January-March. Presentation of results _1Q08. Labrador - dce4071c-b0bc f-f5d ac

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1 on 3/2/2009 at 10:22 AM Presentation of results _1Q08 14 May January-March

2 2 Table of contents 1. Introduction Key data Analysis of the consolidated income statement Analysis by sectors Toll Roads Telecommunications Airports Car parks Logistic services Analysis by geographical markets Consolidated balance sheet Debt structure and trends Consolidated cash flow statement Investments Appendices Appendix I: Summary of significant events Appendix II: Events subsequent to 1Q Appendix III: Contact details Appendix IV: Disclaimer... 26

3 1. Introduction abertis performance was positive in the first quarter of 2008, a period in which figures are not comparable due to the positive impact of the Easter week effect and the fact that 2008 is a leap year (91/90 days= +1.1%), and the negative impact of Aumar (due to the opening of an alternate route in March 2007) and Aucat (as rail service was free due to problems with work on the high-speed train route, which affects the Sitges-Casteldefel stretch). At the end of March 2008 the absolute figures are still not representative in annual terms, as percentage growth rates cannot be extrapolated to the full year. It is important to note the exceptional traffic strength registered in 1Q07 due to good weather conditions, when ADT increased by 7% in Spain and 5% in France, respectively. We are unable to establish a trend or ascertain what impact the current economic situation will have until the 1H08 figures are released. In contrast, a potential economic slowdown should be offset by higher CPI in the future, which implies higher tariffs. abertis continued to pursue its diversification strategy in 1Q08 by acquiring 100% of Desarrollo de Concesiones Aeroportuarias DCA in the airport sector for 273 Mn. It is also currently in process the acquisition of 28.4% of Hispasat for a total of 199 Mn, while in toll roads the acquisition of an indirect 23.52% stake in Autopista Central and a 24.5% indirect stake in Rutas del Pacifico, both in Chile, by acquiring 49% of their holding company Invin, S.L. for a total of around Mn. Since January 2008 has been fully consolidated on the balance sheet 100% of DCA (74.5% of MBJ-Jamaica fully consolidated, 33.33% of AMP-México and Aerocali-Colombia proportionally consolidated, 5.77% of GAP Mexico equity accounted and 14.77% of SCL-Chile as a financial stake. The company is currently analysing the recording of the Purchase Price Allocation (PPA) of the acquisition of DCA (which was completed on 28 March). First quarter figures were not affected by the acquisition of Hispasat and Autopistas Chilenas (as these deals have not been finalised). The key figures for 1Q08 compared to the same period last year are as follows: Activity: Total ADT 1 at abertis grew 2.4%, excluding Aumar grew by 3.1%, and the number of passengers at TBI advanced 8.3%. o It is important to emphasise the highly seasonal nature of the toll roads business, which grows until July and which peaks in Easter Week and in the months of July and August. In addition, the first quarter of 2007 was exceptionally positive, making comparisons difficult due to the positive impacts of Easter Week/ 2008 being a leap year and the negative effects of Aumar/Aucat. 1 In 2008 and 2007 (for comparative purposes), three small changes in the ADT calculation were made, which affect their absolute values but have virtually no impact on percentage changes: 1) ADT, at all group concessions, is considered to be ADT from tolls (excluding exempt transactions), 2) for the calculation of aggregate ADT, the company accounts for 50% of Avasa's ADT rather than the previous 100% and 3) the ADT calculation includes total kilometres for each concession, including kilometres on free stretches (until now only toll kilometres were counted). 3

4 o o In the toll road business, abertis accumulated total ADT amounted to 23,745 vehicles, which represents 2.4% growth yoy: up 2.0% at abertis Spanish toll roads and up 2.2% at Sanef. Stripping out the impact on Aumar, explained in detail in previous quarters, abertis total ADT grew by 3.1%, and in Spain by 3.9%. In the airport business, the positive trend seen in 1Q07 continued: the number of TBI passengers rose 8.3%, with outstanding contributions from Luton (up 9.2%), Orlando (up 26.8%) and Skavsta Stockholm (up 34.5%). The car parks business had 94,472 managed spaces at the end of March, an increase of 6,512 new spaces (up 7.4%). Revenues increased 5% to 844 Mn, with highlights as follows: o o o o o The toll road sector (76% of total revenue and 87% of EBITDA), made solid progress and grew 6.2%, driven by traffic (up 2.4%), the revision of tariffs, discounts, improvements in the traffic mix and others (2.7%) and the positive impact of 2008 being a leap year (1.1%) The telecoms business (12% of total revenue and 8% of EBITDA) continued to perform well and in line with forecasts (up 5%), bearing in mind that 1Q07 was the strongest of the year (up 14%), benefiting from the entry of analogue channels such as la Sexta at the end of In 1Q08, positive performance was driven by a price increase to reflect CPI and by broader analogue coverage of la Sexta, regional DTT coverage and an increase in wholesale services to operators, offsetting the loss of the Nexus contract. The revenues of the airports business (7% of total revenue and 3% of EBITDA) are not fully comparable since 2007 included SFB Fueling under the proportional method (it has been accounted for under the equity method since 4Q07) and due to currency depreciation (-13% average exchange rate in the period vs. the euro). On a like-for-like basis, revenues rose 9.5%. In like-for-like terms the division posted solid growth at the operating level, mainly due to a sharp rise in TBI s passenger traffic numbers (8.3%) and an increase in revenue per passenger (2.9%). In the car parks business (4% of total revenues and 2% of EBITDA), revenue performance cannot be compared either, since 2007 included 1 Mn in capital gains from the sale of parking spaces; revenues grew by 4.7% (0.4% in real terms) on a like-for-like basis. Small absolute variations result in significant percentage variations. The logistics infrastructure sector (1% of total revenue and 1% of EBITDA), driven by the acquisition of logistics assets acquired at the end of 2007, made solid progress and grew 58%. EBITDA rose 5% to 530 Mn, in line with revenue growth. Small impacts on the consolidation structure and operational issues, chiefly at Acesa, Sanef, abertis Telecom, TBI and Saba, make comparisons difficult. Each of these impacts will be explained in detail at the income statement section and the section for each of the businesses. Net attributable profit to equity holders of the parent company amounted to 134 Mn, which represents growth of 9.4%, buoyed by the greater contribution of equity 4

