0

Bases de la Presentación

2008 Shareholders

Meeting

Madrid, May 5th 2009

1

Disclaimer

Any declaration made in this presentation that may differ from previous past figures made in reference to, but not limited to the operational development, the business strategy and the future objectives, are to be interpreted only as future estimations, and as such, they imply known and unknown risks, uncertainties and other factors that could cause OHL’s results, behavior and achievements, or the results and conditions of its activities, to be substantially different to any future estimations.

This presentation and the future estimations contained here within, are facilitated on this date and OHL expressly declines from any obligation or compromise to facilitate any update or revision of the information contained here within, any change in its expectations or modification in the facts, conditions and circumstances in which these future estimations were founded.

2

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

3

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

4

Economic

EnvironmentThe

World Economy

in crisis

The world has enjoyed an expansive growth cycle for the last 15 years (1992-2007) having beenspecially strong in the last 4 years (2004-2007) in which the world average growth rate was 5%

In 2008 the cycle reverses, and the world economy enters in crisis due to:End of the expansive phaseExcessive increase of the fuel priceCrash of the real estate sectorMistakes in monetary policy, excessivelly expansiveFailure of the regulatory and financial supervising systemsCases of lack of responsibility in the management of of some financial institutions

Since 2008, fortunatelly, begins a coordinated global action of the World Governments, International Institutions and Central Banks to face the crisis, adopting measures in several stages:

Liquidity increaseRescue of Financial InstitutionsEconomic activity revitalization

5

Economic

EnvironmentImpact

of

the

crisis in the

Spanish

Economy

In Spain the world financial crisis takes place at the same as two other Spanish crisis (the real estate crisis and the competitiveness decrease crisis)

The real estate crisis has a greater impact in Spain than in other countries. Several years buildinghomes at a pace of 700.000 homes / year equal to two times the real sustainable demand. This crisis is produced due to:

Historically minimun interest ratesPractically unlimited access to liquidityHighest importance of homes as an investment, very specific of the Spanish culture

And

drives

to

an

approximate

stock of

homes

built

and

pending

to

be sold

of

around

one

million, that

stops the

construction

of

new

homes

and

that

will

take

around

three

years

to

be absorbed by the

market.

Better situation of the Spanish financial institutions:The strict regulation of the Spanish Central Bank has not allowed the financial institutions toinvest largelly in more risky assetsUntil today, the main problem of the banks and savings banks has been liquidity, not solvency, although the liquidity deficit causes credit restrictions and the increase of unemployment ispushing up the level of defaults

Excesive dependence on external financing due to the lack of competitiveness:10,1% deficit of the Balance of Payments in 2007 (highest percentaje in the world)

6

Economic

EnvironmentThe

Spanish

Economy

Macroeconomic

Figures 2008 2009P

GDP Growth

(1) 1,2% -3,0%

GDP (2) 1,4% -0,1%

Construction

GFCF (3) -5,8% -10,5%

ECB Interest

Rates

(3) 2,5% 0,5%

Public

Deficit

(4) 3,8% 5,8%

Unemployment

Rate

(1) 13,9% 17,7%

(1)

IMF(2)

Funcas(3)

BBVA Studies Service

Forecast(4)

2008-2011 Stability

Programme

Update

7

Construction has contributed 27% of the economic growth of the country in the last 5 years (2003-2007)Between 1997-2007, out of the 45,4% GDP growth, 10,6 points come from investment in constructioncorresponding 5,7 points to investment in residential buildingAs a consequence, the size of the construction sector turnover in Spain vs GDP (19%), is two times the size in Europe and the world (9% or 10%)

Existing stock of around one million homes pending to be sold in Spain, figure equal to the demandof three years

Economic

EnvironmentConstruction

Sector in Spain

–

Relative

Position

(2007 figures)

Construction Turnover (thousand

mn

€) (*)

% Country GDP €

Turnover per capita

World 3.650 9,2 550

E.U. 27 1.304 10,7 2.624

Germany 235 9,7 2.900

UK 179 9,1 2.944

France 167 9,0 2.600

Spain 199 19,0 4.471

(*) Facturación

en términos

nominales

Sources:

