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This is an English translation of the prospectus in the Spanish language approved by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) on 7 December 2010 in respect of SACYR VALLEHERMOSO, S.A prepared under the responsibility of SACYR VALLEHERMOSO, S.A. In the event of any discrepancy between the English translation of the prospectus and the original prospectus in the Spanish language, the latter will prevail. PROSPECTUS CAPITAL INCREASE WITH PREEMPTIVE RIGHTS FOR TOTAL CASH PROCEEDS OF EUROS 401,331,802.50 BY THE ISSUANCE OF 89,184,845 SHARES SACYR VALLEHERMOSO, S. A. This Prospectus has been registered in the Official Register of the Comisión Nacional del Mercado de Valores on 7 December 2011 As contemplated in Royal Decree 1310/2005 of 4 November 2005 and Order EHA 3527/2005 of 10 November,this prospectus has been drafted in accordance with the model set forth in Annexes I and III of Commission Regulation EC 809/2004 of 29 April 2004, on application of Directive 2003/71/EC of the European Parliament and of the Council This is an English translation of the prospectus in the Spanish language approved by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) on 7 December 2010 in respect of SACYR VALLEHERMOSO, S.A prepared under the responsibility of SACYR VALLEHERMOSO, S.A. In the event of any discrepancy between the English translation of the prospectus and the original prospectus in the Spanish language, the latter will prevail. I. SUMMARY NOTE........................................................................................................... 1 1 DESCRIPTION OF THE TRANSACTION................................................................... 1 2 REASONS FOR THE OFFER AND USE OF PROCEEDS......................................... 4 3 TIME PERIOD FOR SUBSCRIPTION FOR THE CAPITAL INCREASE AND DESCRIPTION OF THE APPLICATION PROCESS................................................. 4 4 DESCRIPTION OF THE ISSUER................................................................................ 10 5 SELECTED FINANCIAL INFORMATION............................................................... 10 6 RISK FACTORS............................................................................................................. 11 6.1 Risk factors specific to the issuer’s industry in the prevailing economic environment .... 11 6.2 Risk factors specific to the SyV Group’s business activities............................................ 21 6.3 Factores de riesgo financieros........................................................................................... 22 6.4 Risk factors relating to the securities being issued ........................................................... 26 II. RISK FACTORS............................................................................................................... 1 III. SECURITIES NOTE ........................................................................................................ 1 1. PERSONS RESPONSIBLE ............................................................................................. 1 1.1. Persons responsible............................................................................................................. 1 1.2. Declaration by persons responsible..................................................................................... 1 2. RISK FACTORS............................................................................................................... 1 3. KEY INFORMATION ..................................................................................................... 1 3.1. Working capital statement .................................................................................................. 1 3.2. Capitalisation and indebtedness .......................................................................................... 1 3.3. Interest of natural and legal persons involved in the issue/offer......................................... 2 3.4. Reasons for the offer and use of proceeds........................................................................... 2 4. INFORMATION CONCERNING THE SECURITIES TO BE OFFERED/ ADMITTED TO TRADING ............................................................................................ 3 4.1. Description of the type and class of the securities being offered........................................ 3 4.2. Legislation under which the securities have been created .................................................. 3 4.3. Representation of the shares in book-entry form ................................................................ 3 4.4. Currency of the securities issue........................................................................................... 3 4.5. Description of the rights attached to the securities ............................................................. 3 4.6. Resolutions, authorisations and approvals by virtue of which the securities will be issued6 4.7. Expected issue date of the securities................................................................................... 7 4.8. Restrictions on the free transferability of the securities...................................................... 7 4.9. Indication of the existence of any mandatory takeover bids and/or squeeze-out and sell- out rules in relation to the securities ................................................................................... 7 4.10. Indication of public takeover bids by third parties in respect of the issuer’s equity........... 8 4.11. Taxation of the securities .................................................................................................... 8 This is an English translation of the prospectus in the Spanish language approved by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) on 7 December 2010 in respect of SACYR VALLEHERMOSO, S.A prepared under the responsibility of SACYR VALLEHERMOSO, S.A. In the event of any discrepancy between the English translation of the prospectus and the original prospectus in the Spanish language, the latter will prevail. 5. TERMS AND CONDITIONS OF THE OFFER.......................................................... 19 5.1. Conditions, offer statistics, expected timetable and action required to subscribe for the New Shares ....................................................................................................................... 19 5.2. Plan of distribution and allotment..................................................................................... 31 5.3. Pricing............................................................................................................................... 32 5.4. Placing and Underwriting ................................................................................................. 33 6. ADMISSION TO TRADING AND DEALING ARRANGEMENTS ........................ 34 6.1. Indication as to whether the securities offered are or will be the object of an application for admission to trading .................................................................................................... 34 6.2. Regulated markets or equivalent markets on which, to the knowledge of the issuer, securities of the same class of the securities to be offered or admitted to trading are already admitted to trading................................................................................................ 35 6.3. Subscriptions or private placements of securities of the same class or the creation of securities of other classes for public or private placing .................................................... 35 6.4. Entities providing liquidity ............................................................................................... 35 6.5. Stabilization ...................................................................................................................... 35 7. SELLING SECURITIES HOLDERS ........................................................................... 35 8. EXPENSE OF THE ISSUE............................................................................................ 35 9. DILUTION ...................................................................................................................... 35 9.1. The amount and percentage of immediate dilution resulting from the offer..................... 35 9.2. In the case of a subscription offer to existing equity holders, the amount and percentage of immediate dilution if they do not subscribe to the new offer ....................................... 36 10. ADDITIONAL INFORMATION.................................................................................. 36 10.1. Statement of the capacity in which the advisers have acted ............................................. 36 10.2. Indication of other information in the Securities Note which has been audited or reviewed by the statutory auditors.................................................................................................... 36 10.3. Independent expert reports................................................................................................ 36 10.4. Information sourced from a third party............................................................................. 36 11. ASPECTS RELATING TO THE OFFER IN PORTUGAL....................................... 36 11.1. Information regarding the New Shares ............................................................................

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