, a hydraulic infrastructure which distributes water that has been regulated by the Itoiz damn throughout Navarra. The awarded stretches, between Tafalla and Pitillas, are 27.5 kilometres long and the total amount awarded was 71.8 million. The Railway Infrastructure Administrator (ADIF) has awarded Sacyr with the construction of a stretch from the high-speed line Murcia-Almería-Corredor del Mediterráneo between the towns of Los Gallardos and Sorbas in the Province of Almeria for 68.1 million. The section awarded to Sacyr has a length of 8.2 km, and runs through the municipalities of Los Gallardos, Bedar and Sorbas. Awarding of the construction of the Villacarrillo-Villanueva del Arzobispo (Jaén) stretch of the A-32 Linares- Albacete motorway for 64.1 million. Awarding Somague the implementation of the expansion project of Sines natural gas terminal in Portugal for 56.7 million. Awarding of the construction of a building for administrative use in the C/ Picasso (Seville) for 45.8 million. Awarding of the construction of the north Guntin stretch Monte de Meda junction of the A-54 Lugo-Santiago de Compostela motorway for 42.1 million. Awarding Somague with the second modernization phase of the Parque escolar Quinta das Flores schools in the city of Coimbra for 36.0 million.

22 Awarding Somague with the construction of the Riu Tuareg hotel in Cape Verde for 30.8 million. Awarding Somague with the construction of the Teatro Avenida complex in Luanda (Angola) for 28.1 million Awarding Somague the construction of the arrivals terminal of Luanda s international airport for 27.8 million. Awarding Sacyr with the complementary construction works of the Cordoba-Malaga railway line for 24.8 million Awarding Somague with the metro line works between Oporto and Gondomar for 23.4 million and the works for the Brinches Enxoé junction for 16.4 million. Awarding Somague with the contract for the construction of the Futungo municipal hospital in Luanda (Angola) for 14.8 million and the refurbishment of the Mutu Kevela school in Luanda for 11.9 million. Connecting Malaga airport s Pablo Ruiz Picasso (T2) building to the new terminal of the airport for 11.2 million. Awarding Somague with the first phase of the replanning project for the waterfront in the municipality of Horta (Azores) for 10.6 million. Redevelopment project for O'Donnell s (Madrid) former children s hospital which is going to become the new Social Affairs head office for 9 million. The building was designed in 1928 and has a total surface area of 8,242 square metres distributed in four floors VALLEHERMOSO Vallehermoso s income as at September 30, 2009, amounted to 1,337.4 million, up 69.9%, with respect to million in 2008 The high turnover figure for the first semester is due to the sales of real estate products, amounting to million and land sales amounting to million. Income from services amounted to 5.7 million.

23 Gross margin with respect to 2008 decreased as a result of the bigger contribution from land sales, which hardly had a margin. REVENUES September % Var (Thousands of euros) /08 Residential Produts 568, ,961 (15.5%) Margin / sales (%) 13.0% 28.2% Land 763,253 82, % Margin (%) 3.5% 14.6% Total Residencialt product and land 1,331, , % Services 5,727 31,534 (81.8%) MargIn (%) 100.0% 7.0% REVENUES 1,337, , % As at September 30, 2009, Vallehermoso has carried out management sales for million, of which 87.1 million correspond to sale of real estate products, which continue with the previous year s trend of low activity, and the remainder corresponds to land sales. The pre-sales portfolio amounted to million. In 2008 the turnover exceeded 1,000 million, a figure that has almost been reached in the first nine months of As a result, the current portfolio also ensures activity during the next financial year. SACYR CONCESIONES After the already explained sale of Itínere, Sacyr Vallehermoso maintains certain concessions under construction or in the ramp-up phase, which form the SyV Group s concession activity under the name Sacyr Concesiones. The stake that SyV maintains in Itínere as at September 30, 2009, which amounts to 16.3%, is recorded as a financial investment. As stipulated in IAS 39 it has been recorded as a financial asset held for sale in the balance sheet and is not reflected in the income statement. The heading "Consolidated results for the year of interrupted activities" in the SyV Group s consolidated Income Statement shows the results of all concessions assets sold to Citi since January 1, 2009, up to the takeover bid date. The financial statements for September 2008 are presented using the same criteria so that they are fully comparable.