FIEC (Europe)Asia construct and Euroconstruct

(World)

8

Economic

EnvironmentConstruction

Sector in Spain

–

2008 and

Future

2008

2009Previsions

2005 -

2020 The execution of the PEIT guarantees in the long term the activity of thesector in civil engineering

According to the General Public Budget, the investment in infrastructures to be done by the Public Works and EnvironmentMinistires could increase by +4,5% (in nominal terms)

According to the Government, Public Bidding will increase by +11%

Seopan forecasts strong activity decrease that could reach doubledigits due to the decrease in the construction of homes. Civil Engineering is still expected to show positive growth

Estimated growth rate of -5,1% (real terms)

Civil Engineering has been the only segment with positive growth

Main indicators of activity:Cement consumption: -23,8%Occupied population in construction: -10,9%Public Bidding: -1,3%

Source: Seopan

9

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

10

OHL’s

PositionOHL best positioned

to

face

the

crisis’

challenges

Recourse

Net DebtRecourse

EBITDA= 2,7

Successful strategy announced in 2002 anticipating the current concerns

No real estate activityReducing the presence in residential construction since 2002Increasing international presenceIncreasing diversification, always into related to construction businesses: 56% of EBITDA comes from concessions

Healthy financial situation due to the discipline applied

No need of selling assetsNo need of refinancingsPermanent needs covered with long term debtWith important liquidity position at the end of the yearWith a controlled level of debt:

11

56%

6%20%

18%85%

5%5%5%5%3%11%

81%

OHL Domestic C.OHL International C.OHL Concessions Other

OHL’s

PositionOHL Diversified

Group (2008 figures)

OrderbookFixed

Assets

26%

12%20%

42%

EBITDA

13%7%

44%

36%

Sales Workforce

74% of

EBITDA and

90% of

orderbook

in Concessions

and

International Construction

activities

12

OHL’s

PositionThe

importance

of

the

concessions

Complementary business:Knowledge of clients, markets, technology and other aspectsHigh gowth potentialRecurrent revenues and marginsSellective investments of high profitability and controlled riskCapability to obtain financings with no recourse to OHL

Business very resilient to the world financial crisis:Growth in revenues

Traffic resistenceTolls indexed to inflation

Availability of financing, although with negative impacts:Financial entities still maintain their appetiteDevelopments public bank supportIncrease in bank spreads, term reduction and decrease in leverage levels

Increase in business opportunities:Lesser competitionIncrease of government interest in private investment in infrastructures

Lesser impact of the crisis in Latin America

13

OHL’s

PositionOHL Concesiones –

Main

Concessions

-

I -

NA100%203356Pre-operationPeruAutopista del Norte (2)

-203356Total Peru

341.03,045342Total Mexico

165.077673Total Spain

77.9582343Total Chile

101.4

60%461413Pre-operationBrazilCuritiba-Rio Grande do Sul

85.79360Total Argentina

100%18,91148.255%179123OperationMexicoAmozoc-Perote

NA63.2100%1,18832ConstructionMexicoViaducto Bicentenario

77%

100%

87%

95%100%100%

100%75%75%

60%60%60%60%60%60%

60%60%

71%

% OHL OHL InvestmentValue

771.09,7774,400Total Toll Roads

77,3030.11168OperationSpainAutovía M-4510,575154.34279OperationSpainAutopista M 12

NA10.623356Pre-operationSpainAutovía de Aragón-Tramo 1

119,673228.91,544

52OperationMexicoConmex (Fase I)NA103ConstructionMexicoConmex (II, III y IV)

NA0.713432ConstructionMexicoLibramiento Norte de Puebla

13,786 (3)37.527692OperationChileAutopista Los Andes36,20613.7154119OperationChileAutopista Los Libertadores

5,0783,226Total Brazil71,20126.7152132OperationChileAutopista del Sol

Total Investment

101.4

85.7

NANANANA

79,582141,576

60,727103,786

214,720

Average Daily Traffic (1)

