Presentation of results_1h08. January-June. 31 July

Presentation of results_1h08 January-June 31 July 2008 www.abertis.com relaciones.inversores@abertis.com 1

Table of contents 1. Introduction... 3 2. Key data... 8 3. Analysis of the consolidated income statement... 10 4. Analysis by sectors... 13 4.1 Toll Roads... 13 4.2 Telecommunications... 17 4.3 Airports... 18 4.4 Car parks... 19 4.5 Logistic services... 20 5. Analysis by geographical markets... 21 6. Consolidated balance sheet... 22 7. Debt structure and trends... 22 8. Consolidated cash flow statement... 23 9. Investments... 23 Appendices Appendix I: Summary of significant events... 24 Appendix II: Events subsequent to 1H08... 26 Appendix III: Contact details... 27 Appendix IV: Disclaimer... 28 2

1. Introduction abertis performance in the first half of 2008 was influenced by a sharp economic downturn, especially in Spain, and rising oil prices, while year-on-year comparisons were made difficult on the one hand by adverse weather conditions, and on the other by a series of one-off events (Aumar due to the opening of an alternate route in March 2007; Aucat as until May rail service was free in the Barcelona area to compensate commuters for inconvenience caused by construction work on the high-speed train route; Acesa due to expansion work on the AP-7; and a lorry drivers strike in June which affected our entire network in Spain and to a small extent in France), which negatively impacted our traffic volumes. In light of the above, we consider our 1H08 figures as positive, as they show that our sound business model, diversified by sector and geographic market, is allowing us to grow even during severe economic slowdowns. Excluding the Aumar effect and strikes in June, traffic volume fell only 0.5%. abertis continued to pursue its diversification strategy in 1H08 by acquiring 100% of Desarrollo de Concesiones Aeroportuarias DCA in the airport business for 273 Mn, and in the Telecoms business with the purchase of 28.4% of Hispasat for a total of 226 Mn. In addition, in the toll road industry the company is in the process of buying 51% of Invin, S.L. (a company which controls 48% of Autopista Central and 50% of Rutas del Pacifico), for a total of about 368.3 Mn. The agreement also provides for the acquisition of an additional minority interest in Autopista Central, which would boost the two shareholders aggregate stake in Autopista Central from 48% to 50%. The deadline for the purchase to be carried out under the terms outlined in the agreement is 30 December 2008. In 2Q08, it is likewise important to note that the state of Pennsylvania on 19 May 2008 selected the consortium made up of abertis (50%), Citi Infraestructuras (41.67%) y Criteria CaixaCorp (8.33%) as the preferred bidder to manage the Pennsylvania Turnpike under a 75-year concession. The consortium's bid totalled $12,800 Mn and the project is one of the biggest public-private partnership initiatives ever undertaken in the US. The definitive concession grant is subject to enabling legislation and the pertinent authorisations from Pennsylvania s House of Representatives, expected sometime in September or October, after which a concession lease agreement (CLA) will be signed to allow the consortium to begin managing the roadway at the beginning of 2009. With regard to the consolidation scope, it is only affected by DCA, and 1H08 figures show an impact of only three months on the income statement. At the close of 1H08, Hispasat was consolidated by the equity method. Only the value of the stake was recorded in the balance sheet, with no impact on the income statement, as the purchase was completed at the end of June. First-half figures show no impact from the acquisition of Autopistas Chilenas or Pennsylvania Turnpike (as these deals have not been finalised). As of 26 June 2008, the spin-off process at Schemaventotto was completed (the company which controlled 50.1% of Atlantia). Now that the process is complete, abertis holds a direct 6.68% stake in Atlantia (through its wholly-owned subsidiary abertis Italia). As of that date, the Atlantia stake is no longer consolidated under the equity method and is classified as a financial investment. 3

