Fomento de Construcciones y Contratas S A : FCC's Board of Directors proposes a project to spin off the Real Estate and Cement area into a new listed company

At its meeting held today, May 16, the Board of Directors of the FCC Group approved the project for the partial financial spin off FCC in favor of a new company called Inmocemento, which will integrate the Real Estate and Cement business areas. This operation will be submitted for approval at FCC's General Shareholders' Meeting, to be held on 27 June.

The spun-off assets of FCC, which will be transferred to Inmocemento, consist of FCC's shares in FCYC and Cementos Portland Valderrivas, 80% and 99%, respectively.

Through this transaction, FCC shareholders will receive the same number of shares of Inmocemento as they hold in FCC, and will be listed independently, giving shareholders greater flexibility in managing their investment.

The aim is to differentiate the strategy, management, and valuation of the new group with respect to FCC and to facilitate the perception and maximization of the value of both groups separately by the markets.

The spin-off process is expected to be completed before the end of the year.