5 consolidated companies (Eutelsat) and the positive effect of the reduction in the corporate income tax rate in Spain. Net debt at 1Q08 amounted to 13,153 Mn (58% non-recourse). Debt at fixed rates remains high (83%) as does long-term debt (88%), with an average maturity of 7.9 years. Gross debt stood at 13,539 Mn ( 12,873 Mn at the end of 2007) largely due to the financing of the acquisition of logistics assets ( 202 Mn), DCA ( 273 Mn) and the acquisition of treasury stock ( 201 Mn). The average cost of the debt following refinancings and new issues was 5.2%. Net cash flow (prior to investments and dividend payments) generated in 1Q08 amounted to 303 Mn, up 4% yoy. Group capex in 1Q08 totalled 394 Mn (91% expansion capex): DCA ( 273 Mn), 35.4 Mn operational capex and 85.4 Mn in other expansion capex. These figures do not include the deals for Hispasat or the Chilean toll roads, both of which have yet to be completed. We expect these acquisitions to be tied up over the first half of Dividends and the bonus share issue The payment of a gross final dividend payable against 2007 earnings of 0.28 per share was approved at abertis General Shareholders Meeting held on 1 April. This was paid on 11 April. The total dividend charged against 2007 earnings is 0.56 per share, 12% higher than the 2006 dividend. Dividend payments for 2007 total 357.5Mn (a payout of 52% on consolidated net profit), an increase of 17.6% on the total amount paid in 2006, including the effect of a bonus share of 1/20. The General Shareholders Meeting also approved a traditional bonus share issue consisting of one new share for every 20 old shares, a transaction worth 95.7 Mn. The period for bonus allocation and/or negotiation of rights will run from 12 to 26 May 2008, inclusive. 5

6 2. Key data Trends in the key business and financial indicators: Business indicators 1Q2008 1Q2007 Chg. Toll roads: Average Daily Traffic (ADT) Acesa 32,595 31, % Aumar 20,910 21,364 (2.1%) Aucat 29,911 29,920 (0.0%) Iberpistas 27,887 26, % Avasa 13,350 11, % Castellana 6,219 5, % Aulesa 4,921 3, % Total Spain 24,418 23, % (1) Sanef (France) 21,801 21, % Gco (Argentina) 67,895 63, % Total abertis 23,745 23, % (2) Telecom No service centres DTT 4,345 3, % % DTT coverage 85% 80% 6.3% Airports TBI Total passengers 5,289 4, % CODAD No flights 30,819 27, % Car Parks: Distribution of spaces No. of spaces 82,810 75, % No. of metered parking spaces 11,662 12,577 (7.3%) Total 94,472 87, % 6 (1) Excluding Aumar effect, grows by 3.9% (2) Excluding Aumar effect, grows by 3.1%

7 Financial indicators ( Mn) Total revenues 1Q2008 1Q2007 Chg. % of total 2008 Toll Roads % 75.9% Telecom % 11.8% Airports (5.9%) (1) 7.1% Car Parks % 3.9% Logistics % 0.9% Corporate and other services % 0.4% Total revenues % 100% EBITDA Toll Roads % 86.9% Telecom (2.6%) 7.6% Airports % (2) 2.8% Car Parks (9.4%) 2.4% Logistics % 0.7% Corporate and other services (2) (5) 53.7% (0.4%) Total EBITDA % 100% EBITDA Margin Chg p.p. Toll Roads 71.9% 73.1% (1.2) Telecom 40.5% 43.7% (3.2) Airports 25.0% 21.8% 3.2 Car Parks 39.3% 43.6% (4.3) Logistics 47.0% 33.6% 13.4 Corporate and other services n.a. n.a. n.a. Total EBITDA Margin 62.8% 63.2% (0.4) 1Q2008 1Q2007 Chg. EBIT % Net profit % Net cash flow % Net debt 13,153 12,510 (3) Note: Contribution to the group, with consolidation adjustments at source (1) 9.5%, on a like-for like basis (excluding currency impact and changes in consolidation scope). (2) 16.6%, on a like-for like basis (excluding currency impact). (3) Net debt at the end of 2007.

8 3. Analysis of the consolidated income statement ( Mn) 1Q2008 1Q2007 Chg. Total revenues % Operating expenses (314) (295) 6.5% EBITDA % Depreciation (199) (197) 1.4% EBIT % Finance results (147) (134) Share of profits (losses) of associates PROFIT BEFORE TAX % Income tax expense (60) (60) PROFIT FOR THE PERIOD % Attributable to minority interest (13) (11) NET ATTRIBUTABLE PROFIT TO EQUITY HOLDERS OF THE PARENT COMPANY % Revenues Revenues climbed 5% in 1Q08 from 1Q07, to 844 Mn. The performance of the business and tariff increases in large part explain this increase. At the toll road business, revenues rose 6.2%, in large measure thanks to the positive performance of traffic (up 2.4%), toll revisions, discounts, improvements in the traffic mix and other impacts (up 2.7%) and the sharp 37% increase in Masternaut s revenues at Sanef. The fact that 2008 is a leap year also boosted revenues (91/90 days = 1.1% increase) In the telecommunications infrastructure sector, revenues increased by 5.2%. This growth is mainly due to CPI-linked price increases and the expansion of analogue and digital coverage. Revenues at the airports business are not comparable, as SFB Fueling was included in the consolidation structure in 2007 (it is now equity accounted). The sharp growth in TBI s passenger traffic numbers (8.3%) and the upward revision of fees generally, but at Luton in particular (54% of TBI s total revenues), were the chief catalysts. Like-for-like revenues in constant currency rose 9.5% (excluding 8 ( Mn) 1Q2008 1Q2007 Chg. Revenues Sanef % Acesa % Aumar % Aucat % Iberpistas % Avasa % Gco 8 8 0% Others 8 7 7% Total toll roads % Telecom % Airports (6%) Car Parks % Logistics % Corporate and other services % Total revenues % Nota: Contribution to the group, with consolidation adjustments made at source 12% 7% By sectors 4% 1% 76%