7581,082

816615247501

278320

93

402Pre-operationBrazilSão Paulo-Curitiba382

562320237376

218316

60

Km

Pre-operationBrazilCuritiba-Florianópolis

Pre-operationBrazilSão Paulo-Belo HorizontePre-operationBrazilRio de Janeiro-Espirito Santo

OperationBrazilInterviasOperationBrazilVianorte

OperationOperation

Operation

Stage

ArgentinaAecsa

BrazilAutoviasBrazilCentrovias

CountryToll Roads

NA100%203356Pre-operationPeruAutopista del Norte (2)

-203356Total Peru

341.03,045342Total Mexico

165.077673Total Spain

77.9582343Total Chile

101.4

60%461413Pre-operationBrazilCuritiba-Rio Grande do Sul

85.79360Total Argentina

100%18,91148.255%179123OperationMexicoAmozoc-Perote

NA63.2100%1,18832ConstructionMexicoViaducto Bicentenario

77%

100%

87%

95%100%100%

100%75%75%

60%60%60%60%60%60%

60%60%

71%

% OHL OHL InvestmentValue

771.09,7774,400Total Toll Roads

77,3030.11168OperationSpainAutovía M-4510,575154.34279OperationSpainAutopista M 12

NA10.623356Pre-operationSpainAutovía de Aragón-Tramo 1

119,673228.91,544

52OperationMexicoConmex (Fase I)NA103ConstructionMexicoConmex (II, III y IV)

NA0.713432ConstructionMexicoLibramiento Norte de Puebla

13,786 (3)37.527692OperationChileAutopista Los Andes36,20613.7154119OperationChileAutopista Los Libertadores

5,0783,226Total Brazil71,20126.7152132OperationChileAutopista del Sol

Total Investment

101.4

85.7

NANANANA

79,582141,576

60,727103,786

214,720

Average Daily Traffic (1)

7581,082

816615247501

278320

93

402Pre-operationBrazilSão Paulo-Curitiba382

562320237376

218316

60

Km

Pre-operationBrazilCuritiba-Florianópolis

Pre-operationBrazilSão Paulo-Belo HorizontePre-operationBrazilRio de Janeiro-Espirito Santo

OperationBrazilInterviasOperationBrazilVianorte

OperationOperation

Operation

Stage

ArgentinaAecsa

BrazilAutoviasBrazilCentrovias

CountryToll Roads

(1)

Traffic figure corresponding to equivalent vehicles paying with the exception of M45 that shows the average daily intensity (ADI)(2)

Contract signed in February 2009(3)

Traffic corresponding to west sector, began operations in June 2008.

14

OHL’s

PositionOHL Concesiones –

Main

Concessions

-

II -

150.4921.4

52.4

9.7

25

63.4

OHL Investment Value

11,5491,772

300

111

424

937

Total Investment

74%60%Total Others

Passengers / Year

4.1 million

269,946

NA

6.9 million51%22 Km.2 LinesOperationSpainMetro Ligero Oeste

100%15 Km.1 LineConstructionSpainCercanías Móstoles-

Navalcarnero

33%

Airport, complementary and commercial

services

OperationMexicoToluca (Airport)

50%

% OHL

30 Ha. Inner Harbour

1,275 m. Berthing Line

OperatedFacilities

OperationSpainPuerto de Alicante

StageCountryOthers

TOTAL150.4921.4

52.4

9.7

25

63.4

OHL Investment Value

11,5491,772

300

111

424

937

Total Investment

74%60%Total Others

Passengers / Year

4.1 million

269,946

NA

6.9 million51%22 Km.2 LinesOperationSpainMetro Ligero Oeste

100%15 Km.1 LineConstructionSpainCercanías Móstoles-

Navalcarnero

33%

Airport, complementary and commercial

services

OperationMexicoToluca (Airport)

