TALGO PRESENTATION, PODGORICA 25.01.10

HISTORY Established in 1942 Over 65 years in business Over 3,000 vehicles built Standard and customized applications Unique technology 100% compliance with all deliveries Safety record (accidents demonstrated crashworthiness; minimal injuries/deaths)

TALGO WORLDWIDE

TALGO WORLDWIDE USA GERMANY Kazajstán Bosnia y Herzegovina HS in Spain Spain and Europe Intercity services Ploce Mostar Belgrado Zagreb Ljubljama Sarajevo Paris Zurich Milán Lisboa Montpellier

TALGO IN UZBEKISTAN Uzbek Railway has chosen Talgo for the supply of 2 High Speed trains (Talgo 250), with international gauge (1445). Project signed in November 2009. Delivery of the trains: end of 2011 and 2012. Completely manufactured by Talgo, including power units (traction). UZBEKISTAN COURSE

INTERNATIONAL EXPERIENCE GERMANY TALGO (Deutschland) GmbH. Offices and maintenance workshop   Since 1994 – Berlin Maintenance services to DB Overnight trains connecting Munich to Berlin and Hamburg on a daily basis TALGO (Deutschland) GmbH is dedicated to maintenance activities for Talgo trains, conventional trains, and after sales services for underfloor wheel lathes and measuring equipments. The number of members of staff amounts to 87

INTERNATIONAL EXPERIENCE USA: Talgo in the USA: Subsidiary Offices and Maintenance Facility   Since 1994 – Seattle Two facilities In Seattle, WA :  Headquarters and Maintenance facilities Office for government affairs, external relations and business development in Washington DC. Maintenance services performed on the five AMTRAK Cascades trains Talgo employs 35 people and manages 23 direct labor provided by AMTRAK

INTERNATIONAL EXPERIENCE KAZAKHSTAN: Talgo Kazakhstan Offices and maintenance facility   Since 2002 – Almaty Maintenance services to TEMIR ZHOLY Integral overhauling of Talgo Rolling Stock, maintenance and repair of overhauling equipment Talgo Kazakhstan employs 51 people

INTERNATIONAL EXPERIENCE FINLAND 1999-2007 – Offices in Oulu and factory in Otanmaki Design and manufacturing of Double Deck aluminium coaches and engineering products RAILWAYS OF FEDERATION BOSNIA & HERZEGOVINA (ZFBIH) Supply of 9 loco hauled trains + maintenance equipment Delivery between 2010 and 2011 Future maintenance base in Sarajevo

EXPERIENCE TALGO TRAINS IN SERVICE IN SPAIN Talgo III Nº Trains 9 Talgo 350 Nº trains 46 4th Generation Nº Trains 16 Talgo DMU Nº trains 2 Talgo 350 Nº trains 1 Sleeper Nº Trains 38 6th Generation Nº Trains 22 Talgo 250 EMU Nº trains 45 7th Generation Nº Trains 11 TOTAL Nº Trains 190 Nº CARS > 2,190

TALGO TRAINS COMPARED WITH THE REST: THE BEST IN: NOISE EMISSIONS ACCESIBILITY (550mm-760mm) INTERIOR SPACE NUMBER OF AXLES PER TRAIN FLEXIBILITY ONE OF THE BEST IN: ENERGY CONSUMPTION PER SEAT RUNNIG QUALITY AND BEHAVIOUR CONFORT FOR THE PASSENGERS VALUE ADDED SERVICES: MAINTENANCE

TALGO TECHNOLOGICAL PRINCIPLES

TALGO RECENT DEVELOPMENTS A New Development for Passenger and Freight Transport

TALGO RECENT DEVELOPMENTS A New Development for Passenger and Freight Transport 1st 100% Spanish High Speed Loco 1st Loco with Variable Gauge available in the market

TALGO RECENT DEVELOPMENTS New Hotel Train 7th Generation

Electric, dual voltage and variable gauge TALGO RECENT DEVELOPMENTS TALGO 250 INTERCITY

TALGO RECENT DEVELOPMENTS TALGO 250 HYBRID TRAIN Suitable for use on both gauges (European standard and Iberian), both electrified (25 kV and 3 kV) and without electricity. Maximum speed: 250 km / h. Energy required to operate in non-electrified routes is obtained from the two generators mounted in the car ends. Coach Unit/train Seats/coach Seats Power Head 2 Technical car Tourist 6 36 216 Bistro 1 1st class PRM 23 1st class 26 Global Places 265

TALGO RECENT DEVELOPMENTS The Future of High Speed by Talgo!

TALGO ACTIVITIES AND PRODUCTS Train maintenance Manufacturing On-board operation Feed-back Know-how Maintenance

TALGO ACTIVITIES AND PRODUCTS Maintenance results Night train TALGO PENDULAR Talgo PENDULAR DB AG (Germany) RENFE (Spain) AMTRAK (USA) Reliability 99,90% 99,86% 99.79% Availability 100% 99,99% 99,95%

TALGO ACTIVITIES AND PRODUCTS Equipment for maintenance The Talgo know-how is also used for the development of maintenance equipment for railway vehicles: Under floor Wheel Lathes Towing Cars Bogie changing equipment Wheel changing equipment Laser driven Equipment for Automatic Measurement of Wheel Parameters (EVA) Equipment for Ultrasonic Crack Detection on the Wheel Surface (DSR)

TALGO ACTIVITIES AND PRODUCTS Equipment for maintenance: World References

FINANCIAL SUPPORT IN CONCESSIONARY TERMS FAD / FEV LOANS What is this? Spanish State’s loans at concessionary terms: Low interest rates Soft repayment Concessionary rate Grace period What institutions do intervene? Ministry of Industry, Turism & Commerce (approval) Official Credit Institute, ICO (payment) Spanish Commercial Office (procedures) Ministry of Transport / Ministry of Finances (request) Key issues Not commercial feasibility. FEV authorized only if there is exportation/investment project

FINANCIAL SUPPORT IN MARKET TERMS INTEREST RATE POLICY (CARI) Spain ensures credit profitability to the financial entity. This is a financial incentive that allows fixed interest rates to long term credits. What is this? What conditions does the system have? Fixed “r” > variable “r” + margin ICO pays to private financial entity Fixed “r” < variable “r” + margin private financial entity pays to ICO What institution do intervene? Official Credit Institut, ICO (financial agency) The buyer / importer and the seller / exporter The financial entity Articulated under a loan. Importer subscribes for CARI. Applies for buyer credit (min. 2 years) Key issues Acts as a system to secure the interest rates market conditions of the loan against market variations

TALGO’S PROPOSAL FOR COLLABORATION WITH RAILWAYS OF MONTENGREO To carry out a simulation to demostrate the journey time reduction between Bar and Belgrade with Talgo tilting coaches In other projects related with locos, passengers coaches, maintenance equipment and maintenance services Analyse possibilities for industrial local collaboration To provide financial solutions: leasing, private financing or public financing in the acquisition of rolling stock

For more information: www.talgo.com Thank you very much!! For more information: www.talgo.com