9 currency impact and changes in consolidation scope). Car parks boosted its revenues by 4.7% like-for-like, excluding a 1 Mn capital gain from the sale of parking spaces at Travessera, due mainly to strong holders revenues and changes to the consolidation scope. Logistics revenues grew sharply (+58%) as they include 2 Mn from the acquisition of logistics assets from Inmobiliaria Colonial. Corporate and other services includes Serviabertis and the contribution of the holding company Operating expenses External services and personnel costs rose 6.5% overall, mainly due to HIT/Sanef (integration of Webraska personnel, acquisition with effect from April 2007, and other impacts) and ACDL/TBI (up 7.3% vs. 10%, excluding SFB Fuel). Personnel expenses amounted to 134 Mn (43% of operating expenses). The average workforce in 1Q08 stood at 11,510 (10,908 in 2007), 54% of whom worked outside of Spain EBITDA EBITDA amounted to 530 Mn, up 5% year-on-year and in line with revenue growth. It is important to point out that small variations are outweighing percentage variations. This is unrepresentative growth that cannot be extrapolated to the year as a whole. The following are performance highlights: The toll roads business grew 4.4% and the EBITDA margin stood at 71.9%, a lower growth rate that is chiefly due to lower revenue growth in the case of Acesa (agreed 5.9% salary increase) and Sanef (due to the integration of Webraska and higher growth at businesses with a smaller margin such as Masternaut, Eurotoll and Bet Eire Flow). At the telecomunicaciones unit, EBITDA fell by 3%, due to the transfer of expenses ( 2.3 Mn) previously consolidated as corporate servicios (excluding this effect, it climbed 3%), and a higher expense related to the rollout of DTT which has not yet been transformed into revenues. Airports, where the curtailment of expenses and higher fees have driven 8% growth, outpacing the increase in revenues, excluding the negative currency impact (+16.6%). 9 ( Mn) 1Q2008 1Q2007 Chg. EBITDA Sanef % Acesa % Aumar % Aucat % Iberpistas % Avasa % Gco 4 4 (19%) Others % Total toll roads % Telecom (3%) Airports % Car Parks (9%) Logistics % Corporate Nota: aportaciones and other al consolidado services con ajustes (2) de consoli (5) dación en o54% rigen Total EBITDA % Nota: Contribution to the group, with consolidation adjustments made at source 8% By sectors 3% 2% 1% 87%

10 3.4.- Depreciation Depreciation is largely unchanged from 2007 at 199 Mn (up 1%). ( Mn) 1Q2008 1Q2007 Chg. Toll Roads (158) (155) 2% Telecom (17) (17) (4%) Airports (16) (18) (9%) Car Parks (5) (4) 21% Logistics (2) (1) 86% Corporate and other services (2) (2) n.a. Total (199) (197) 1% EBIT With depreciation virtually unchanged, percentage growth in EBIT was slightly greater than the increase in revenues and EBITDA. EBIT totalled 330 Mn, giving a gross margin (EBIT/revenues) of 39.1% (38.7% in 2007) and an increase of 6.5% Finance results Net financial losses grew 9.4%, mainly due to the impact in 2008 of the acquisition of logistics assets, the acquisition of an additional 4.61% of Brisa and three months of financial expenses at Eutelsat (in 2007 financial expenses began to accrue on 23 January). There was no impact from the acquisition of the DCA group in 1Q Share of profits (losses) of associates The share of profits (losses) of associates increased to 12 Mn, chiefly as a result of the Eutelsat acquisition (mainly due to its contribution to earnings and the provisional accounting impact of the PPA in March 2007). The balance is mainly derived from Atlantia ( 11 Mn) Income Tax Expense The corporate income tax expense is not strictly comparable due to the reduction in the Spanish tax rate (from 32.5% in 2007 to 30% in 2008), which has a positive impact in 2008 due to lower effective taxation. At the end of 1Q08, the effective tax rate was 32.6% (34.1% in 2007) Attributable to minority interests The minority interests presented a greater attribution to HIT partners due to the improvement in positive earnings at HIT/Sanef Net attributable profit to equity holders of the parent company Net attributable profit to equity holders of the parent company amounted to 134 Mn, an increase of 9.4%