24 Therefore, the data presented below only reflects the activity of Sacyr Concesiones. As at September 30, 2009, Sacyr Concesiones revenue was 70.5 million against 51.1 million in the first nine months of 2008 with a growth of 37.9% due to the positive evolution of the concessions, and the start of operations for the Spanish toll motorways Turia (opened in August 2008), Eresma (opened in September 2009) and Barbanza (opened in December 2008), and the opening on June 7 of a stretch of the S. José- Caldera motorway in Costa Rica. The gross operating result grew by 47.8% to 51.3 million, which allows an operating margin of 72.7% to be obtained against the 67.9% of 3Q08. The evolution of traffic in Spanish motorways during the first nine months of 2009 has been marked by the economic slowdown. Despite this, it is worth noting the good performance of Viastur and the urban transport hubs. The variations in traffic in the Eresma and Turia motorway are not significant as they started operating in September and August 2008 respectively. In the concessions of Palma-Manacor and Aunor, despite the negative traffic variations, the revenues have increased. (Millions of Euros) Revenues ADT Revenues ADT Revenues ADT Sacyr Concesiones , , % 10.5% Aunor , , % -3.2% Turia , , % -0.9% Viastur , , % 1.2% Eresma 3.7 6, ,662 n.s. 6.6% Barbanza , n.s. n.s. Pamasa , , % -2.9% Autopista San José - Caldera , n.s. n.s. Hospital del Noreste % Hospital de Parla % Intercambiador Plaza Elíptica 5.2 6,020,558 * 4.9 6,008,826 * 5.6% 0.2% Intercambiador Moncloa ,717,344 * ,446,892 * 94.4% 15.7% Neopistas % * Number of passengers September 2009 September 2008 % Var.09/08 During the first nine months of 2009 four important projects have been awarded: The concession for a period of 46 years of the Pedemontana Veneto motorway (90 km), which joins the Italian cities of Milan and Venice with expected revenues of 16,798 million. The Autoestradas Litoral Oeste motorway in Portugal of km with a concession period of 30 years. The Braga Hospital (Portugal) for a 30 year period The Azores hospital (Portugal) for a 29 year period.

25 Therefore, the group Sacyr Concesiones, at the close of September 2009 has a portfolio of 29 concessions in 6 countries. Of these, 19 are motorway concessions, with 16 in the EU (Spain: 11, Portugal: 2, Ireland: 2, Italy: 1) and 3 in America (Chile: 1 and Costa Rica: 2). Sacyr Concesiones also has ten concessions for other assets, all of which are located in Spain: 3 hospitals in Madrid; 2 hospitals in Portugal, 2 transportation hubs, also in Madrid; 1 underground line in Seville; 1 airport in Murcia and 1 service area company. As at September 30, 2009, the portfolio of recurring revenues from the activity stood at 30,898.1 million, up 132.9% from the previous year. TESTA At September 30, 2009, Testa s income was million euros. Form this figure million correspond to income from leasing property in exploitation, down 2.9% with respect to 2008 due to the lower surface area in exploitation during the period. However, rental income would have increased by 1.1% had the surface are remained the same. The remaining 4.4 million correspond to property management services. EBITDA stood at million, down 3.7% from 2008 s million, reaching an EBITDA margin on revenue of 81.8%, the same figure as for September The rentable area at the end of the period was 1,500.2 thousand m 2, slightly superior (by 0.1%) from the 1,499.1 thousand m 2 in September 2008, as the incorporation of the surface area of SyV Tower compensates for the decrease in surface area caused by the sale of a shopping centre in Madrid along with other minor assets. CB Richard Ellis appraisal value for the property was used for this sale and it resulted in capital gains of 65.4 million. The cash generated in this transaction was fully earmarked for debt repayment. The occupancy rate was 96.4% as at September 30, 2009, due to the recent incorporation of the SyV Tower offices where the area allocated for offices was still available at the close of the third quarter. The following table details the key factors that explain the changes in rental income: RENTAL PERFORMANCE September September % Var /08 Net Rental Income (Thds Euros) 191, ,211 (2.9%) Average Occupied Surface (m 2 ) 1,488,932 1,528,509 (2.6%) Average Rent ( /m 2 /month) (0.3%) Land Lettable Surface (m 2 ) 1,536,803 1,523, % Average Occupancy Rate (%) 96.9% 98.9% (2.0%)