The key figures for 1H07 compared to the same period last year are as follows: Activity: Total ADT 1 at abertis dropped 0.5% excluding the Aumar effect and the lorry drivers strike, and the number of passengers at TBI advanced 7.8%. o At the toll road business, the negative performance of abertis traffic numbers compared with 1H07 (-1,8%) was due primarily to an unfavourable showing by abertis Spain's ADT (down 1.7% in like-for-like terms and down 4.1% in absolute terms) with Sanef s 1H08 ADT performance slightly negative, i.e. -0.3% (but up 0.2% in terms of kilometres travelled). As well as the negative impact of the macroeconomic situation, and the excellent traffic figures this time last year (+4.2%), the following factors should be considered when analysing traffic figures for this half year: - The opening of parallel routes at Aumar (negative impact of 1% on total abertis ADT and of 1.7% on abertis Spain s ADT), without Aumar, total abertis ADT dropped 0.8%, while that of abertis Spain fell 2.4%. - Aucat: The Castelldefels-Sitges stretch was negatively affected by the free rail service offered to compensate for problems with work on the high-speed train route, an alternative to the C-32 on this route, until May. - Acesa: A decrease in traffic on the Mediterranean-Vilaseca stretch due to road widening, part of an agreed AP-7 project, which detoured traffic to the N-340. - Lorry drivers' strikes in June, in both France and Spain: Declines of 4% in monthly ADT (abertis Spain) and 0.3% in abertis total accumulated ADT. - Poor weather conditions in May and June 2008, in contrast to good weather in 1Q07. - As a consequence of the above, comparisons are difficult for 1T08 and 1H08 (ADT in 1T07, without the Easter Week effect, up 7.0% and 4.9% in Spain and France, respectively; ADT in 1H07, which included a Easter Week effect, up 4.4% and 4.1% in Spain and France, respectively). - A calendar effect from the start of summer holidays (30 June fell on a Saturday in 2007 and on a Monday in 2008). - An economic downturn and rising oil prices. - abertis accumulated total ADT amounted to 24,819 vehicles, which represents decrease of 1.8% yoy: down 4.1% at abertis Spanish toll roads and down 0.3% at Sanef. Stripping out the impact on Aumar and the strikes, explained in detail in the report, abertis Spain s total ADT registered a slight 0.5-percent decrease, while in Spain it fell 1.7%. o In the airport business, it is worth highlighting the continuation of the positive trend seen in 2007: the number of TBI passengers rose 7.8%, with outstanding contributions from Luton (+6.3%), Orlando (+20.5%) and Skavsta Stockholm (+32.7%). 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). 4

o The car parks business had 97,083 managed spaces at the end of June, an increase of 9,073 new managed spaces (up 10.3%). Revenues increased by 2.5% to 1,777 Mn, due mainly to the performance of the diversification business, a capital gain from the sale of Port Aventura, toll revisions and the positive impact of 2008 being a leap year, which offset the poor performance of toll road traffic and a negative effect on TBI figures stemming from euro-sterling exchange rate trends, with noteworthy performance in: o The toll road sector (75% of total revenue and 85% of EBITDA), grew 1.8%, affected by negative traffic (down 1.8%), which was offset by toll revisions, discounts, improvements in the traffic mix and others (+3.1%) and the positive impact of 2008 being a leap year (+0.5%). In addition, it is important to note that in 2007 iberpistas included a capital gain of 6 Mn from the sale of Realia; stripping out this effect, the increase was +2.2%. o o o o The telecoms business (11% of total revenue and 7% of EBITDA) continued the favourable performance seen in 1Q08, in line with forecasts (up 5%), bearing in mind that 1Q07 and 2Q07 were the strongest of the year (while 1H08 revenues rose +12%), benefiting from the debut of analogue channels such as la Sexta at the end of 2006. In 1H08, good 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 (8% of total revenue and 4% 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 in 2008 (-15% average exchange rate in the period vs. the euro) and the addition of DCA (+ 9.1Mn). On a like-for-like basis, revenues rose 10.7%. 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 (7.8%) and an increase in per-passenger revenue (3.9%). 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 3.6% (1% in real terms) on a like-for-like basis. Revenues at the logistics parks sector (2% of total revenue and 2% of EBITDA) grew by 181% thanks to the acquisition of logistics assets acquired at the end of 2007 (adding 4 Mn), and the effect of the capital gain on the sale of Port Aventura ( 12 Mn). Gross operating profit (EBITDA) increased by +0.5% to 1,111 Mn, a slight increase from a year earlier thanks to moderate growth in activity where certain positive factors, such as having a diversified business, toll revisions at the toll road concessionaire companies, the 2008 leap year effect, a capital gain from the sale of Port Aventura, offset the poor performance of toll road traffic and a negative effect on incorporated TBI EBITDA figures stemming from euro-sterling exchange rate trends. 5