11 4. Analysis by sectors Toll Roads Activity and earnings analysis Profit and Loss account ( Mn) 1Q2008 1Q2007 Chg. Revenues % EBITDA % Margin 71.9% 73.1% (1.2) p.p. EBIT % Margin 51.1% 51.4% (0.3) p.p. EBIT (2) % Margin 47.3% 47.4% (0.1) p.p. Note: Contribution to the group, with consolidation adjustments at source EBIT: excludes depreciation of revalued assets (PPA Sanef) EBIT (2): includes all depreciation expenses Activity and earnings analysis The toll road unit maintained its position compared with March 2007 as the business with the largest weighting in the company. This sector accounts for 76% of total group revenues and 87% of EBITDA. It is important to emphasise the highly seasonal nature of this business, which grows until July and peaks in Easter Week and in the months of July and August. In addition, the 1Q07 was exceptionally positive, making comparisons difficult due to the positive impacts of Easter Week/ 2008 being a leap year and the negative effects of Aumar and Aucat. Very favourable performance of abertis traffic with respect to 2007, with an increase of 2.4% in total accumulated ADT, to 23,745 vehicles. ADT increased 2.0% year-on-year in 11 ACESA AUCAT AUMAR IBERPISTAS AVASA CASTELLANA AULESA Total España Total Sanef (Francia) Total abertis 20,910 21,801 23,745 32,595 29,911 27,887 13, % 6, % 4, % 24, % Spain, by 2.2% in France (Sanef) and by 6.5% in Argentina. These are positive figures, considering that Spain and France grew 7% and 5%, respectively, in 1Q07. It is important to point out that the lower growth of Aumar s ADT (down 2.1%), as a consequence of the opening on the 15 of March of the link between the Plana highway (Sagunto-Castellón) and the AP7, has had an important impact on total ADT and ADT at Autopistas España. Without Aumar, the increase would be 3.1 and 3.9%, respectively. In addition, abertis overall network was affected by poor traffic performance at Aucat, which lost business to the free rail service offered during the quarter because of problems with construction of Spain s high-speed train, which affected the stretch between Sitges and Casteldefells. At the end of March 2008, transactions with cards + teletolls on toll roads in the Spanish network represented 77.1% of the total vs. 75.8% in 2007, and in teletoll systems 31.1% vs. 26.4%. Acesa and Aucat represented 38% and 36%, respectively. In the case of France, teletoll transactions already exceed the Spanish average with a figure of 32.9% (23.2% in 2007). Revenues, driven by traffic, tolls and other impacts, rose 6.2%. EBITDA increased by 4.4%, leaving an EBITDA margin of 71.9%, slightly lower than in 2007 due to the impacts explained earlier. 2.2% 2.0% 2.4% 0.0% 6.1% 2.8% -2,000 8,000 18,000 28,000 38,000 48,000

12 Sanef Revenues rose 8%, in large measure thanks to increases in toll revenues (+5.8%) and Masternaut (+37%). Breakdown of growth: ADT grew 2.2%, thanks to tariffs that were on average +1.5% higher due to annual toll revisions, a rise of +0.8% due to lower discounts for heavy goods vehicles, and +1.3% higher due to optimisation between stretches and the others due to impacts in revenies not related to motorways (e.g. Telematica Masternaut). EBITDA grew at a lower rate than revenues due to the integration of Webraska (acquisition with effect from April 2007, different way of accounting for salary bonuses monthly (this was done biannually in 2007) and the impact of the growth of Masternaut, Eurotoll, etc., businesses with a lower margin acesa Revenues rose 5.9%, in large measure due to the positive performance of ADT (2.8%). Revenues were boosted by the effect of Easter Week, the annual toll review (up 2.7%) and the impact of 2008 being a leap year. Particularly noteworthy were the very strong performance of long-distance routes (Zaragoza-Mediterranean up 9%) and the stagnation of commutes (Mongat- Palafolls 0.0%). EBITDA is growing at a slower rate than revenues due to the increase in the workforce plus the impact of the salary review to reflect the increase in the CPI in 2007 (5.9%) aumar The slight increase in revenues is due to the toll update (2.54%), the impact of 2008 being a leap year and the effect of Easter Week. Revenues rose 1.4%, despite 2.1% negative growth in ADT. The reason for this negative growth is that on 15 March work ended on the link between the Plana road (Sagunto- Castellón) and the AP7. This toll road is now a parallel route on the Castellón Norte-Puçol subroute. 12 1Q 08 1Q 07 Chg. ADT 21,801 21, % ( Mn) Total revenues % Operating expenses (114) (101) EBITDA % Margin 64.8% 66.5% Depreciation (70) (69) EBIT (1) % Margin 43.0% 43.5% Depreciation of revalued assets (25) (25) EBIT (2) % Margin 35.4% 35.3% Notes: Contribution to the group, including HIT, with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA Sanef) EBIT (2): Includes all depreciations acesa 1Q 08 1Q 07 Chg. ADT 32,595 31, % ( Mn) Total revenues % Operating expenses (31) (27) EBITDA % Margin 79.4% 80.7% Depreciation (27) (27) EBIT % Margin 61.5% 61.6% Nota: Contribution to the group, with consolidation adjustments made at source aumar 1Q 08 1Q 07 Chg. ADT 20,910 21,364 (2.1%) ( Mn) Total revenues % Operating expenses (16) (16) EBITDA % Margin 80.7% 81.0% Depreciation (17) (16) EBIT % Margin 60.5% 61.1% Nota: Contribution to the group, with consolidation adjustments made at source

13 4.1.4 aucat Revenues rose 2.9% thanks to the annual toll review (up 3.24%) and the impact of 2008 being a leap year, since ADT remained unchanged from 2007 due to the impact of Easter Week. It is important to highlight (as mentioned earlier in the report) that traffic in 2008 was affected by free rail service due to problems with construction on the high-speed train route, which affected the Sitges- Casteldefells stretch. This work is now complete, and the impact will be offset over the coming months. aucat 1Q 08 1Q 07 Chg. ADT 29,911 29,920 (0.0%) ( Mn) Total revenues % Operating expenses (4) (4) EBITDA % Margin 83.9% 84.0% Depreciation (4) (4) EBIT % Margin 69.4% 69.4% iberpistas Very good performance in revenues, which rose 6.8% thanks to the strong performance of ADT (6.1%). This is due to the fact that this is an internal toll road and therefore less exposed to weather factors than other coastal roads. Revenues were also boosted by a toll increase (2.5%) and the effect of 2008 being a leap year. EBITDA performed very well due to lower personnel (smaller workforce) and other expenses. This was because there were one-time items and higher maintenance expenses in 2007 that the company does not have this year. Nota: Contribution to the group, with consolidation adjustments made at source iberpistas 1Q 08 1Q 07 Chg. ADT 27,887 26, % ( Mn) Total revenues % Operating expenses (5) (5) EBITDA % Margin 82.0% 79.2% Depreciation (5) (4) EBIT % Margin 65.3% 61.8% Nota: Contribution to the group, with consolidation adjustments made at source avasa (50% abertis) Very strong performance in revenues, underpinned by an exceptional increase in ADT (12.8%). This is being driven by the widening of the N-232, which boosts traffic on the Burgos-Navarre stretch (ADT up 17.8%), and the toll review (up 2.5%). Revenues increased 13.6% in 1Q08. Strong revenue performance together with containment of operating expenses generated EBITDA growth of 16%. 13 avasa 1Q 08 1Q 07 Chg. ADT 13,350 11, % ( Mn) Total revenues % Operating expenses (3) (3) EBITDA % Margin 82.4% 80.7% Depreciation (4) (5) EBIT % Margin 57.8% 51.1% Nota: Contribution to the group, with consolidation adjustments made at source

