Spanish stock markets closed 2013 with a strong annual gain.

Spain welcomed 57.5 million foreign visitors (Jan-Nov 2013) and reported a tourism revenue of 55.9 million €, a record in Spain’s tourism history.

8’7%Tourism incomegrowth

3’4

180

638

2007 201420122009 2010

Net foreign investment grew during Q3 2013 53’2%21’4%

Risk Premium Evolution Exports Evolution (bn €)

Spanish export share (Jan-Sep 2013), has grown by 5,6% to reach 1,69% of the global trade.

Net optimism of Spanish businesses has climbed 58 percentage points since last year.

Business OptimismNet percentage* of businesses reporting optimism for economic outlook (next 12 months)

Spain

Southern Europe*

Eurozone

Q4 2010 Q4 2011 Q4 2012 Q4 2013

22

-15

-50-67

-9

-8

8

-16-22

-50-38

-62

2010 2011 2012 2013Jan-Oct

153.6

Sou

rce:

Gra

nt T

horn

ton

IBR

201

4

179.3 188.6 196.6

Grant Thornton International Business Report 2014

Revenue Profitability Exports

Companies’ Performance IndicatorsNet percentage* of business expecting an increase (next 12 months)

Spanish companies are sure

about the robustness of their

exports and forecast a strong recovery in

revenue and profitability...

*Net Percentage: total expecting an increase less total expecting a decrease

Source: Grant Thornton IBR 2014

-95

-4-10 -15

14

-9 3 3

32

1220 18

29

40

23 2530

Q42012

Q42013

Q42011

Q42012

Q42013

Q42011

Q42012

Q42013

Q42011

Q42012

Q42013

Q42011

Q42012

Q42013

Q42011

Q42012

Q42013

Q42011

Spain

Southern Europe*

*Southern Europe includes Italy, Spain and Greece www.GrantThornton.es

Employment OutlookNet percentage* of business expecting an increase (next 12 months)

Investment OutlookNet percentage* of business expecting an increase (next 12 months)

New Buildings Plant & Machinery Research & Development

Q4 2013

Q4 2012

Q4 2013

Q4 2012

9-3

3113

Q4 2013

13Q4 2012

4

...so they are planning new investments in

areas that matter most.

Companies are beginning to think in hiring to prepare for the brighter future ahead.

Q4 2010 Q4 2011 Q4 2012 Q4 2013

1

-5

2

6

-9-4

-16

Spain

Southern Europe*