Net attributable profit to equity holders of the parent company amounted to 331 Mn, which represents growth of 5.4%, buoyed by the greater contribution of equity consolidated companies (Eutelsat), a higher dividend from Brisa and the positive effect of the reduction in the corporate income tax rate in Spain. Net debt at 1H08 amounted to 12,999 Mn (56% non-recourse). Debt at fixed rates remains high (77%) as does long-term debt (85%), with an average maturity of 7.9 years. Gross debt stood at 13,624 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 1H08 amounted to 668 Mn, up 3% yoy. Group capex in 1Q08 totalled 768 Mn (87% expansion capex): DCA ( 273 Mn), Hispasat ( 226 Mn), 101 Mn operational capex and 195 Mn in other expansion capex. These figures do not include the deals for the Chilean toll roads, which we expect to be tied up at the end of 2008. Dividends and the bonus share issue The abertis General Shareholders Meeting of 1 April approved a traditional bonus share issue consisting of one new share for every 20 old shares, a transaction worth 95.7 Mn, up to 2,011 Mn, via the issue of 31 Mn new ordinary shares which began trading on 12 June. Following this issue, the company s share capital stands at 670,329,056 shares. Outlook for 2008 Based on the 1H08 earnings, and in anticipation of traffic figures for July, August and September (holiday months with most traffic), we have revised our full-year forecasts, which were based on GDP growth assumptions of 2.5% in Spain and 1.7% in France, which, according to the latest available data, will not be met due to the economic slowdown and the trend in oil prices. There are also other working assumptions which have changed in this six-month period, such as: o The delay in cementing some corporate deals such as DCA (formalised at the end of March) and Autopistas Chilenas (pending completion) which had been taken into account since the start of the year. o Depreciation of the average exchange rate / by 15% o Also, one-off events mentioned above relating to traffic (acesa, aumar, aucat, lorry drivers strike, etc.). 6

Therefore, our new forecasts, which could be susceptible to change, in the event of one or more working assumptions on which they are based not holding true: o Revenue growth of 3% (8% previously, -300 basic points comes from as a consequence of the delay of the consolidation of Autopistas Chilenas and the exchange rate depreciation). o EBITDA growth of 2% (8% previously, -270 basic points comes from as a consequence of the delay of the consolidation of Autopistas Chilenas and the exchange rate depreciation). o This estimates are based on a forecast whereby in the second half of 2008, there will be a slight drop in business growth compared to the first six months of the year in the toll roads and car parks businesses, which will be offset by increases in activity in other businesses as a result of the diversification policy implemented in previous years. o Total ADT for abertis used in previous estimates (-2%) for the whole of 2008, broken down as follows. o ADT Spain: -3.5% o ADT France: -1.0% o We estimate that a variation in traffic of +1%, based on the current traffic mix by company and vehicle type. This would prompt us to revise our FY08 growth forecasts for revenues and EBITDA by +0.7% and +1.2%, respectively. Bearing in mind the above, the company is in conditions to maintain an increasing dividend policy, complementary to its annual 1-for-20 bonus share issue. At the close of 2007, abertis' payout was 52.4%, and its dividend yield is currently 4%. 7