14 GCO GCO s earnings were affected by exchange rates and higher personnel costs (due to the increase in the size of its workforce following union pressure). GCO contributes less than 1% of total revenues. Sharp increase in revenues in local currency (17%) due to the strong performance of ADT (6.5%), because 2007 revenues included the negative impact of strikes by toll collectors, and tolls. EBITDA performed poorly due to higher personnel expenses, as explained in the first paragraph. GCO 1Q 08 1Q 07 Chg. ADT 67,895 63, % ( Mn) Total revenues % Operating expenses (4) (3) EBITDA 4 4 (19.1%) Margin 45.8% 56.6% Depreciation (1) (1) EBIT 2 3 (27.2%) Margin 29.0% 39.9% Nota: Contribution to the group, with consolidation adjustments made at source Others Includes Castellana, abertis Chile, Aulesa and Trados 45. Very significant increases posted at Castellana and Aulesa, since they are toll roads which entered service in 2002 and are thus in their first years of operation. The effect of Easter Week was also positive. It is important to highlight the poor performance of Trados 45 (50% shareholding), since in June 2007 the Development Ministry opened the final stretch of the M50 (alternative route). This is causing a fall in traffic levels on the M45. There is no impact on revenues as ADT is above the maximum collection threshold Other holdings The following are details of the performance of other toll road operators in which abertis holds stakes. Among other toll roads in which abertis holds stakes, it is important to highlight the very positive performance of some including Coviandes, Tunel de Cadi, Ausol, Autema and Henarsa R2. 14 Others 1Q 08 1Q 07 Chg. ADT Castellana 6,219 5, % Aulesa 4,921 3, % Trados 45 59,347 84,942 (30.1%) ( Mn) Total revenues % Operating expenses (3) (3) EBITDA % Margin 57.9% 51.0% Depreciation (6) (4) EBIT (1) (1) 83.2% Margin n.a n.a Nota: Contribution to the group, with consolidation adjustments made at source ADT 08/07 % abertis Kms 1Q2008 1Q2007 Chg. APR 75.0% 2 22,524 22, % Coviandes 39.0% 86 7,712 6, % Túnel del Cadí 37.2% 30 7,838 6, % A. Madrid R3-R5 35.1% 61 13,815 14,029 (1.5%) Ausol 31.6% ,384 74, % RMG 33.3% 74 40,727 40, % Autema 23.7% 48 25,494 24, % Henarsa R2 22.5% 62 10,883 10, %

15 4.2. Telecommunications Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) 1Q2008 1Q2007 Chg. Revenues % EBITDA (2.6%) Margin 40.5% 43.7% (3.2) EBIT (1.9%) Margin 23.8% 25.5% (1.7) p.p. Nota: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Telecommunications infrastructures were the second-largest contributor of revenues (12% of the total) and EBITDA (8%) in the entire abertis group. The contribution of abertis telecom continued to perform favourably and in line with forecasts, with revenue growth of 5%. It is important to note that 1Q07 was the strongest quarter of 2007 (14%), benefiting from the entry of new analogue channels such as la Sexta at the end of o Price Transfer Law between companies belonging to the same group, a series of expenses that in the past would have been consolidated under Central Services/Other are now consolidated within the subsidiary (abertis telecom) with an impact of 2.3 Mn on expenses in the quarter. abertis telecom has begun incurring network rollout expenses as a consequence of the rollout of the DTT network: technical consultancy, maintenance and electricity expenses incurred as DTT coverage is expanded that have not yet been translated into revenues. Consequently, EBITDA fell by 3% in 1Q08. It should also be noted that, as in other businesses, small absolute variations, as we are only talking about one quarter, cause significant percentage variations. Therefore, stripping out the impact of the Price Transfer Law, EBITDA would have risen by 3%. In 1Q08, the strong revenue performance was due to a CPI-adjusted increase in prices and the widening of analogue coverage of la Sexta, increased DTT coverage at regional television companies and an increase in wholesale services to operators, which offset the loss of the Nexus contract. With regard to operating expenses, there were two major impacts in the first quarter of 2008: o Following the enactment of the new Eutelsat 28% 4% 0% No significant variations in relation to the previous earnings release. Revenues distribution 68% Audiovisual broadcasting Transport, housing and maintenance Mobile communication Other revenues It should be noted that on 9 April 2008, Moody s changed its rating outlook for Eutelsat from stable to positive. 15