50%

% OHL

30 Ha. Inner Harbour

1,275 m. Berthing Line

OperatedFacilities

OperationSpainPuerto de Alicante

StageCountryOthers

TOTAL

15

OHL’s

PositionConcessions

Basic Valuation

(23 April

2009 Presentation)

1.201,6

497,6

455,2

358,3 78,0 45,4 4,7 2.640,8

-50

200

450

700

950

1.200

1.450

1.700

1.950

2.200

2.450

2.700

Mexico Brazil Chile Spain Argentina Peru Other TOTAL

•

Basic Valuation

of

€

2.640,8 mn•

OHL has multiplied

by 2,9 times its

investment

(€

mn)

16

83%

17%

OHL’s

PositionOHL International Group (2008 figures)

Orderbook

80%

20%

EBITDA

51% 49%

66%

34%

69%

31%

International Domestic

Fixed

Assets

Sales Workforce

Higher

weight

of

the

international

component

in every

main

parameter

17

OHL’s

PositionOHL International Group (2008 figures)

PoloniaGermanyCroaciaGreecePortugalAndorraRussiaIrakSaudi

ArabiaIndonesiaJordaniaHondurasCosta RicaPanamáVenezuelaParaguay UruguayCubaMorrocoEquatorial

GuineeTrinidad & Tobago

America: 9USACanadaMexicoEcuatorBrazilChileArgentinaColombiaPeruEastern Europe: 6Zcech

Rep.Slovch

Rep.HungaryMontenegroBosnia HerzegovinaBulgariaAsia: 3AzerbaiyanTurkeyQatarAfrica: 1AlgeriaSpain: 1TOTAL:

20

18

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

19

2008 Results

CANTÁBRICO HIGHWAY. REINANTE -

BARREIROS

20

2008 Results

EAST ROUND. ZARAGOZA FOURTH BELT

21

2008 Results

CANAL THEATRES. MADRID

22

2008 Results

NEW SOUTH TERMINAL. BARCELONA AIRPORT

23

2008 Results

SINCROTRÓN LIGHT LABORATORY. BARCELONA

24

2008 Results

FENOL CUMENO III PLANT. ERTISA. HUELVA

25

2008 Results

SAN EDUARDO TUNNELS. GUAYAQUIL. ECUADOR

26

2008 Results

TŘEBOVICE

RAILWAY CORRIDOR. CZECH REPUBLIC

27

2008 Results

TERMINAL OF JACKSONVILLE PORT. FLORIDA

28

2008 Results

TOLUCA AIRPORT. MEXICO

29

2008 Results

ORAN CONVENTION CENTRE. ARGELIA

30

2008 Results

AMOZOC-PEROTE ROAD. MEXICO

31

2008 ResultsP&L

Account

–

Main

Figures

•

Good

results

at operating

level

despite

the

complicated macroeconomic

environment

•

Double

digit

growth

of

EBITDA and

EBIT•

Net Profit

grows

+7,3%

(€

mn) 2008 % 2007 % % Var.

