Shareholders

Ownership structure

(at 31 december 2009)

The company does not keep a nominal register of its shareholders, so it only knows the composition of its ownership structure through the information they submit to it directly or publish in application of legislation concerning significant shareholdings (which, generally speaking, obliges shareholders to report shareholdings in excess of 3% of total share capital), and through the information provided by the Spanish central securities depository, clearing and settlement company Iberclear, which the company compiles ahead of its General Shareholders’ Meetings.

Accordingly, based on the information available to Indra, at 31 December 2009 its main shareholder was Caja Madrid, with a 20% stake, followed by Corporación Financiera Alba, with a 10% stake, Casa Grande de Cartagena with 5.68% and CajAstur, with a 5.00% stake. Furthermore, according to the records held by the Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV), Barclays Bank and Fidelity International Ltd reported, on 21 November 2005 and on 11 December 2009, holding stakes of 5.15% and 2.013%, respectively.

Distribution of capital

The distribution of share capital by tranche, in accordance with data from the General Shareholders’ Meeting held in June 2009, is as follows:

At 31 December, treasury shares totalled 866,640, representing 0.53% of the total shares in the company.

Indra and the sector

Following the turmoil that hit the financial markets and the global economy in 2008 and early 2009, stock markets welcomed the stabilisation of the financial and banking markets and the steady improvement in worldwide economic expectations as 2009 progressed. Against this backdrop, the leading global stock markets closed 2009 with overall gains of more than 20%, although they did not recover to pre-crisis levels.

As a cyclical sector, the computer services industry was not immune to this expectation of economic recovery, as evidenced by one of the main industry indices, the FTSE eTX, which in 2009 gained a massive 48%.

After closing 2008 on a relatively positive footing, with respect to both the Ibex and the European technological sector, Indra’s shares closed 2009 up 2%, evidencing its defensive nature.

The chart below shows Indra’s performance compared to the IBEX 35 and the European computer services companies’ average (baseline 100).

In this “Investor Relations” section of the website, we provide shareholders with permanent, updated and detailed information about the company:

• Key figures, financial and stock market data.
• Corporate governance information.
• Quarterly financial statements in userfriendly PDF and Excel formats.
• Dividend information.
• The latest presentations to investors and analysts.
• The investor calendar, including the annual schedule of events arranged with analysts and investors and projected quarterly earnings publication dates.
• Analysts’ recommendations on Indra, including their latest reports.
• Information regarding the next General Shareholders’ Meeting and meeting held over the last few years and the possibility, when the time comes, of following meetings online.
• The Annual Report, in user-friendly interactive and PDF formats.

Furthermore, Indra belongs to the Spanish Association for Investor Relations (Asociación Española para las Relaciones con Inversores - AERI), as part of its policy to ensure best practices in communications with shareholders and with the financial community as a whole.

Transparent, truthful and rigorous information

Indra’s long-standing commitment to transparency in disclosure means that the company now has a number of different channels enabling it to offer a substantial amount of information to its shareholders and investors. Furthermore, these channels are adapted so as to meet the information requirements of various investor profiles, from small shareholders to institutional investors:

• Website: An award-winner for the quality of the financial information it contains, this is our main window of communication with usershareholders and investors
• Shareholders Office: The contact channel for all kinds of shareholders and investors, to deal with any kind of enquiry.
• Shareholders Bulletin: Specially designed for minority shareholders. (http://www.indracompany.com/en/accionistas/revista-delaccionista)
• One-on-one meetings
• Visits with institutional investors.

Good governance: the basis of sustainable development

Indra has a set of internal standards and regulations, adapted to the best practices in corporate governance and designed to ensure the good governance of the company (www.indracompany.com/en/accionistas/regulations ).

• General Shareholders’ Meeting Regulation (updated in June 2007).
• Board of Directors Regulation (updated in December 2007)
• Internal Code of Conduct in Matters Relating to the Securities Markets (updated in December 2009).
• Bylaws (updated in June 2008).

From the outset, Indra has always taken on board the requirements of the Unified Code on Good Corporate Governance. Accordingly, in 2009 we made further headway in compliance with the guidelines of this Code, submitting our remuneration policy report for approval as a separate item on the agenda.

Indra is also working to make the structure of its governing bodies help the company to grow (www.indracompany.com/en/accionistas/organos-de-gobierno). In particular, we are paying special attention to fostering gender diversity in the Board of Directors. For Indra, diversity is a lever of innovation, at Board level too, and it is therefore a factor that generates competitive advantages for the company. In this connection, Indra is one of the Spanish companies with the largest number of female independent directors. The three female independent directors on the Board together represent 20% of Board members, and 43% of independent Board members.