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2016-02-23

Empresas ICA, S.A.B. de C.V.: ICA Announces Resignation of Alonso Quintana, Status of Its Business Plan, and Timing of Its Fourth Quarter Results

MEXICO CITY, Feb. 23, 2016 (GLOBE NEWSWIRE) --Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA),
the largest infrastructure and construction company in Mexico, announced that
Alonso Quintana Kawage has informed the Company of his decision to step down
as Chief Executive Officer, effective immediately, in order to facilitate the
Company's restructuring process.

The Chairman of the Board will convoke an Extraordinary Board Meeting to
propose the nomination of Mr. Luis Zárate Rocha as the Company's CEO. It is
expected he will work alongside Alfonso González Migoya, who will continue to
serve as Deputy CEO during the restructuring process. Upon his confirmation
by the Board, Mr. Zárate, who has focused on the construction business during
his time at the Company, will lead ICA's operations, which continue to be the
Company's priority, while Mr. González and Chief Restructuring Officer
Guadalupe Phillips Margain will be responsible for carrying out the
restructuring of the Company.

"I remain firmly committed to supporting the Company, especially during this
important time," Mr. Quintana said.

In turn, Mr. Bernardo Quintana, ICA's Chairman of the Board, said, "On behalf
of the board and management team, I would like to thank Alonso for his
leadership and dedication to the Company."

Mr. Zárate has been affiliated with ICA for over 40 years, during which time
he has served as a member of the Board of Directors and Executive Vice
President in charge of overseeing civil construction of the Company. During
his time at ICA he worked in business development as well in construction and
infrastructure projects. Since 2000, Mr. Zárate has served on the board of
Grupo Aeroportuario del Centro Norte, S.A.B.de C.V. In 2012, Mr. Zárate was
elected president of the Mexican Chamber of the Construction Industry for the
period from 2012 to 2015 and was also elected in January 2012 president of
the Mexican Energy Conservation Trust (Fideicomiso para el Ahorro de Energía
Eléctrica). Mr. Zárate holds a degree in civil engineering from the
Universidad Nacional Autónoma de México, where he has been a professor of
engineering since 1978.

Additionally, ICA announced that its board of directors is expected to review
and finalize ICA's medium-term business plan by mid-March 2016. As previously
announced on December 18, 2015, this business plan has been prepared by ICA
with the assistance of its advisors Rothschild and FTI Consulting. ICA
expects that it will begin engaging with key constituencies, including
creditors, following the board of directors' approval of its business plan.

In conjunction with these efforts to complete the initial restructuring plan,
ICA expects to release its Fourth Quarter 2015 results by the end of March
2016. The Mexican National Banking and Securities Commission or CNBV permits
postponement of results for a period of up to 20 business days after the
deadline under special circumstances. ICA has informed the CNBV and the BMV
accordingly.

Such forward-looking statements are subject to various risks and uncertainties
and may differ materially from actual results or events due to important
factors such as changes in general economic, business or political or other
conditions in Mexico, Latin America or elsewhere, changes in capital markets
in general that may affect policies or attitudes towards lending to Mexico or
Mexican companies, changes in tax and other laws affecting ICA's businesses,
increased costs, unanticipated increases in financing and other costs or the
inability to obtain additional debt or equity financing on attractive terms
and other factors set forth in ICA's most recent filing on Form 20-F and in
any filing or submission ICA has made with the SEC subsequent to its most
recent filing on Form 20-F. All forward-looking statements are based on
information available to ICA on the date hereof, and ICA assumes no
obligation to update such statements.

Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA
carries out large-scale civil and industrial construction projects and
operates a portfolio of long-term assets, including airports, toll roads,
water systems, and real estate. Founded in 1947, ICA is listed on the Mexican
and New York Stock exchanges. For more information, visit
ir.ica.mx.

For more information, please contact:

Gabriela Orozco
gabriela.orozco@ica.mx

Christianne Ibánez
christianne.ibanez@ica.mx

relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3012

Pablo Garcia
Chief Financial Officer
pablo.garcia@ica.mx

In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via Globenewswire

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