TALGO INTERNATIONAL PROJECTS

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TALGO INTERNATIONAL PROJECTS MARIO ORIOL TALGO DEPUTY CHAIRMAN BARCELONA, 29 NOV 2011 ABOUT US Established in 1942 Over 70 years manufacturing trains Over 3,500 vehicles built Over 60 years maintaining trains Over 30 years manufacturing maintenance equipments Over 300 maintenance equipments built Standard and customized applications Unique technology 100% compliance with all deliveries Safety record

TALGO WORLDWIDE COUNTRIES IMPLEMENTING PROJECTS TALGO OFFICES AND MAINTENANCE WORKSHOPS MANUFACTURING PLANTS OUR VISION To: Global train integrator From: World is changing, Needs are changing, Customer profiles are changing We are adapting to offer to our clients: - State-of-the-art technology - Competitiveness - Client-oriented solutions - Flexibility

OUR BUSINESS TRAINS MAINTENACE EQUIPMENTS MAINTENANCE SERVICES TALGO TECHNOLOGICAL DEVELOPMENTS Revoluti onary c onc ept Lightweight c onstruc tion Articulat ed uni on between c ars Low fl oor coaches Independent wheels Aerodynamic design Ver y High Speed Lowest energy consumption in HS Lowest noise emissions in HS Lowes t weight i n HS Great i nterior s pac e Best in the world in accessibility 1942 TALGO I Speed: 130 km/h in tests 2001 TALGO 350 Speed: 350 km/h First commercial Talgo s ervic e in Spain Alumi nium constructi on High comf ort level for pass engers Open gangway between cars On-board s ervic es and AC equipment Talgo Maint enanc e ser vices High Speed 100% Spanish T echnolog y First locomotive with variable gauge system Dual volt age 1950 TALGO II Speed: 120 km/h in comercial servicies TRAVCA Speed : 260 km/h Guidanc e s yst em Automatic variable gauge system in 69 Night and day s ervices Qualit y i n manuf acturing and maint enanc e (more than 45 years of commercial ser vice) Seats and Night Couches Tourist, 1st Class, 1st Class PMR, Etc., Couches Bistro and Rest aurant C ouc hes Tourist, 1st Class, 1st Class PMR, Etc., Cabins Super Reclini ng Seats C ouc hes 1968 TALGO III Speed: 200 km / h PASSENGERS COACHES Speed: 160-220 km / h 1980 PENDULAR TRAIN Natural Tilting Pneumatic s uspensi on Increas ed speed t o 30% while maint aining a high level of comfort Munich test bench: 500km / h. Speed: 220 km / h TALGO 250, 250 Hybrid High Speed Interoperability Change wi dth Low energy consumption Low noise Accessibility T250: Dual Voltage Hybrid: t wo dies el engines (1800, vel 220 km /h) Speed: 250 km / h 1998 TALGO XXI Push-Pull Diesel Intercity train Aut omatic variable gauge s yst em in power heads Multiple possible configurations World Rec ord i n tracti on dies el 256 km / h Speed: 220 km / h 2012 NEW TALGO HIGH SPEED PLATFORM AVRIL Low c ons umption High capacit y 3+2 Modularit y Flexibility Use of rec yclabl e mat erials TSI European Standards Speed: 380 km / h

OUR PRODUCTS PORTFOLIO Very High Speed High Speed Intercity Locomotives TALGO TECHNOLOGICAL PRINCIPLES Lightweight construction Lower traction cost and higher acceleration Articulated union Higher acceleration and increased safety Guided axles Higher acceleration, increased safety and lower maintenance cost Independent wheels Increase comfort, decrease noise and track adaptability Natural tilting Higher speed on curves and higher confort

TALGO TRAINS ROUTES SPAIN AND EUROPE Long distance, Intercity and Inter nati onal ser vices SPAIN High Speed KAZAKHSTAN UZBEKISTAN BOSNIA & HERZEGOVINA UNITED STATES ARGENTINA TALGO 350 : THE MOST SOLD AVE TRAIN IN SPAIN Spain s most sold high speed train: 50% market share. In commercial service since 2005. More than 30,000,000 km. More than 68 different services per day in Spain. 46 trains currently in operation in Spain. Commercial speed 330 km / h. In 2010 - Talgo presents a new version of the Talgo 350, S-112. Significant improvements in services, capacity, accessibility and energy efficiency December 2010 - Opening of the service of AVE S-112 high speed line Madrid-Valencia.

TALGO 250 : INTEROPERABILITY AT YOUR SERVICE! High-speed train with dual voltage and variable gauge system In commercial operation since 2007.. More than 60 different services per day. Currently 45 units in operation in Spain. Speed: 250 km/h. TALGO 250 HYBRID : ADAPTABLE TO ANY KIND OF INFRASTRUCTURE Unique train in the Intercity/High Speed segment Travels with electric and diesel traction. Speed of 250 km / h It s expected to enter in commercial service in Spain on December 2011.