2. Key data Trends in the key business and financial indicators: Business indicators 1H2008 1H2007 Chg. Toll roads: Average Daily Traffic (ADT) Acesa 33,867 34,874 (2.9%) Aumar 21,314 23,185 (8.1%) Aucat 31,067 32,611 (4.7%) Iberpistas 28,030 28,999 (3.3%) Avasa 13,801 13,331 3.5% Castellana 6,209 6,140 1.1% Aulesa 4,986 4,495 10.9% Total Spain 25,160 26,239 (4.1%) (1) Sanef (France) 23,153 23,232 (0.3%) Gco (Argentina) 68,389 65,267 4.8% Total abertis 24,819 25,273 (1.8%) (2) Telecom No service centres DTT 4,831 3,655 32.2% % DTT coverage 85% 80% 6.3% Airports TBI Total passengers 11,791 10,942 7.8% DCA Total passengers 19,328 18,265 5.8% CODAD No flights 61,846 56,278 9.9% Car Parks: Distribution of spaces No. of spaces 84,915 75,492 12.5% No. of metered parking spaces 12,168 12,518 (2.8%) Total 97,083 88,010 10.3% (1) Excluding the Aumar and strike effects, a drop of 1.7% (2) Excluding the Aumar and strike effects, a drop of 0.5% 8

Financial indicators ( Mn) Total revenues 1H2008 1H2007 Chg. % of total 2008 Toll Roads 1,334 1,310 1.8% 75.1% Telecom 200 191 4.6% 11.3% Airports 145 147 (1.3%) (1) 8.1% Car Parks 66 65 1.3% 3.7% Logistics 28 10 180.9% 1.6% Corporate and other services 5 10 (47.3%) 0.3% Total revenues 1,777 1,733 2.5% 100% EBITDA Toll Roads 949 958 (0.9%) 85.4% Telecom 77 84 (7.7%) 7.0% Airports 47 43 9.2% (2) 4.2% Car Parks 25 28 (8.3%) 2.3% Logistics 18 3 500.4% 1.7% Corporate and other services (6) (10) 40.3% (0.5%) Total EBITDA 1,111 1,106 0.5% 100% EBITDA Margin Chg p.p. Toll Roads 71.2% 73.1% (1.9) Telecom 38.7% 43.9% (5.2) Airports 32.5% 29.3% 3.1 Car Parks 38.5% 42.5% (4.0) Logistics 66.8% 31.2% 35.5 Corporate and other services n.a. n.a. n.a. Total EBITDA Margin 62.6% 63.8% (1.3) 1H2008 1H2007 Chg. EBIT 717 715 0.3% Net profit 331 314 5.4% Net cash flow 668 648 3.2% Net debt 12,999 12,510 (3) 489 Note: Contribution to the group, with consolidation adjustments made at source (1) 10.7% like-for-like basis (excluding exchange rate and change in consolidation scope, SFB Fueling and DCA) (2) 13.5% like-for-like basis (excluding exchange rate and change in consolidation scope, DCA only) (3) Net debt year-end 2007. 9

3. Analysis of the consolidated income statement ( Mn) 1H2008 1H2007 Chg. Total revenues 1,777 1,733 2.5% Operating expenses (665) (627) 6.1% EBITDA 1,111 1,106 0.5% Depreciation (394) (391) 0.9% EBIT 717 715 0.3% Finance results (262) (259) Share of profits (losses) of associates 47 40 PROFIT BEFORE TAX 502 497 1.0% Income tax expense (137) (150) PROFIT FOR THE PERIOD 365 347 5.4% Attributable to minority interest (35) (33) NET ATTRIBUTABLE PROFIT TO EQUITY HOLDERS OF THE PARENT COMPANY 331 314 5.4% 3.1.- Revenues Revenues climbed 2.5% in 1H08, to 1,777 Mn. The performance of the diversified business and tariff increases in large part explain this increase. At the toll road business, revenues rose 1.8% despite the performance of traffic, thanks to toll revisions, discounts, the leap year effect (+0.5%), etc. and to Sanef, primarily the sharp 57% increase in Masternaut s revenues at this subsidiary. In the telecommunications infrastructure sector, revenues increased by 5%. This growth is mainly due to order intake and new services. As negatives, important to highlight the switch off of the Nexus network ( 7 Mn impact in 1H08). Excluding this effect, revenues grow 8%. ( Mn) 1H2008 1H2007 Chg. Revenues Sanef 686 649 6% Acesa 302 303 (0%) Aumar 169 177 (5%) Aucat 51 52 (2%) Iberpistas 55 60 (9%) Avasa 37 35 5% Gco 16 17 (9%) Others 18 15 17% Total toll roads 1,334 1,310 2% Telecom 200 191 5% Airports 145 147 (1%) Car Parks 66 65 1% Logistics 28 10 181% Corporate and other services 5 10 (47%) Total revenues 1,777 1,733 3% Note: Contribution to the group, with consolidation adjustments made at source By sectors Revenues at the airports business are not comparable. The sharp growth in TBI s passenger traffic numbers (7.8%) and the upward revision of fees overall, but at Luton in particular were the main catalysts. Like-for-like revenues increased by 10.7% (excluding exchange rate and change in consolidation scope effects, SFB Fueling and DCA). 11% 8% 4% 2% 75% 10

