IL&FS Transportation Networks announced that the Board of Elsamex SAU, Spain ('Elsamex') a material subsidiary of IL&FS Transportation Networks has has conducted a detailed analysis of the evolution of Elsamex, the financial risks, the lack of liquidity to meet the due dates and the latest court resolutions.

Pursuant to the aforementioned analysis, the Board of Directors of Elsamex have unanimously agreed for initiation of voluntary insolvency proceedings in Spain.

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