AVRIL: The Future of High Speed by Talgo has arrived! AVRIL: RESULT OF TALGO HS STRATEGY HS product portfolio: focus on high speed segment Talgo strategic approach focused on HS since 1989 Traction scope integration since 2000 Long experience in HS passenger coaches Talgo is HS constructor leader Biggest fleet of VHS and HS train-sets in Spain (Worldwide reference as HS model) Talgo global integrator Talgo 350 330 km/h TRAVCA 250km/h km/h Talgo 250 250 km/h Talgo XXI 220

AVRIL: HIGH CAPACITY Maximum height: 5290 mm Trade wide: 1455 mm Maximum capacity on a single deck configuration. A unique solution: 3,200 mm wide car: Greater interior space and comfort 2904 mm 3200 mm 3+2 configuration (tourist class): Greater flexibility in operation Maximum capacity on a single deck configuration Conv entional Car AVRIL: HIGH HIGH CAPACITY CAPACITY Seat configuration adapted to all uses: Individual passengers Couples Groups of three Families or Groups of four Larger families or group of six Intermediate seat occupied only if load factor is over 80%

AVRIL: ENERGY CONSUMPTION Minimum Energy Consumption and High Capacity Minimum weight Optimal aerodynamic drag Best-in-class eco-friendly train AVRIL Talgo Weight (t) Aerodynamic Coeff (dan//km/h)2) Energy Consumption (kwh/km) 315 0.038 11.79 AVRIL: ACCESSIBILITY Best accessibility available in the market Low floor coaches Interoperable standard platform of 760 mm Maximum respect for people with reduced mobility Minimum passenger transfer time at station

AVRIL: NEW INTERIOR DESIGN INTERNATIONAL PROJECTS

TALGO 250 "AFROSIYOB : FIRST HIGH SPEED TRAIN IN CENTRAL ASIA November 2009 Government of Uzbekistan buys two Talgo 250 for 38 million Euros. Pioneer project - First high-speed train in Central Asia. The trains cover the line Tashkent-Samarkand (268 km). Important reduction of travel time - 2 hours vs 3 hours with conventional trains September 2011 - Tests in Uzbekistan- high speed record in Central Asia (255 km / h). October 2011 Starts commercial service between Tashkent & Samarkand. TALGO BOSNIA & HERZEGOVINA, CONNECTING THE BALKAN COUNTRIES 2006 - Railways of Bosnia & Herzegovina (ZFBIH) signed a contract with Talgo for the supply of 9 compositions Talgo S- 7 passenger coaches + maintenance equipment 2010 - Delivery of the first train and beginning of the tests. The objective of the contract is to improve the connection of the main cities of the Balkans (Zagreb, Ljubljana, Sarajevo, Belgrade, Mostar and Ploce). Start of commercial service: January 2011

RUSSIA, A BRIDGE BETWEN RUSSIA AND EUROPE 2010 - Talgo and Russian Railways (RZD) sign contract for the supply of last generation passenger trains. Contract include design, manufacture and approval of: 3 trains - route Moscow - Berlin with variable gauge system Talgo RD. 4 trains to cover the route Moscow - Kiev. First Spanish export project of a variable gauge train The contract value exceeds 100 million Euros. Talgo intends to set up a base in Russia to carry out maintenance services in collaboration with RZD. KAZAJSTAN : TALGO TECHNOLOGY REDUCES JOURNEY TIME IN 9 HOURS WITHOUT ANY INVESTMENTS ON INFRASTRUCTURE. December 2001 A Talgo 6-car modernized train is delivered to Kazakhstan Temir Zholy (KTZ), July 2010 A Joint Venture named Tulpar Talgo is formed between KTZ and Talgo for the local manufacturing of passenger cars in the Republic of Kazkhstan. November 2010 First order of 420 Talgo passenger coaches to the Tulpar Talgo Joint Venture is placed by KTZ. December 2011 Tulpar Talgo new manufacturing plant opening in Astana.

HARAMAIN" TALGO 350: THE HIGH-SPEED TRAIN LINKING MECCA AND MEDINA BY TALGO October 2011 - Spanish consortium wins the largest rail contract awarded of the moment, called "TRAIN OF PILGRIMS. Spanish Consortium is integred by Talgo and other 12 companies. The project Haramain is based High Speed on Talgo Railway technology will be and a high-speed consolidates line the of 450 company kms, linking as a world the cities leader of in the export of the High Speed Spanish model. Medina and Mecca. It is estimated the trains will have an average occupancy of 166,000 passengers per day. THANK YOU!