16 4.3. Airports Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) 1Q2008 1Q2007 Chg. TBI: no. of passengers (000) +8,3% 4,885 5,289 Revenues (5.9%) EBITDA % Margin 25% 22% 3.2 p.p. EBIT (1) (4) 69.9% Margin n.a. n.a. n.a. p.p. Nota: Contribution to the group, with consolidation adjustments made at source 1Q2007 1Q2008 Activity and earnings analysis Third in the ranking of businesses by size is the airports division, accounting for 7% of revenues and 3% of EBITDA. Earnings are not strictly comparable due to the impact of the proportional consolidation of SFB Fuelling in the first nine months of 2007 (it has been equity accounted since 4Q07) and the exchange rate effect of sterling (13% depreciation in the average exchange rate vs. the euro in the period). Like-for-like revenues in constant currency grew 9.5. As regards EBITDA, its more modest increase and expense control, together with higher fees at our main airports, permitted growth that clearly outpaced the increase in revenues. This business grew by 8% in 1Q08, excluding the negative exchange rate impact, with like-for-like EBITDA rising 16.6%. TBI A very strong performance with an 8.3% increase in passengers, thanks mainly to: Stockholm (34.5%), Orlando (26.8%) and Luton (78% EBITDA margin at TBI, up 9.2%). Total revenues per passenger also grew by a very noteworthy 2.9% (stable traffic, boosted by retail revenues). A highlight was the increase in total revenues per passenger at Luton and Stockholm, which rose 7.1% and 6.3%, respectively. CODAD Positive performance in 1Q08, with an increase of 13.5% in the number of flights. 16 8% 10% 6% 18% TBI: passengers per airport 13% 21% 7% +13,5% 27,148 1Q % 42% 30,819 1Q2008 London Luton Belfast International Cardiff International Stockholm Skavsta Orlando Sandford Bolivian airports TBI: passengers per type of flight LCC flights Non LCC flights Charter CODAD: no of flights (units)

17 4.4.- Car parks Activity and earnings analysis Profit and Loss Account ( Mn) No. of spaces ( Mn) 1Q2008 1Q2007 Chg. Revenues % Revenues by veh. rotation % Revenues by holders % Others 4 5 (20%) EBITDA (9%) Margin 39.3% 43.6% (4.3) p.p. EBIT 8 10 (21%) Margin Nota: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis 24.8% 31.6% (6.7) p.p. Earnings are not comparable, since 1Q07 revenues included a 1 Mn capital gain from the sale of spaces at the Travessera car park. Like-for-like revenues would have risen 4.7% (2.5% due to changes in the consolidation structure, 1.5% from subscribers and 0.7% from others. Percentage variations in revenues and EBITDA are not representative given the minimal variations in absolute terms. Spain remains the country with the greatest weighting, with 55% of spaces. By number of spaces, Spain leads with 6,383 new spaces, followed by Chile (519). Conversely, the number of spaces in Italy and Morocco fell by 152 and 213, respectively. Overall, the number of parking spaces managed by abertis car parks will increase by 15,638 between 2007 and 2012, with most coming into service over the next two to three years. These spaces have already been awarded and are currently being built or prepared % 87,960 1Q ,2% +7,4% 4% 1% 2% 12% 17% ,472 Spaces by type 1Q % Spaces by geographic market 19% 5% 4% 55% awared spaces actual spaces Concession Management Metered under concession Metered under management Property Leased Spain Italy Portugal Chile Morocco

18 4.5.- Logistic services Activity and earnings analysis Profit and Loss Account ( Mn) % occupancy of warehouses nonoccupancy 13% ( Mn) 1Q2008 1Q2007 Chg. Revenues % EBITDA % Margin 47.0% 33.6% 13.4 p.p. EBIT % Margin 20.8% 11.2% 9.6 p.p. Nota: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Earnings are not comparable due to the incorporation into the consolidation structure of logistics assets acquired from Inmobiliaria Colonial. Revenues and EBITDA grew by 58% and 122% respectively. These percentages are not very representative, since in absolute terms the figures are very small. The number of m 2 of warehouses and offices climbed sharply (44.3%, an increase of 123,269 m 2 ) from March Average occupancy rose 13.5% to 88.2%, as Arasur and PLZF began to be occupied. At the end of 1Q08, the percentage of total average occupation of warehouses stood at 87.2%, while that of offices was 96.9%, both up from 71% and 96%, respectively, in Zona Franca. Barcelona occupancy 87% % occupancy of offices nonoccupancy 3% occupancy 97% CIM Vallès. Barcelona

19 5. Analysis by geographical markets Spain still accounts for the bulk of the company's revenues, representing 53% of the total, followed by France (mainly Sanef) with 38%, the UK (mainly TBI) with 5% and other countries (mainly Latin America, Italy and Portugal) with 4%. The order is the same vis-à-vis the contribution to EBITDA, although the relative weights of Spain and France are higher as the company commands wider margins in these markets Revenues Highlights of revenue performance by country include: Spain, with a 5% increase, driven mainly by the effect of Easter Week and the toll revision. France (up 8%), which has posted very positive growth thanks to toll road performance (ADT up 2.2%) toll rate increases (3.6%) and other revenues (mainly Masternaut-Telematica). And the UK, that has decreased by 2%, mainly due to the currency effect and a change in the perimeter scope due some revenues coming from SFB Fuelling, which TBI was including them as UK in Q1 2007, excluding these two effects, revenues grew by 10.9%. ( Mn) 1Q2008 1Q2007 Chg. Revenues Spain % France % UK (2%) Others (5%) Total revenues % 4% others 5% 53% 38% EBITDA In regards to the performance of ebitda, we highlight the performance of UK, with a growth of 9%, 24% excluding the currency effect. Is important to highlight the strong performance of the UK on like for like terms. The ongoing cost management at TBI, and higher fees at two of our main airports in the UK (Luton and Belfast) as catalyst. 19 ( Mn) 1Q2008 1Q2007 Chg. EBITDA Spain % France % UK 9 9 9% Others % Total EBITDA % 2% others 2% 39% 57%

