Strabag SE : Successful refinancing of a German A-Modell project (A8 motorway)

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Successful refinancing of a German A-Modell project (A8 motorway)

Facts & Figures

CONCESSIONAIRE: PANSUEVIA GmbH & Co. KG

(a 50:50 joint venture of HOCHTIEF

PPP Solutions GmbH and STRABAG Infrastrukturprojekt GmbH)

CONCESSION GRANTOR:

Federal Republic of Germany, represented by the federal states of Bavaria and Baden-Württemberg, ultimately represented by the South Bavarian Motorway Authority

BANKS/INVESTORS:

EIB, KfW Ipex-Bank, Nord LB, SEB, Société Générale, MEAG, LBPAM

ADVISORS:

UniCredit Bank AG, Freshfields Bruckhaus Deringer LLP, Intraplan Consult GmbH, White & Case LLP, Clifford Chance, Infrata Limited, Ove Arup & Partners International Limited, Aon Risk Solutions, BDO LLP

Contact

STRABAG SE

Marianne Gruber Konzernkommunikation

& Investor Relations Tel. +43 1 22422-1174

marianne.gruber@strabag.com

STRABAG SE

Birgit Kümmel Konzernkommunikation Tel. +49 221 824-2472

presse@strabag.com

HOCHTIEF Aktiengesellschaft Bernd Reuther

Leiter Kommunikation PPP Solutions Tel. +49 201 824-1449

bernd.reuther@hochtief.de

• Financial close for A8 A-Modell between Ulm and Augsburg
• HOCHTIEF and STRABAG hold 50 % each of concession company PANSUEVIA

Jettingen-Scheppach/Vienna/Essen, 24 June 2016 The concession company PANSUEVIA GmbH & Co. KG, along with its 50:50 joint venture partners HOCHTIEF and STRABAG, has achieved the refinancing of the A8 A-Modell. The refinancing replaces the original financing from May 2011 for the public-private partnership (PPP) motorway widening project between Ulm and Augsburg. The financial close took place on 20 June 2016 with the banks KfW Ipex- Bank, Nord LB, SEB and Société Générale, the institutional investors MEAG and LBPAM (La Banque Postale Asset Management) and the European Investment Bank (EIB), which will not only stay on board as creditor but has also made use for the first time of its new financing instrument, Senior Debt Credit Enhancement (SDCE). As a subordinated debt instrument, SDCE is designed to improve the risk position of the preferential creditors. The aim is to implement an important goal of the European Community, namely, to provide easier access for private capital to investments in transport infrastructures.

The successful refinancing allows the A8 A-Modell Ulm-Augsburg, in which the private sector holds an approx. € 400 million investment stake, to take advantage of the currently improved conditions on the financial markets and so be well-prepared for the future.

The approximately 58 km section of the A8 between Ulm and Augsburg was opened to traffic on schedule in September 2015 after slightly more than four years of construction. PANSUEVIA designed, financed, and carried out the widening of the section to six lanes and took over maintenance and operation of the section for a period of

30 years. Construction was carried out by a joint venture consisting of STRABAG Großprojekte GmbH, HOCHTIEF Infrastruktur GmbH and Ed. Züblin AG.

STRABAG SE is a European-based technology group for construction services, a leader in innovation and financial strength. Our services span all areas of the construction industry and cover the entire construction value chain. We create added

value for our clients by our specialised entities integrating the most diverse services and assuming responsibility for them. We bring together people, materials and machinery at the right place and at the right time in order to realise even complex construction projects - on schedule, of the highest quality and at the best price. The hard work and dedication of our more than 73,000 employees allows us to generate an annual output volume of more than € 14 billion. At the same time, a dense network of numerous subsidiaries in many European countries and, increasingly, on other continents is helping to expand our area of operation far beyond the borders of Austria and Germany. More information is available at www.strabag.com.

HOCHTIEF is one of the most international construction groups worldwide. The company delivers complex infrastructure projects, in some cases on the basis of concession models. The Group operates in the transportation infrastructure, energy infrastructure and social/urban infrastructure segments as well as in the contract mining business. With around 44,000 employees and a sales volume of more than EUR 21 billion in FY 2015, HOCHTIEF is represented in all the world's major markets. With its subsidiary CIMIC, the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction.

Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006. Further information is available at www.hochtief.com/press.

PANSUEVIA GmbH & Co. KG was founded in 2010 to design, finance and build a 58 km section of the A8 motorway between Ulm and Augsburg on the basis of a concession agreement concluded on 14 April 2011 and to maintain and operate the section for a period of 30 years as concession operator for the Federal Republic of Germany, ultimately represented by the South Bavarian Motorway Authority. As a joint venture of two strong partners, STRABAG and HOCHTIEF, Pansuevia GmbH & Co KG was able to complete this enormous construction project smoothly, professionally and on schedule.