Sales 4.008,8 100,0 3.764,4 100,0 +6,5%

EBITDA 607,6 15,2 542,9 14,4 +11,9%

EBIT 422,7 10,5 373,7 9,9 +13,1%

Net Profit 150,7 3,8 140,5 3,7 +7,3%

32

2008 ResultsVentas

Sales grow

+6,5% mainly

impulsed

by International Construction and

Concessions

and

despite

the

fall

in Domestic

Construction

(€

mn) 2008 % 2007 % % Var.■

OHL Domestic

C. 1.786,4 45 1.973,9 52 -9,5%

■

OHL International C. 1.429,1 36 1.162,2 31 +23,0%■

OHL Industrial 25,5 0 - - n/a

■

OHL Concessions 542,4 13 435,5 12 +24,5%■

OHL Environment 119,9 3 116,8 3 +2,7%

■

OHL Developments 105,5 3 76,0 2 +38,8%TOTAL 4.008,8 100 3.764,4 100 +6,5%

33

2008 ResultsEBITDA

EBITDA growths

in every

activity

despite

the

difficult macroeconomic

scenario

and

the

negative

performance of

the

currencies

mainly

concentrated

in the

last

quarter

of

2008

(€

mn) 2008 % 2007 % % Var.■

OHL Domestic

C. 120,8 20 118,0 22 +2,4%

■

OHL International C. 111,1 18 86,9 16 +27,8%■

OHL Industrial 1,6 0 - - n/a

■

OHL Concessions 339,9 56 317,0 58 +7,2%■

OHL Environment 19,3 3 13,0 2 +48,5%

■

OHL Developments 14,9 3 8,0 2 +86,3%TOTAL 607,6 100 542,9 100 +11,9%

(1) Like

to

like

equivalent

to

+25,2%, discounting

Fumisa

and

Eje Aeropuerto provision

effects

(1)

34

2008 ResultsFixed

Assets

and

Debt

•

Infrastructure

concessions

have

concentrated

77% of

the

Group’s

investment

effort

in 2008

DEBT (€

mn) 2008 % 2007 %

•

Gross Recorse

Debt 1.138,4 32% 948,2 31%

•

Gross Non-recourse

Debt 2.382,2 68% 2.143,7 69%

Total Gross Debt 3.520,6 100% 3.091,9 100%

•

Net Recourse

Debt 716,6 26% 330,0 15%

•

Net Non-recourse

Debt 2.038,8 74% 1.930,4 85%

Total Net Debt 2.755,4 100% 2.260,4 100%

FIXED ASSETS (€

mn) 2008 % 2007 %

•

Infrastructure

concessions 3.570,3 73% 3.168,1 77%

•

Other 1.294,2 27% 1.173,7 23%

Total Fixed

Assets 4.864,5 100% 4.341,8 100%

•

89% of

gross

debt

is

long term•

74% of

net

debt

at fixed

cost•

Recourse

leverage

adecquate

to

the

rating

category

(Net Recourse

Debt

equal

to

Recourse

EBITDA (1)

multiplied

by 2,68)•

Strong

Cash & equivalents

position

of

€

765,1 mn

(1) Recourse

EBITDA = Total EBITDA –

Concessions

EBITDA

35

2008 ResultsLiquidity

and

maturity

profile

•

Total Recourse

Liquidity

available

of

€1.155 mn

as of

December 2008

•

Maintenance

of

Recourse

credit

lines

during

the

year. Most

of them

renewed, and

extensions

or

new

lines

to

cover

cancellations

Recourse

availability

(€

mn) 2008 Final Maturity

Euro Bonds 600 May 2012

Syndicated

Loan 78 January

2011 (1)

Revolving

Syndicated

Facility 225 January

2011 (2)

Group’s

revolving

credit

lines 904 Yearly

review

Other

(commercial

discount

and

mortgages) 64

Total Recourse

Financing available 1.871

Gross Recourse

Debt 1.138

Un-used

Gross Recourse

financing 733

Recourse

Cash & Equivalents 422

Total Recourse

Liquidity

available 1.155

(1)

Bi-annual

maturities

in January

and

July. Annual

amounts

of

€

31 mn

in 2009, €

31 mn

in 2010 and

€

16 mn

in 2011

(2)

Annual

maturity

in January: €

12 mn

in 2009; €

22 mn

in 2010 and

€

191 mn

in 2011

36

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

37

OHL’s

FutureBusiness Strategy

OHL DOMESTICCONSTRUCTION

Continue taking advantage of the Civil Engineering momentSelective Building:

OHL INTERATIONALCONSTRUCTION

Strong commitment with prudent criteria:

OHLINDUSTRIAL

Constructor or supplier of complete industrial plants:

OHL CONCESSIONS Core business of the GroupConcentrates the Group’s investment effortDebt in Non-recourse basis and in the same currency as collections

OHL ENVIRONMENT

Presence worldwile in water desalination and purification concessions

OHL DEVELOPMENTS High standard projects in areas of toursitic and historical interest

Growth of Non-residentialContinue reducing Residential (tending to dissapear)

Minimun 15% margin on sitePositive Cash flow since the beginningCollections guaranteed

