significant events which occurred after the close of the year

Information has already been given of the main events which occurred after December 31 2010 in the part of the Report dealing with the performance of the business sectors.

On January 10 2011 the CIR International S.A.6.375% 2003/2011 bond was repaid at its natural maturity date.

The performance of the CIR Group in 2011 will be affected by the evolution of the macroeconomic scenario characterized by a recovery that is still weak with unclear prospects for the future. In this scenario, in view of the positive results obtained in 2010, the main operating subsidiaries of the group will continue to take action to improve their operating efficiency while at the same time engaging in business development initiatives.