Obrascon Huarte Lain S.A.

Capital/Financing Update • May 14, 2018

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RNS Number : 0216O

Obrascon Huarte Lain, S.A.

14 May 2018

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

If you are in doubt about any aspect of this notice and/or the action you should take, you should consult immediately your stockbroker, bank manager, solicitor, accountant or appropriately authorised independent financial adviser.

14 May 2018

RESULTS OF EXERCISE OF REDEMPTION OPTION FOLLOWING CHANGE OF CONTROL

OBRASCÓN HUARTE LAIN, S.A. (the "Issuer")

Notice to the holders of the outstanding

€400,000,000 4.750% Senior Notes due 2022 of the Issuer (ISIN: XS1043961439)

(€394,500,000 in principal amount outstanding at the date hereof)

(the "Notes")

The Issuer refers to the terms and conditions of the Notes (the "Conditions") as set out in the prospectus dated 6 March 2014 and the notice of put option following change of control dated 12 April 2018 (the "Put Event Notice"). Capitalised terms used in this Notice and not defined herein shall have the meanings set out in the Conditions.

NOTICE IS HEREBY GIVEN that:

1.         Pursuant to and in compliance with the Conditions, on 21 May 2018 the Issuer shall redeem the total aggregate principal amount of Notes in respect of which the Put Option has been duly exercised at the Put Amount (as defined below).

2.         The Early Put Redemption Amount for each Note is 101% of the principal amount of such Note plus accrued and unpaid interest up to (but excluding) the Put Date (as defined below) (the "Put Amount"). The Put Amount in respect of €100,000 in principal amount of Notes is €101,839.

3.         The total aggregate principal amount of Notes to be redeemed is €71,481,000, resulting in a total principal amount of Notes outstanding following redemption on 21 May 2018 of €323,019,000.

4.         Pursuant to Condition 5, the Issuer is to redeem, or at its option purchase (or procure the purchase of), the Notes in respect of which the Put Option is exercised on the date that is seven days after the expiration of the Put Period, being 19 May 2018 (the "Put Date"). Pursuant to Condition 8(e), however, if the due date for payment of any amount in respect of any Note or Coupon is not a business day, the holder shall not be entitled to payment of the amount due until the next succeeding business day, and shall not be entitled to any further interest or other payment in respect of any such delay. As a result, as stated in paragraph 1 above the Notes in respect of which the Put Option has been duly exercised shall be redeemed on 21 May 2018.

Important Notices

None of the Issuer, Intertrust Management Spain, S.L. (formerly Structured Finance Management (Spain), S.L.) as Commissioner and The Bank of New York Mellon, acting through its London Branch as Paying Agent, expresses any view or makes any recommendation as to whether the Noteholders would be acting in their best interests by exercising the Put Option. If any Noteholder is in any doubt as to the action it should take, it should consult its own independent financial, tax and or other professional advisers.

Further Information

For further information, please contact:

Miren Sotomayor - Head of Investor Relations

Tel: +34 91 348 4191

Email: mirens@ohl.es

Governing Law

This notice and any non-contractual obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, English law.

This notice does not constitute an offer of securities of the Issuer or any person.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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