20 6. Consolidated balance sheet Insignificant variations in the balance sheet from 31 December Variations in the period are mainly due to the integration of DCA from 31 March for accounting purposes (impact on the balance sheet from the full consolidation of DCA and MBJ and the proportional consolidation of AMP and Aerocali and under the financial investments heading from the equity consolidation of GAP). 6.1 Assets Insignificant variations, without including the acquisition of DCA, which was explained earlier Liabilities Net equity fell mainly as a result of: the negative impact of the acquisition of 1.5% of treasury stock, the negative impact of the change in the valuation of Brisa at market value and exchange rate differences arising from the depreciation of sterling, offset by retained earnings Loans and borrowings: loans and borrowings increased chiefly due to the debt from the acquisition of logistics assets, DCA and the purchase of treasury stock, partly offset by cash flow for the year. 7. Debt structure and trends Assets ( Mn IFRS) 1Q Q 2007 Chg ( Mn) Property, plant and equipment 9,782 9,795 (13) Intangible assets 6,706 6, Investments & other fin. assets 3,384 3, Non-current assets 19,872 19, Trade and other receivables Others Current assets 1,189 1, Total assets 21,061 20, Equity & Liabilities ( Mn IFRS) 1Q Q 2007 Chg ( Mn) Share capital 1,915 1,915 0 Reserves 2,928 3,104 (177) Shareholder's equity 4,843 5,020 (177) Loans and borrowings 11,768 11, Other liabilities 1,676 1, Non-current liabilities 13,444 13, Loans and borrowings 1,771 1, Trade and other payables 1,003 1,280 (276) Current liabilities 2,774 2, Total equity and liabilities 21,061 20, Variable 17% Debt structure 1Q2008 % o/total 4 Q 2007 % o/total Long-term 11,914 88% 11,643 91% Short-term 1,625 12% 1,230 9% Total Debt 13, % 12, % Average life (years) Total Debt 13, % 12, % Short-term revolving facilities 6% 20 Rating A- por S&P y A Fitch. 1Q2008 % o/total 4 Q 2007 % o/total Secured debt 5,686 42% 5,230 41% Unsecured debt 7,853 58% 7,643 59% Commercial papers 3% Notes 36% Others 1% Fix 83% Financing instruments Long-term loans 8% Syndicated loans 17% Sanef long-term loans 29%

21 8. Consolidated cash flow statement abertis generated net cash flow (before investments and dividend payments) of 303 Mn, 4% more than in Free cash flow was a negative 291 Mn, mostly because of the acquisition of DCA ( 273 Mn) and the purchase of treasury stock for 201 Mn. ( Mn) 1Q2008 1Q2007 Chg. 08/07 Change EBITDA % Finance results (147) (134) (13) n.a. Income tax expense (60) (60) 1 n.a. Cash flow % Adjust. non cash effect PPA & others (20.5) (22.3) 1.8 n.a. Net cash flow % Operational capex (35) (39) 3 n.a. Dividends n.a. Expansion capex (358) (1,138) 780 n.a. Acquisition / Sale own shares (200) 5 (205) n.a. Free cash flow (291) (887) 591 n.a. 9. Investments Operational capex at the end of 1Q08 amounted to 35.4 Mn. The most significant investments in toll roads were at Sanef ( 15 Mn, for upgrading toll stations and diverse maintenance), and Acesa ( 5 Mn, adaptation of toll stations; in Telecoms ( 2 Mn, on efficiency improvements and replacements); airports ( 2 Mn on material maintenance at Luton); car parks ( 3 Mn, to adapt to legislation and on management and conservation; and logistics ( 2 Mn on the refurbishment of service areas). Meanwhile, expansion capex amounted to 354 Mn, with highlights as follows: Airports business: the acquisition of DCA ( 273 Mn). Toll roads business, highlights were the investments made by Sanef ( 5 Mn, new construction and lanes), Acesa ( 7 Mn in lane widening on the AP-7), Castellana ( 4 Mn, third lane on the Valle de los Caídos- San Rafael road), and others, mainly due to Autema s capital increase. Telecoms division: chiefly the acquisition of 80% of Teledifusión Madrid ( 4 Mn) and the rollout of DTT ( 2 Mn). Car parks: 21 Mn invested in the acquisition of a 357-space car park in Plaza de los Mostenses. And logistics: the acquisition of Cais da Braciera (now abertis logistica Portugal) the owner of land in Portugal for 22 Mn. 21 Operational capex by sector 7% 7% 5% 5% Expansion capex by sector 6% Holding 8% 8% 5% 78% 3% 68%

22 Appendices Appendix I: Summary of significant events January 2008 abertis reaches an agreement to acquire ACS stakes in two toll road concessions in Chile, via a consortium. The transaction will involve the acquisition of the following stakes owned by ACS: 48% of Autopista Central (urban toll road in Santiago de Chile) and 50% of Rutas del Pacífico (Santiago de Chile-Valparaíso-Viña del Mar toll road). abertis starts its exit from Schemaventotto. The decision was taken by abertis Executive Committee under the provisions of the Schemaventotto (S28) shareholder agreement signed in June By the time the process is complete, abertis, which until that time owned a 13.33% stake in the S28, will have a direct holding of 6.68% in Atlantia S.p.A. Guascor Solar leases a 12,000 m 2 warehouse from Araba Logística. Araba Logística has signed an agreement with Guascor Solar for the rental of a 12,000-square-metre warehouse at the Arasur logistics park, which has abertis logística as an industrial, technological and commercial partner with 43.98%. Arasur increases occupancy. Araba Logística, of which abertis logística is a shareholder, has reached an agreement with Compass Transworld Logistics for the rental of 100,000 square metres of land, which will centralise worldwide distribution of wind turbines manufactured by Gamesa factories in the Basque Country and Aragon. Arasur this month reached 90% occupancy. February 2008 Spanish Cabinet gives go-ahead for acquisition of 28.4% of Hispasat. The Spanish Cabinet gave abertis the green light to acquire 28.4% of Hispasat through its telecommunications subsidiary, abertis telecom. Now that the Spanish government has authorised the deal, it must be cleared by anti-trust authorities. Presentation of the Comdes network. The Adesal Consortium, comprised of abertis telecom, Aguas de Valencia and Banco de Valencia, is awarded the Emergency and Safety Digital Communications network by the Valencian Community. Adesal has a 10-year contract to manage this network, which will provide communications services to Safety and Emergency authorities and is designed to function under all circumstances. It will be implemented in early acesa wins tender for work on the Maçanet-Fornells stretch of the AP-7 in Gerona. The process is underway after the Development Ministry s roadway authority approved the construction project for this 18.7-km stretch between Maçanet and Fornells, which will cost approximately 60 million. New contract for saba in Zaragoza. The company will manage the car park in the new Aragonia complex for a period of six years, with 2,128 spaces; the complex includes a retail, residential, office and leisure area. 22

