PRESS RELEASE

SACYR EARNS 61 MILLION EUROS TO JUNE AND REDUCES DEBT BY 660 MILLION EUROS For the first time in the group's history, international revenues accounted for over 50% of the total Madrid, 31 July 2013.- The attributable net profit of the Sacyr Group in the first half of

2013 amounted to 60.8 million euros, compared to the loss recorded in the same period of 2012. This positive result confirms the group's good business performance and ratifies the appropriate strategy it is carrying out of focusing on its core businesses (construction, infrastructure concessions and services) and its new industrial division, opening new international markets, reducing costs and debt, and improving profitability.

EBITDA amounted to 260 million euros (-1.4%) to 30 June 2013, i.e. slightly less than in

1H12 but better than in the first quarter due mainly to narrower margins as a result of the impact of the legislative reform in renewable energy. The group's gross margin remained stable at 15.5%, evidencing once again the strength in all its core businesses and the success in monitoring its profitability.

Operating revenues amounted to 1.804 billion euros to June, i.e. 1.8% less than in the same period of last year although an improvement on the first quarter due to the slowdown in construction activities in Spain and Portugal, the changes in the consolidation scope of the infrastructure concession activity, and a smaller gross leasable area at Testa after the sale of a building in Miami (USA).

For the first time, international revenues accounted for over 50% of the total (52%), which was a sizeable increase of 19% with respect to the same period of last year. In this

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sense, the highlights in the first half of the year were the company's entry into five new markets: the UK, Peru, Qatar, India and Mozambique; as well as the new contracts obtained in Brazil, Angola and Cape Verde, with which it will focus more on internationalising the group in the coming quarters.
The Group still commands a strong revenue backlog of 38.998 billion euros largely underpinned by the most recurring businesses: Sacyr Concesiones accounts for 50% of the total, and Valoriza 30%.
54% of the total portfolio stems from internacional activity; in construction, this percentage rises to 82%, due to the strong tendering activities being carried out in countries outside Spain.
The group's debt was reduced by 660 million euros after the latest divestments of rental assets and infrastructure concessions, so Sacyr's debt amounted to 7.983 billion, nearly
8% less than at 2012 year-end. All the divestments were made above book value, clearly showing the quality of Sacyr's assets. Financial expenses continued to decrease: in the first half, they fell by 14.5% with respect to the same period of last year.

Construction (Sacyr Construcción + Somague): Revenues in this area reached

931.1 million euros (7.1% less than in 2012), largely due to the slowdown in activity in Spain (-19%) and Portugal (-27%). International sales accounted for 57% of the total, versus 51% in the first half of 2012.
The large order book amounted to 5.866 billion euros, guaranteeing 38 months of activity. At 30 June 2013, 82% of the group's order book came from international projects thanks to the intense bidding activity carried out to obtain contracts such as those in Brazil for
150 million euros, Angola for 106 million euros, Mozambique for 177 million euros, Qatar for 70 million euros, Peru for 59 million euros and India for 33.6 million euros.
Regarding the Panama canal expansion contract, in the last few days the first four gates for the new locks were shipped from Trieste (Italy) and will arrive by the end of August at
the construction site headed by Sacyr.

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Infrastructure concessions (Sacyr Concesiones): In the first half of the year, Sacyr Concesiones obtained concession revenues amounting to 74.6 million euros, i.e. 5.7% higher than in the same period of 2012. Total revenues stood at 120.6 million euros, of which 45.9 million euros were construction revenues, compared with 54.6 million euros in the first half of 2012. The EBITDA margin remained at good levels: 66%. During the period, Sacyr Concesiones sold its stake in Autopista del Sol and the concession rights over Autopista del Valle, both in Costa Rica.

After 30 June and within its policy of rotating mature assets, Sacyr Concesiones closed the sale of its 45% stake in the M50 Dublin Ring Road (Ireland) for an overall amount of
125 million euros, which will be used to reduce debt and foster new concession projects.

Property rentals (Testa): Testa's turnover in the first six months of the year was

119.5 million euros, i.e. 4.8% lower as a result of a smaller gross leasable area at Testa. The variation would have been -2% in like-for-like terms. EBITDA stood at 143.1 million euros, i.e. 20.6% higher due to the sale of a building in Miami in April 2013; not including this divestment, the EBITDA margin remains at 80%, in line with the data of the first six months of 2012. The occupancy ratio in Testa buildings is 97% (virtually full occupancy).
In April, Testa sold an office building in Miami (USA) for 141 million euros. Since the end of the first half, Testa has signed the sale of its French subsidiary Tesfran, which owns Tour Adriá in Paris, for 450 million euros, thus considerably reducing its debt while concentrating on its rental activity in Spain.

Services (Valoriza): In the first half of 2013, Valoriza earned 552 million euros, 4.4% up on the same period of 2012. EBITDA amounted to 59.5 million euros (-28.4%) due to the impact on the operating margins of the legislative reform in renewable energy and a lower construction activity in some contracts. Revenue by area was as follows: Environment reported sales of 147.5 million euros, Water 155.7 million, Multi-services 131.8 million, and Industrial 117.3 million.

In the first half of 2013, Valoriza Servicios Medioambientales was awarded Lots 2 and 3 of the comprehensive public service management contract to clean and maintain the public spaces and green areas of Madrid for 8 years, extendable for a further 2, for an
overall amount of 681 million euros (this service will start on 1 August) and the regulated

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parking management (S.E.R.) in the beach area of Castelldefels (Barcelona) for
35 million euros for 5 years, extendable for a further 5.
On the other hand, Sacyr Industrial obtained two new gas and oil contracts in Bolivia for
23.5 million euros; Valoriza Facilities won several cleaning contracts worth 23 million euros and obtained the management of the Domenech i Montaner nursing home in Badalona (Barcelona) for 3.3 million euros; Valoriza Conservación de Infraestructuras will carry out emergency work in the Arán Valley for 6.3 million euros; and Valoriza Agua will operate and maintain several wastewater treatment plants in Madrid for 29 million euros.

Residential property development (Vallehermoso): At 30 June 2013, Vallehermoso's revenues were 56.2 million euros, compared with 49.2 million euros in 1H12. This was the result of a significant reduction of land and housing stock (111 homes were

registered, 15% of the stock at December). At 30 June, 604 homes were pending sale.

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