Car parks boosted its revenues by 3.6% like-for-like, due mainly to strong subscriber revenues and changes to the consolidation structure. Logistics revenues rose sharply (181%) as they include 4 Mn from the acquisition of logistics assets from Inmobiliaria Colonial and the capital gain from the sale of 2.88% stake on Port Aventura for 12Mn. Corporate and other services includes Serviabertis and the contribution of the holding company 3.2.- Operating expenses External services and personnel costs rose 6.1% overall, mainly due to HIT/Sanef +11% (integration of Webraska personnel and other impacts) and telecom. +14%, from a higher group charge (new revenues for brand royalties), an increase in supply tariffs, and an increase in activity. It is important to note that in the case of ACDL/TBI, costs rose 9.6% in sterling without accounting for SFB Fuelling, vs. a decrease of 12% in euros, while costs at the car parks business climbed 8% as a consequence of a change in the consolidation scope. Expenses at the other businesses increased in line with inflation. Personnel costs totalled 282 Mn (42% of operating expenses), an increase of 7.8% from 1H07, mainly because of a 5-percent increase in the workforce and previously-negotiated salary rises. The average workforce in 1H08 stood at 11,717 (11,164 in 2007), 55% of whom worked outside of Spain. 3.3.- EBITDA EBITDA amounted to 1,111Mn, up 0.5% year-on-year and slightly lagging revenue growth. This slower growth is largely explained by a sharper increase in operating expenses vs. revenues, as outlined above, which we will explain in greater detail later in this report. The following are performance highlights: At the toll roads business, EBITDA dropped 1% and the EBITDA margin stood at 71.1%, a lower growth rate that is mainly due to lower growth than in revenues in the case of Acesa (agreed 5.9% salary increase), an iberpistas capital gain effect in 2007 and Sanef (due to the integration of Webraska and higher growth at businesses with a smaller margin). At the telecoms unit, EBITDA fell by 8%, due to the transfer of expenses ( 5 Mn), with no impact at consolidated group level, and the switch off of the Nexus network, excluding these two effects, grow by 6%. Airports, the curtailment of expenses and higher fees have driven growth to outpace revenues, excluding the negative currency impact and inclusion of DCA (up 13.5%). ( Mn) 1H2008 1H2007 Chg. EBITDA Sanef 442 429 3% Acesa 240 243 (1%) Aumar 135 146 (7%) Aucat 43 44 (2%) Iberpistas 44 50 (11%) Avasa 30 29 5% Gco 7 9 (28%) Others 8 8 1% Total toll roads 949 958 (1%) Telecom 77 84 (8%) Airports 47 43 9% Nota: aportaciones al consolidado con ajustes de consolidación en origen Car Parks 25 28 (8%) Logistics 18 3 500% Corporate and other services (6) (10) 40% Total EBITDA 1,111 1,106 1% Note: contribution to the group, with consolidat ion adjust ments made at source 7% By sectors 4% 2% 2% 85% 11

