SACYR REPORTS EBITDA OF 155 MILLION (+50%) IN THE FIRST HALF

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1 PRESS RELEASE Debt down 3,600 million following sale of Testa SACYR REPORTS EBITDA OF 155 MILLION (+50%) IN THE FIRST HALF International construction revenue represents 72% of the total, while the Group steps up its concession profile Madrid, August 31, The Sacyr group reported a 50.2% year-on-year increase in first-half 2015 EBITDA to million, with all divisions contributing. (16% more, if concessions now account for global consolidation are excluded). The gross margin improved considerably, from 8.8% to 11.6%. Revenue jumped 14% to 1,338.6 million, while net attributable profit rose 1.6% to 61.7 million; the smaller increase in the bottom line was due to the inclusion in 1H14 of one-off gains on the disposal of certain assets. On June 8, 2015, Sacyr signed an agreement to sell Testa for 1,794 million (i.e. premium to NAV of 17%), enabling it to reduce debt by 3,600 million. This major deal reinforces the group's strategy of focusing on its core businesses (construction, infrastructure concessions and services) and the new industrial division by penetrating new international markets. On 31 July, the group acquired 50% of Fluor SA, the Spanish subsidiary of multinational engineering company Fluor Corporation, for 39 million and set up the 50/50 SacyrFluor joint venture. Other milestones for the group in the period were the three infrastructure concession project wins in Colombia between May and July, bolstering the group's business in 1

2 Colombia and Sacyr Concesiones' foothold in Latin America, where it now has 11 assets, and underscoring the group's concession profile. The group continues to press ahead with its international expansion; international business now represents 51% of revenue. Growth abroad was particularly strong in the Construction division (+13%). The revenue backlog reached 28,150 million, comprising mostly recurring business: Sacyr Concesiones accounted for 50% the total and Valoriza 22%. International activity represents 42% of the total backlog. In construction, it represents 85% as a result of the tenders outside Spain, while in services it amounts to 31% and in concessions to 35%. After the sale of 77% of Testa, Sacyr's debt has fallen by 3,600 million. The company has already earmarked nearly 1,000 million to pay down debt: 611 million for repayment of the loan taken out to fund the acquisition of the stake in Repsol, a 50% reduction in corporate debt, an 80% decrease in debt from the interest in Itínere and other multigroup policies. Sacyr has also built up its cash position, enabling it to invest in its core businesses. At the same time, equity increased by 30%. BUSINESS PERFORMANCE Construction (Sacyr Construcción).- Revenue increased by 7.6% year-on-year to 748 million, driven mainly by 13% higher international revenue. The contribution of international revenue was steady at 72%. EBITDA contracted slightly compared to the same period last year owing to the slowdown in certain projects in Angola and Brazil, mostly caused by the drop in crude prices. The construction backlog expanded by 7% to 5,316 million, at 5,316 million, of which over half (55%) are for contracts outside Spain. The international backlog increased by 7% in 1H15 and includes major contract wins, such as the construction of Pumarejo bridge in Colombia for 223 million and the second phase of the Ulster University campus project in Belfast for 190 million. The company also won contracts in Mexico and Chile, among 2

3 others. In Spain, wins included the 17 million contract to reform and enlarge the Hospital del Mar hospital in Barcelona, a 16 million urban work project in Murcia and the 7 million contract to expand the MSC terminal at Valencia airport. After the end of the reporting period, Sacyr Construcción won the design and construction contract of the QEZ-1 (Qatar Economic Zone 1) urban development works in Ras Bufontas (Qatar) worth 415 million. Infrastructure concessions (Sacyr Concesiones).- Total revenue through 30 June amounted to 264 million (+25% year-on-year) and EBITDA to 89.9 million (+144% yearon-year). The increase in EBITDA was mostly the result of the change in consolidation method of eight assets; stripping out this impact, EBITDA would have increased by 24% on the back of higher traffic, the advanced stage of concession works in Chile and the start-up of operation of a section of the Rutas del Desierto (Chile) motorway at the end of The EBITDA margin remained at healthy levels (69.4%). Concession revenue in the period amounted to million, up 23% year-on-year (excluding the impact of the change in consolidation scope). Sacyr Concesiones entered the Colombian market by winning three concession projects between May and July as part of the 'Fourth Generation of Motorways' program: the upgrade, improvement and operation of the 202km-long Corridor 5 between Puerta de Hierro - Cruz del Viso, with an investment of roughly $275 million (approx. 241 million); the construction, in a consortium, of the 176km motorway to Mar 1 with estimated investment of $1,000 million (approx. 900 million); and the construction and concession to run the Pasto- Rumichaca motorway, entailing an investment of $1,073 million (approx. 967 million). Also in the first half, the company sold a 30% stake in the concessionaire of the Hospital de Antofagasta (Chile) hospital to Dominion Global Access -Sacyr Concesiones will retain a 70% holding- and the 49% stake in concession company Ruta del Limarí (Chile). In May, it brought into service the first 100km stretch of the Chilean motorway from La Serena to Vallenar, run by concessionaire Rutas del Algarrobo. 3

4 Industrial (Sacyr Industrial).- Sacyr Industrial delivered a 36% year-on-year increase in 1H15 revenue to 113 million, while EBITDA amounted to 7,5 million, leaving an EBITDA margin of 6.7%. The order backlog also increased, by 3% to 2,499 million, with a 62% increase in international orders. The main contract wins were the adaptation to new fuel specifications in La Pampilla in Peru for million and substation and transmission line work in Mexico for 12 million. Sacyr stepped up its commitment to the industrial division considerably with the creation in July of Sacyr Fluor which, under the umbrella of Sacyr Industrial, will provide engineering services and EPC (engineering, procurement and construction) project management in the oil & gas and on-shore petrochemical industries in Spain, southern Europe, North Africa and certain countries in Latin America. Sacyr Fluor's pro-forma revenue in 2014 amounted to 44.8 million (with a 148 million backlog), while the forecast for 2016 points to 88 million. Services (Valoriza).- Revenue at Valoriza amounted to million (+3.1%), led by increases in the Environment and Multiservices businesses. EBITDA reached 30.9 million (+12.5%). The breakdown of revenue by area was: Environment, 153 million; Multiservices, million; and Water, 65 million. Valoriza's revenue backlog stands at over 6,195 million, of which 31% involves international projects. 1H15 contract wins include a 71 million street cleaning and waste collection contract in Guadalajara and other similar contracts worth 20 million for Valoriza Servicios Medioambientales; a 9 million waste treatment contract in Formentera and a 9 million network and water connection maintenance contract for the Madrid area for Valoriza Agua; a number of cleaning contracts for a combined 14 million for Valoriza Facilities; and contracts worth 5 million for Valoriza Conservación. Meanwhile, Valoriza Minería secured mining rights and permits to commence test drilling at the San Finx (A Coruña) tungsten and tin mine. 4

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