Not only constructorIn Spain and specially abroad

Continuity

in the

implementation

of

the

stategy

announced

in May 2002

38

OHL’s

FutureFinancial

Strategy

Continuous

effort

of

optimisation

of

the

financial

structure

Long term recourse debt to cover permanent needsShort term credit lines to cover seasonalityConcessions financed in Non-recourse basis and in the same currency as collections

Dividend

policy Maintenance of 25% payout

39

OHL’s

FutureCorporate Governance

Continuously

commited

with

Corporate Governance

Disciplined compliance with the current legislation regarding Corporate GovernanceAdaptation of the set of rules and the governance bodies to the current Spanishlegislation and recomendationsInformative transparence through accesible channels, opened to shareholders andinterest groups of the Company

Public

RecognitionFor the third consecutive year, in 2008 OHL remains ranked among the companiesof the Spanish Stock Market with highest grade according to the Observatory ofCorporate Gorvernance and Informative Transparence

40

OHL’s

FutureSustainable

Development

Corporate social responsibility management of OHL Group

The Group informs since 2002, and in a separate document since 2003 through the Sustainable Development Report (SDR).Since 2005 the annual reports are externally audited by Deloitte to guarantee the reliability and transparency of the information.2008 SDR obtains the maximum application level A+, backed up by the Global Reporting Initiative (GRS), G3 version.Special mention to the 2008 Annual Report, with more improvements and innovations in the VII Edition of the Sustainability Reports Awards, awarded by the “Instituto de Censores Jurados de Cuentas de España” and the “AsociaciónEspañola de Contabilidad y Administración de Empresas”.Rewards and distinctions to several divisions and countries in Corporate Social Responsibility.

2008 main points

Inclusion of the Group in the FTSE4Good IBEX index, first index launched in the Spanish market with sustainability criteria. Transfer of the Groups headquarters to Torre Espacio, one of the most functional, ecological and emblematic buildings in Spain. OHL enters the Ibex 35.A 16% reduction in the labour accident rate index.Compromise to reduce the issuance de greenhouse effect gases.Group’s Social Action Scope Plan.Leader in relevant R&D projects and UNE 166002 certificate.

41

OHL’s

FutureOrderbook

2008 2007

Short TermLong Term

53.045

6.024

95% corresponding

to

infrastructure

concessions

17,8 months

of

total sales 10,2%

89,8%32.756

5.30213,9%

86,1%

+13,6%

+61,9%

+55,2% 38.05859.068(€

mn)

42

OHL’s

Future2009 Estimates

Maintenance of the financialdiscipline and policiesGrowth in Sales, EBITDA and Net Profit

43

Summary

I.

Economic

Environment

II.

OHL’s

Position

III.

2008 Results

IV.

OHL’s

Future

V.

Resolutions

Proposal

44

Resolutions

Proposal

FirstApproval of the Annual Accounts and the Management Report, corresponding to 2008 financial exercise of OBRASCON HUARTE LAIN, S.A. and its Consolidated Group

Second Approval of the proposal of distribution of 2008 Results

Third Approval of the management of the Board of Directors during2008

Forth Re-appointment of the Auditors of the Accounts of the Companyand its Consolidated Group for 2009

45

Resolutions

Proposal

FifthAuthorization to the Board of Directors to let the Companyacquire own shares, directly or through a subsidiary according tothe Anonimous Societies Law

SixthReduce the sock capital by amortising the own shares acquiredby the Company according to the Share Buy Back Programmeapproved by the Borad of Directors on October the 10th of 2008e 2008

Seventh Cease, appointment and re-appointment of Directors

Eigth Approval of the Report of payments to Directors drawn up by theBoard of Directors on March 31st of 2009

46

Resolutions

Proposal

NinthApproval of the Report on the issues refered in the article 116 bis of the Stock Markets Law drawn up by the Board of directors onMarch 31st of 2009

TenthDelegation of faculties for the development, notarization andregistration of the above mentioned resolutions as well as tomake de preceptive deposit of the Annual Accounts in the TradeRegister

Eleventh Approval of the Shareholders Meeting certificate