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Obrascon Huarte Lain (50ML)


Monday 12 March, 2012

Obrascon Huarte Lain

Correction of Manifest Error ISIN XS0606094208

RNS Number : 1891Z
Obrascon Huarte Lain, S.A.
12 March 2012



€425,000,000 8.75% SENIOR NOTES DUE 2018
(ISIN CODE: XS0606094208)


Notice is hereby given that the €425,000,000 8.75% Senior Notes due 2018 (the "Notes") issued by Obrascón Huarte Laín, S.A. (the "Issuer") listed on the London Stock Exchange's Regulated Market, were amended on 5 March 2012 with the consent of the Issuer, the Fiscal Agent and the Commissioner.

Pursuant to Condition 13 (Syndicate of Noteholders, Modification and Waiver) of the Terms and Conditions of the Notes, the Issuer, the Fiscal Agent and the Commissioner confirm that in their opinion the modification to the Terms and Conditions of the Notes (the "Amendment") is to correct a manifest error and is not prejudicial to the interest of the Noteholders. Specific details of the Amendment to the terms and conditions of the Notes, as set out in the Supplemental Agency Agreement dated 12 March 2012, are set forth in Schedule 1 hereto. The Amendment shall be effective as from (and including) 5 March 2012.

This Notice to Investors is supplemental to, and should be read in conjunction with, the prospectus dated 21 March 2011 and the fiscal agency agreement dated 30 March 2011 (the "Fiscal Agency Agreement"). Unless the context otherwise requires, terms defined in the Fiscal Agency Agreement shall have the same meaning when used in this Notice to Investors.

The Issuer hereby confirms that, to the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this Notice to Investors in the context of the issue of the Notes is true and accurate in all material respects and not misleading and that there are no other facts the omission of which would make any statement herein misleading in any material respect. The Issuer accepts responsibility accordingly.


Obrascón Huarte Laín, S.A.

12 March 2012


Amendments to the Terms and Condition of the Notes

The Issuer, the Fiscal Agent and the Commissioner have sanctioned and approved the modification and amendment of the Terms and Conditions of the Notes by the deletion of €43.63 in Condition 3(a) of the Terms and Conditions of the Notes and its replacement by €43.75.

Condition 3(a) will now read as follows:

3.         Interest

(a)        Interest Rate: Subject to the following paragraph in this Condition 3(a), the Notes bear interest from and including the Closing Date at the rate of 8.75% (the "Rate of Interest") per annum payable semi-annually in arrear on March 15 and September 15 in each year (each, an "Interest Payment Date"), commencing with the Interest Payment Date falling on September 15, 2011. The amount of interest payable on each Interest Payment Date in respect of the Determination Period ending on such Interest Payment Date, shall be €43.75 per Calculation Amount, except that the first payment of interest, to be made on September 15, 2011, will be in respect of the period from (and including) the Closing Date (but excluding) the Interest Payment Date falling on September 15, 2011 and shall be €40.51.

If interest is required to be paid in respect of a Note on any other date, it shall be calculated by applying the Rate of Interest to the Calculation Amount, multiplying the product by the relevant Day Count Fraction and rounding the resulting figure to the nearest cent and multiplying such rounded figure by a fraction equal to the denomination of such Note divided by the Calculation Amount, where:

"Calculation Amount" means €1,000;

"Day Count Fraction" means, in respect of any period, the number of days in the relevant period, from (and including) the first day in such period to (but excluding) the last day in such period, divided by the product of (1) the number of days in the Regular Period in which the Determination Period falls and (2) two;

"Determination Period" means the period (i) from (and including) March 15 in any year to (but excluding) the next September 15 and (ii) from (and including) September 15 in any year to (but excluding) the next March 15, as applicable;



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