3.4.- Depreciation Depreciation largely unchanged from 2007 at 394 Mn (up 1%). Telecom includes an increase in depreciation of analogue assets. ACDL/TBI s year-on-year comparison is affected by sterling's weakness against the euro. ( Mn) 1H2008 1H2007 Chg. Toll Roads (307) (308) (0%) Telecom (37) (35) 5% Airports (33) (35) (6%) Car Parks (9) (8) 17% Logistics (4) (2) 84% Corporate and other services (5) (3) n.a. Total (394) (391) 1% 3.5.- EBIT EBIT totalled 717 Mn, giving a gross margin (EBIT/revenues) of 40.4% (41.3% in 2007) and an increase of 0.3%. 3.6.- Finance results Net financial losses grew 1.1%, mainly due to the impact in 2008 of the acquisition of logistics assets, the purchase of the DCA Group (starting in March 2008), the acquisition of an additional 4.6% of Brisa and six months of financial expenses at Eutelsat (in 2007 financial expenses began to accrue on 23 January), and a positive impact from a higher dividend from Brisa ( 10Mn thanks to a higher stake and increase in dividend payout). There was no impact from the acquisition of Hispasat as of June 2008. 3.7.- Share of profits (losses) of associates The share of profits (losses) of associates increased to 23 Mn (mainly as a result of the Eutelsat acquisition, increase includes provisional accounting impact of the PPA). The rest of the equity-accounted profit is mainly derived from Atlantia ( 23 Mn) up to the date of the spin-off of Schemaventotto. 3.8.- 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 (+ 9Mn). Virtually no impact from a decrease in the UK's corporate tax rate from 30% in 2007 to 28% from April 2008). At the end of 1H08, the effective tax rate was 29.9% (32.8% in 2007). 3.9.- Attributable to minority interests The minority interests presented a greater attribution to HIT partners due to the improvement in positive earnings at HIT/Sanef. 3.10.- Net attributable profit to equity holders of the parent company Net attributable profit to equity holders of the parent company amounted to 331 Mn, which represents growth of 5.4%. 12

4. Analysis by sectors 4.1. - Toll Roads Activity and earnings analysis Profit and Loss account ( Mn) 1H2008 1H2007 Chg. Revenues 1,334 1,310 1.8% EBITDA 949 958 (0.9%) Margin 71.2% 73.1% (1.9) p.p. EBIT 691 699 (1.1%) Margin 51.8% 53.4% (1.5) p.p. EBIT (2) 642 650 (1.2%) Margin 48.2% 49.6% (1.5) 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 abertis 1H08 traffic in accumulated ADT totalled 24,819 vehicles per day (ADT down 0.5% in like-for-like terms, down 1.8% in real terms). The negative performance of abertis traffic numbers compared with 1H07 was due primarily to an unfavourable showing by abertis Spain's ADT (down 1.7% in like-for-like terms, 4.1% in real terms) with Sanef s 1H08 ADT practically neutral (ADT down 0.3% but up 0.2% in terms of kilometres travelled). GCO s registered a 4.8-percent increase in accumulated ADT. This performance is due to the following: 1) The opening of parallel routes at Aumar (negative impact of 1% on total abertis ADT and of 1.7% on abertis Spain s ADT) 2) Aucat was negatively affected by the free rail service offered to compensate commuters for inconvenience caused by work on the high-speed train route, an alternative to the C-32 on this stretch, until May 3) Acesa registered a decrease in traffic on the Mediterranean-Vilaseca stretch due to road widening, part of an agreed AP- 7 project, which detoured traffic to the N- 340. 4) lorry driver strikes in June (estimated an impact off -0.3% on total abertis accumulated ADT)). 5) unfavourable weather conditions, in May and June 2008, in contrast to the good weather of 1Q07, 6) economic downturn and rising oil prices, and 7) a calendar effect from the start of summer holidays (30 June fell on a Saturday in 2007 and on a Monday in 2008). At the end of June 2008, transactions with cards + teletolls on toll roads in the Spanish network represented 75.1% of the total vs. 74.0% in 2007, and in teletoll systems 33.2% vs. 25.6%. Acesa and Aucat represented 38% and 36%, respectively. In the case of France, teletoll transactions stood at 33.1% (22.4% in 2007), while heavy vehicles now account for 64.1%, vs. 16.7% in Spain. The toll road sector s revenue grew 1.8%, affected by negative traffic, which was in turn offset by toll revisions, discounts, improvements in the traffic mix and others, and the positive impact of 2008 being a leap year. In addition, it is important to note that in 2007 iberpistas included a capital gain of 6 Mn from the sale of Realia; stripping out this effect, the increase was 2.2%. EBITDA was flat excluding iberpistas, while the EBITDA margin was slightly affected by sharp growth in lower-margin businesses (Masternaut, etc.), and shrinking volumes, as explained in detail in this report. ACESA AUCAT AUMAR IBERPISTAS AVASA CASTELLANA AULESA Total España 6,209 4,986 13,801 1.1% 10.9% 21,314 25,160 28,030 33,867-2.9% 31,067-4.7% -8.1% 3.5% -4.1% -3.3% Total Sanef (Francia) Total abertis 23,153 24,819-0.3% -1.8% -2,000 8,000 18,000 28,000 38,000 13