23 London Luton s traffic rises to 10 million passengers per year. This airport's passenger traffic has increased fivefold in the past decade, and it is one of the UK's main airports by number of passengers and routes served. The abertis Board of Directors of abertis agrees to call the General Shareholders Meeting for 1 April. The Board also agrees to propose the payment of a gross final dividend of 0.28 per share, to be paid in the first two weeks of April. The total dividend charged against 2007 earnings is 0.56, i.e. 12% higher than the 2006 dividend. Total dividend payments amount to over 357 Mn. The Shareholders Meeting agenda will also include the proposal to approve a bonus share issue of 1 new share for every 20 old shares. March 2008 acesa presents its project to widen the AP-7 toll road in Tarragona. Work on the third lane is proceeding according to schedule and the entire stretch should be operational at the end of 2008 as planned. acesa anticipates that the toll barriers will be dismantled, with the elimination of the southbound El Vendrell and northbound Tarragona barriers. abertis purchases 1.5% of treasury stock from Caixa Catalunya. abertis plans to keep these shares as treasury stock for the time being. The transaction involved a total outlay of 201 Mn. abertis treasury stock represents approximately 2% of its capital following the acquisition of these shares from Caixa Catalunya. abertis airports completes the acquisition of Desarrollo de Concesiones Aeroporturios (DCA) The transaction, which involves a total outlay of 273 Mn, went ahead after the company received all of the required approvals from the relevant regulators and financial institutions. DCA holds, both directly and indirectly, interests in 15 airports in Mexico, Jamaica and Colombia. Work gets underway on abertis logisticspark lisboa. The Portuguese prime minister, José Sócrates, presided over the ceremonial laying of the foundation stone of this logistics park, which will be managed and operated by abertis logística. abertis logisticspark lisboa is situated in Vila Franca de Xira, a strategic enclave 30 kilometres from Lisbon. saba acquires the concession for a car park in central Madrid. The car park, situated in Plaza de los Montenses, next to the the Gran Vía, has three levels and a total of 357 parking spaces. The acquisition of this car park brings to three the number of parking facilities managed by saba in Madrid, with a total of 693 spaces. Reopening of Tunnel 1 on the AP-6 toll road. The tunnel has been reopened following the refurbishment work carried out by castellana a subsidiary of iberpistas- and fully complies with prevailing tunnel security legislation. 23

24 Appendix II: Events subsequent to 1Q08 April 2008 abertis holds its General Shareholders Meeting. The General Shareholders Meeting approved a gross final dividend charged against 2007 earnings of 0.28 per share and a 95.7 Mn 1x20 bonus share issue. Payment of a final dividend against 2007 earnings. A gross final dividend of 0.28 per share was paid on 11 April. The total dividend charged against 2007 earnings is 0.56 per share, 12% higher than the 2006 dividend. Dividend payments for 2007 total 357.5Mn, an increase of 17.6% on the total amount paid in Agreement to acquire toll roads in Chile. abertis has reached a preliminary agreement with ACS to purchase, using shares of its Spanish subsidiary INVIN, 49% of ACS stakes in toll road concessionaires Autopista Central (48%) and Rutas del Pacífico (50%), both in Chile, for Mn. The agreement includes a condition that by 30 June the remaining 51% must be sold to abertis and Capital Riesgo Global for Mn. acesa wins tender for work on the Maçanet-Fornells stretch of the AP-7 in Gerona. The 45.4 Mn contract, which has been awarded to FCC Construcciones, forms part of the project to widen the AP-7 toll road between La Jonquera (Girona) and Vila-seca/Salou (Tarragona). Changes on the Board of Directors The withdrawal of Caixa de Catalunya as a member of the Board of Directors of abertis has been completed. Notes programme. The CNMV has approved a programme to issue notes for a maximum of 1,000 million Euros. May 2008 acesa awards C-32 toll road extension project. acesa, the current concessionaire of the C-32 toll road between Montgat and Palafolls (Barcelona), has awarded a 40.6 Mn contract to extend this road between Palafolls and Tordera the junction for the future A-2 road between Tordera and Vidreres- to construction company Dragados. The project entails the construction of an additional 4.4 kilometres of toll road. Bonus share issue. The bonus allocation period is set as May A further 31.9 million new shares will be issued under the terms of 1x20. abertis share capital will then total 2,010,987,168 with 670,329,056 shares. 24

25 Appendix III: Contact details Investor Relations David de la Roz Fernández Tel: Anna Morera Paradell Tel: Mar Rodriguez Yañez Tel: Shareholders Office - Carolina Bergantiños Benavides Tel: / relaciones.inversores@abertis.com Web abertis: 25

26 Appendix IV: Disclaimer The information and forward looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied on. In this regard, the persons to whom this document is delivered are invited to refer to the documentation published or registered with the Spanish stock markets regulator. All forecasts and other statements included in this statement that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of abertis (which term includes its subsidiaries and investees) are forward looking statements. These forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of abertis, or industry results, to be materially different from those expressed or implied by these forward looking statements. These forward looking statements are based on numerous assumptions regarding abertis present and future business strategies and the environment in which abertis expects to operate in the future which may not be fulfilled. All forward looking statements and other statements herein speak only as of the date of this presentation and abertis does not undertake to update any such statements. None of abertis or any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents, or otherwise in connection herewith. The information contained in this presentation shall neither be published nor distributed without the previous express consent of Abertis Infraestructuras, S.A. The distribution of this presentation in certain other jurisdictions may be restricted by law. Consequently, persons to which this presentation or a copy of it is distributed must inform themselves about and observe such restrictions. By receiving this presentation you agree to observe these restrictions. Nothing herein constitutes an offer to purchase and nothing herein may be used as the basis to enter into any contract or agreement. 26