OHL México announced in late December that today its subsidiary Concesionaria Mexiquense, S.A. de C.V. (Conmex) has completed a U.S.$1.4 billion debt refinancing.

Conmex is the concessionaire of the Mexico City Beltway, a concession with a term through 2051, for the design, construction, exploitation and operation of 155 km of toll roads of the Highway System for the East of the State of Mexico (Sistema Carretero del Oriente del Estado de México), also known as the "Circuito Exterior Mexiquense".

OHL Mexico refinanced the project through several instruments:

• The issuance by Conmex of 1,633,624,000 in aggregate principal amount of 5.95% UDI denominated Senior Secured Notes due 2035 and 2,087,278,000 in aggregate principal amount of UDI denominated Zero Coupon Senior Secured Notes due 2046, where Goldman, Sachs & Co. acted as initial purchaser and sole book-running manager;

• A credit facility to Conmex denominated in Mexican pesos for an aggregate principal amount of MXN$6,465 million (US$510 million) from Goldman Sachs Bank USA as initial lender and administrative agent; and

• A credit facility to Organización de Proyectos de Infraestructura, S. de R.L. de C.V., a subsidiary of OHL México and parent of Conmex, denominated in U.S. Dollars in aggregate principal amount of U.S.$300 million from Goldman Sachs International as initial lender and administrative agent.

The UDI (Unidad de Inversión) is an inflation based indexed unit created by the Central Bank of Mexico (Banco de México), and linked to the Mexican peso.

The notes and the Conmex credit are senior obligations of Conmex and will be guaranteed by certain collateral mainly granted over accounts receivable derived from the toll collected from the "Circuito Exterior Mexiquense" and 100% of the shares representative of the capital stock of Conmex. The OPI credit is a senior obligation and it will be guaranteed by certain collateral mainly granted over 100% of the equity interests representative of the capital stock of OPI.

OHL Mexico plans to use the net proceeds from the issuance of the notes, the Conmex Credit and the OPI credit for the prepayment of the existing debt in Conmex and related expenses.

The concession was granted by the State of Mexico in February 2003 to Conmex, an indirect subsidiary of the Spanish construction and concession conglomerate Grupo OHL.