4.1.1 - Sanef Revenues rose 6%, in large measure thanks to increases in toll revenues (3.9%) and Masternaut (57%). Breakdown of growth: ADT dropped 0.3%; tariffs were on average 1.5% higher due to annual toll revisions, up 1.5% due to lower discounts for heavy goods vehicles, and up 2.4% due to optimisation between stretches and other income not linked to toll roads (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 and the impact of the growth of Masternaut, Eurotoll, etc., businesses with a lower margin, already explained in the operating expenses heading 1H 08 1H 07 Chg. ADT 23,153 23,232-0.3% ( Mn) Total revenues 686 649 5.6% Operating expenses (244) (220) EBITDA 442 429 3.0% Margin 64.4% 66.1% Depreciation (140) (138) EBIT (1) 301 291 3.5% Margin 44.0% 44.9% Depreciation of revalued assets (49) (49) EBIT (2) 252 242 4.2% Margin 36.8% 37.3% Notes: Contribution to the group includes HIT with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA Sanef) EBIT (2): Includes all depreciation expenses 4.1.2 - acesa Revenues were flat, in large measure because of deterioration in ADT (down 2.9%), which was offset by the annual tariff review (up 2.7%). Poor weather conditions and the economic downturn are affecting acesa s entire network, with significant declines in traffic on weekends and in June, which was additionally marked by the strike (June saw 15% fewer heavy goods vehicles and 8% fewer light vehicles). In addition, traffic volumes dropped due to the AP-7 road widening project, which detoured traffic to the N-340 (primarily heavy vehicles). 4.1.3 aumar A toll revision (up 2.54%) and the leap year effect helped to partially offset falling volumes (down 8.1%), which were aggravated by the opening of alternative routes (fully explained in previous reports). Other factors included the negative effect of the lorry drivers' strike, an economic slowdown and adverse weather conditions in May and June, two of the busiest months of the year. acesa 1H 08 1H 07 Chg. ADT 33,867 34,874 (2.9%) ( Mn) Total revenues 302 303 (0.3%) Operating expenses (63) (60) EBITDA 240 243 (1.5%) Margin 79.2% 80.2% Depreciation (48) (50) EBIT 192 193 (0.6%) Margin 63.4% 63.6% Note: Contribution to the group, with consolidation adjustments made at source aumar 1H 08 1H 07 Chg. ADT 21,314 23,185 (8.1%) ( Mn) Total revenues 169 177 (5.0%) Operating expenses (33) (32) EBITDA 135 146 (7.0%) Margin 80.3% 82.1% Depreciation (31) (33) EBIT 105 113 (7.3%) Margin 62.2% 63.8% Revenues and EBITDA dropped 5.0% and 7.0%, respectively. Note: Contribution to the group, with consolidation adjustments made at source 14

