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15th of November 2010

Juan LladóCEO

Nine Month 2010Results Presentation

11

BACKLOG & AWARDS

9M 2010 FINANCIAL RESULTS

OUTLOOK

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INDEX

22

€m

9M 2010 BACKLOG

4,820

3,040

4,713 4,711

6,302

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2006 2007 2008 2009 9M 10

BacklogBacklog

Oil and gas Power

BACKLOG REACHEDA NEW RECORD LEVEL

BACKLOG ABOVE € 6 BILLION FOR THETHIRD CONSECUTIVEQUARTER

33

BACKLOG ANALYSIS

15%

11%

19%

55%

≤ 2007 2008 2009 2010

BY GEOGRAPHYBY AWARD DATE

Spain 5%

ROW 43%

Europe 15%

Rest of Middle East

11%

Saudi Arabia 26%

44

BY CLIENT

UTILITIES & OTHERS

5%

IOCs 40%

NOCs 55%

48%

45%

7%

OBE LSTK OTHER

BY CONTRACT TYPE

BACKLOG ANALYSIS

55

AwardsAwards

€m

9M 2010 AWARDS

2,6612,621

3,582

2,207

3,580

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2006 2007 2008 2009 9M 2010

AWARDS IN 2010WILL SET A RECORDFOR THE COMPANY

66

Highlights

LNG Storage TankMejillones, Chile

EPC project for an onshore LNG storage tank in the North of Chile, Mejillones. TR completed the first phase of the terminal.

The project includes a full containment onshore LNG storage tank(175,000 m3). The facility will provide natural gas for electricity generation.

Contract value: USD 140 million.

The tank is part of the Mejillones terminal, which is owned by a JV formed by GDF Suez, one of the main European power producers, and Codelco, the world largest copper producer.

3Q 2010 AWARDS

BOLIVIA

PARAGUAY

CHILE

Mejillones

77

Highlights

LNG terminal and tanks, China

EPC project for three LNG tanks and engineering for a LNG terminal in Zhuhai, in the Guangdong province, in the People’s Republic of China.

The project includes the construction of three LNG tanks (160,000 m3 capacity) and a LNG terminal (3.7 Mtpy production).

Contract in JV with Tianchen Engineering Corporation. TR’s stake USD 140 millon.

Guangdong Zhuhai Golden Bay LNG is a corsortium lead by CNOOC. CNOOC is a Chinese state-owned oil company and one of the three major national oil companies of the country.

3Q 2010 AWARDS

88

Highlights

Package 1 Yanbu Project, Saudi Arabia

EPC project for package 1 of the Yanbu project in Saudi Arabia.Project includes: engineering, procurement and construction of adelayed coker unit (114,000 bpd capacity) and a mercaptan removal unit (12,000 LPG treatment capacity).Contract value: USD 770 million.Saudi Aramco is the first oil producer in the world with large oil and gas investment plans. This contract is the seventh project awarded to TR by the same client.

3Q 2010 AWARDS

99

BACKLOG & AWARDS

9M 2010 FINANCIAL RESULTS

OUTLOOK

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1010

SALES AND EBITDA GROWTH

2,0631,916

2,6342,479

0

500

1,000

1,500

2,000

2,500

3,000

2008 2009 9M 09 9M 10

SALESSALES

€m

EBITDAEBITDA

€m

121114

156148

0

30

60

90

120

150

180

2008 2009 9M 09 9M 10

+8%+8%+7%+7%

1111

MARGIN STABILITY

5.9%5.9%6.0%5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2007 2008 2009 9M 10

EBITDA MARGINEBITDA MARGIN

%

EBIT MARGINEBIT MARGIN

5.4% 5.7% 5.7% 5.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2007 2008 2009 9M 10

%

1212

FINANCIAL RESULTSProfit and Loss Account

€€ millionmillion

RevenuesRevenues

EBITDAEBITDA

MarginMargin

EBITEBIT

MarginMargin

Net Net FinancialFinancial ResultsResults

ProfitProfit BeforeBefore TaxesTaxes

TaxesTaxes

Net Net IncomeIncome

2,063.3

121.4

5.9%

116.2

5.6%

-3.2

112.2

-18.0

94.2

1,915.9

113.8

5.9%

108.4

5.7%

6.0

114.6

-10.4

104.2

77.7%

6.6%

7.2%

-2.1%

-9.6%

9M 109M 10 9M 099M 09 Var.Var. 20092009

2,634.3

155.9

5.9%

149.0

5.7%

12.8

160.8

-15.4

145.4

1313

SETTLEMENT OF TAX AUDIT

AGREEMENT WITH TAX AGENCY TO INCREASE TRANSFER PRICES FOR RESOURCES ASSIGNED TO JV’s (UTEs) OPERATING ABROAD

TAX AUDIT SETTLEMENT BREAKDOWN:

CONCEPT CONCEPT AMOUNT AMOUNT

€€ MILLION MILLION ACCOUNTING TREATMENTACCOUNTING TREATMENT

2004 – 2007 Assesments 22.6 Retained earnings reduction

Delayed interests 3.6 2010 Financial Expense

2008 – 2009 Corporate tax increase 13.1 Retained earnings reduction

TOTAL 39.3

1414

NET CASH POSITION

0

300

600

900

2007 2008 2009 9M 10

€m

422

575

796

511

Net cash position at September 30th, 2010: € 511 million

0.34

1515

BACKLOG & AWARDS

9M 2010 FINANCIAL RESULTS

OUTLOOK

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1616

OUTLOOK

Backlog increase guarantees revenue growth

Healthy, diversified backlog helps to derisk future margins

Competitiveness of TR’s bids in recent major projects

Large bidding pipeline in all divisions and regions

Strong investment levels foreseen longer term

1717

Disclaimer

This document has been prepared by Tecnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first nine months of 2010.

This document contains forward-looking statements of the Company and/or its management. These forward-looking statements such as statements relating to the Company's or management's intent belief or current expectations of the future growth in the Company's business and capital expenditure in the oil and gas industry in general are subject to risks and variables that are beyond the Company's control and that could materially and adversely affect the outcome and financial effects of the facts expressed implied or projected herein.

The Company is under no obligation to update or keep current the information contained in this presentation including any looking forward-statements or to correct any inaccuracies that may later become apparent.

No representation or warranty express or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates advisors or representatives shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This document is only provided for information purposes and does not constitute nor may it be interpreted as an offer to sell or exchange or acquire or solicitation for offers to purchase any share in the Company. Any decision to buy or invest in shares in relation to a specific issue must be made on the basis of the information contained in the relevant prospectus filed by the Company in relation to such specific issue.