26 As at September 30, 2009, there are projects under construction corresponding to various awarded housing development projects in the Community of Madrid, aimed at the youth market under the scheme of renting with an option to buy, which are currently at different stages of development, for 11.3 million and an elderly residence for 12.5 million and other projects. VALORIZA As at September , Valoriza registered revenues of million, with a significant increase of 11.7% against the million of September This increase is due to the organic growth in its four business areas with the implementation of new projects. Furthermore, EBITDA experienced a strong growth of 48.8% amounting to 90.7 million as at September The following chart breaks down income by business area: REVENUE (%) M ultiservices 22% Water 27% Environment 30% Alternative Energies 21% Environment: The environmental business provided an income of million, increasing the presence of the SyV Group in this sector through concessions awarded for recycling and waste appraisal (urban, sludge, container) with more than 40 installations in operation and access to other types of services (cleaning, parking meters, etc.). During 2009 the most significant projects awarded- among other projects- include the following:

27 The construction contract for a "biomethanisation" plant in the municipality of Serín (Asturias). The plant, which should come into service in 2011, will treat more than 30,000 tons of organic material per year, producing gas through recycling. The project has a budget of 20 million. The contract awarded for the municipal cleaning, solid waste collection and management of the "punto limpio" (recycling area) of Baza (Granada).It is an eight-year contract term that is extendable by another four. It has also been awarded the urban cleaning of rural nuclei and the beaches of Isla Cristina and Lepe (Huelva), lasting four and six years respectively, for a total of 47 million, which will be received during the life of the municipal concessions. The Consorcio de Aguas y Residuos de la Rioja (Rioja s Water and Waste Consortium) has awarded the management of the Ecoparque de La Rioja (Rioja s Ecopark) to Sufi for twenty years and for 197 million. The Ecoparque de La Rioja is Rioja s main urban waste collection and classification centre for waste recovery and recycling. Urban solid waste collection, removal, cleaning and placing of containers and street cleaning in the municipality of San Fernando Henares for million. This contract is for fifteen years and will provide a service to 41,000 residents. Water: Water management provided an income of 184.5million, an 11.0% increase compared with the million recorded in 3Q08. Valoriza Agua in Spain and AGS in Brazil and Portugal are responsible for this activity, supplying more than 3 million people and managing 1 million customers that demand more than 180 hm 3 of water per year. Sadyt, the company specialized in water technology has developed more than 50 wastewater treatment plants and desalination plants. During the first nine months of 2009: Valoriza Australia has been awarded a 25 year operation and maintenance contract for a desalination plant in Perth, with a capacity of 150,000 m 3 /day for 239 million. Also, Sadyt has added to its portfolio the desalination plant in the Bay of Alcudia, which will have the capacity to produce 12,000 cubic meters of desalinated water. It will supply drinking water to the towns of Alcudia and Pollença. The awarded concession is for 31.2 million. Sadyt opened the extension of the Drinking water treatment plant of Llobregat, in Abrera (Barcelona). It is the largest desalination plant in the world using Reversible Electrodialysis (RED) technology, producing a 200,000 cubic meters flow per day, which will supply water to more than 2 million Barcelona residents and part of its metropolitan area.

28 Valoriza Agua has been awarded the integral water cycle management in Guadalajara for million. This contract is for 25 years and it will supply more than 85,000 residents. Multiservices: In Multiservices, income amounted to million. During the first nine months of 2009, Valoriza Facilities, which specialises in the provision of ancillary services, has been awarded important contracts. More specifically, during the third quarter it has signed the extension of the cleaning contracts for the University of Malaga, the San Cecilio Hospitla (Granada) and the Prado Museum and the maintenance contract for the University of Oviedo. It has also won the integral maintenance contract for the prison centres of Daroca, Teruel and UAR Dependientes. Valoriza Servicios a la Dependencia, a company that was established during this period, has won varios contracts for 30.5 million to provide assistance to groups of people in a dependent situation. Contracts awarded are for home help in the municipalities of the provinces of Zamora and Jaen, home help in the city of Leon and daytime escort services in the municipality of Majadahonda (Madrid) and the management of a residence and a day centre in Barbasto (Huesca). Energy Income from the alternative energy business was million, against 83.3 million in This represents a strong growth of 70.7%. Valoriza Energía channels business from the energy sector. It specializes in the development, construction and operation of projects involving energy efficiency and renewable energy.