Abertis Letter of Intent Conference Call (1744C)

TIDM50ML

RNS Number : 1744C

Obrascon Huarte Lain, S.A.

26 April 2012

London Stock Exchange

Madrid, April 26(th) 2012

Ref.: Notification of Significant Event: Abertis Letter of Intent Conference Call

Dear Sirs,

The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following Significant Event:

As announced yesterday, April 25(th) , with the significant event published in the LSE, the company Obrascon Huarte Lain, SA (OHL) held today at 11:30 CET a conference call with analysts and investors. This conference call was not supported with any written documentation, therefore no information before the conference has been published as a significant event.

During the conference call, the management of the company answered the different questions and doubts about the impact that the transaction announced could have in the pro forma financial statements of OHL, if it should ultimately be completed.

These clarifications have been essentially the following:

- Capital gains after tax, if the transaction where to take place, would be of approximately 1.2 billion euros valuing Abertis' share at around 12.5EUR, approximate average price for the last three months, which is considered to be more representative than the current share price.

It was clarified that this is an estimation exercise and that the final capital gain obtained will depend on Abertis' stock price on the settlement date of the transaction, which is yet not known.

- If this where so, this would mean approximately doubling the equity attributable to the parent company of OHL Group at December 31st 2011.

- Reduction of the net recourse debt to 860 million euros (pro forma 31(st) December 2011), equivalent roughly to 2 times 2011 pro forma EBITDA, taking into consideration the dividend that OHL would have been paid in 2011 if it had held a 14.7% stake in Abertis.

- Reduction of the total net debt in 1.3 billion euros, pro forma at December 31st 2011, with which the total net debt would amount to 3.4 billion euros.

- Increase in earnings per share of around 20%, pro forma for the fiscal year 2011, if the transaction had taken place with effect January 1st 2011.

- It has been said that there are no plans to pay any extraordinary dividend, and that the company has no intention in changing its dividend policy of recent years.

- The potential impact that the participation in Abertis may have in OHL's construction backlog has not been estimated.

Yours faithfully,

Jose Maria del Cuvillo Peman

Vice-Secretary of the Board of Directors

This information is provided by RNS

The company news service from the London Stock Exchange

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