4.1.4 aucat It is important to highlight (as mentioned earlier in the report) that growth in ADT, revenues and EBITDA was affected by free rail service through May due to problems with construction on the highspeed train route, which affected the Sitges- Casteldefells stretch. This work is now complete, with volumes forecast to improve in coming quarters. Thus, despite a 3.24-percent increase in tolls and the leap year effect, both revenues and EBITDA fell. 4.1.5 iberpistas Like Aucat, though for different reasons, this subsidiary was heavily affected both in terms of ADT and in revenue and EBITDA. In volume terms (ADT), it was deeply affected by the transport strike (which cut heavy goods vehicle traffic by 60.1% during the seven days of the strike in June). And in terms of revenue and EBITDA as yoy figures were not comparable due to the sale of Realia for 6Mn. Excluding this effect only, revenues rose 2%. aucat 1H 08 1H 07 Chg. ADT 31,067 32,611 (4.7%) ( Mn) Total revenues 51 52 (1.7%) Operating expenses (8) (8) EBITDA 43 44 (2.3%) Margin 83.5% 84.0% Depreciation (7) (7) EBIT 36 37 (3.1%) Margin 69.5% 70.5% Note: Contribution to the group, with consolidation adjustments made at source iberpistas 1H 08 1H 07 Chg. ADT 28,030 28,999 (3.3%) ( Mn) Total revenues 55 60 (8.8%) Operating expenses (11) (11) EBITDA 44 50 (11.1%) Margin 80.5% 82.6% Depreciation (9) (9) EBIT 35 41 (13.9%) Margin 64.1% 67.9% Note: Contribution to the group, with consolidation adjustments made at source 4.1.6 avasa (50% abertis) Good performance and increase in revenues from toll revisions (up 2.5%) and positive traffic performance (ADT up 3.5%), mainly due to construction on the N232 which drove traffic to the toll road, following an agreement with the government under which certain stretches are free (with compensation provided by the government) and the impact from Expo Zaragoza. Strong revenue performance (up 5%) together with containment of operating expenses generated EBITDA growth of 5%. avasa 1H 08 1H 07 Chg. ADT 13,801 13,331 3.5% ( Mn) Total revenues 37 35 5.2% Operating expenses (7) (6) EBITDA 30 29 5.4% Margin 82.4% 82.1% Depreciation (9) (9) EBIT 21 19 10.4% Margin 58.3% 55.5% Note: Contribution to the group, with consolidation adjustments made at source 15

4.1.7 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. Revenues in local currency rose 7% due to the strong performance of ADT (up 4.8%), 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. 4.1.8 Others Includes Castellana, abertis Chile, Aulesa and Trados 45. Very significant percentage increases (though still very low in absolute terms) in Aulesa s ADT thanks to the positive impact of the opening of the Ronda Sur de León in June 2007. Decrease in Trados 45 ADT because of the opening in June 2007 of the last stretch of the M50 (alternative route), with ADT settling slightly under the maximum collection threshold. GCO 1H 08 1H 07 Chg. ADT 68,389 65,267 4.8% ( Mn) Total revenues 16 17 (8.8%) Operating expenses (9) (8) EBITDA 7 9 (28.2%) Margin 43.3% 55.0% Depreciation (3) (3) EBIT 4 7 (38.8%) Margin 26.4% 39.4% Note: Contribution to the group, with consolidation adjustments made at source Others 1H 08 1H 07 Chg. ADT Castellana 6,209 6,140 1.1% Aulesa 4,986 4,495 10.9% Trados 45 59,997 82,863 (27.6%) ( Mn) Total revenues 18 15 16.6% Operating expenses (10) (7) EBITDA 8 8 1.0% Margin 44.6% 51.5% Depreciation (11) (10) EBIT (3) (2) 62.5% Margin n.a n.a Note: Contribution to the group, with consolidation adjustments made at source 4.1.9 Others 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 of the toll roads such as APR, Coviandes, Tunel de Cadi, Ausol, Autema and Henarsa R2. The Madrid ring roads' ADT posted quite moderate performance (R3-R5 was sluggish due to the impact of an alternative route, the AP-36). ADT 08/07 % abertis Kms 1H2008 1H2007 Chg. APR 75.0% 2 23,380 22,833 2.4% Coviandes 39.0% 86 6,839 6,601 3.6% Túnel del Cadí 37.2% 30 6,602 6,023 9.6% A. Madrid R3-R5 35.1% 61 14,188 14,769 (3.9%) Ausol 31.6% 119 80,615 75,171 7.2% RMG 33.3% 74 42,109 42,236 (0.3%) Autema 23.7% 48 24,661 24,121 2.2% Henarsa R2 22.5% 62 11,013 10,637 3.5% 16

4.2. Telecommunications Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) 1H2008 1H2007 Chg. Revenues 200 191 4.6% EBITDA 77 84 (7.7%) Margin 38.7% 43.9% (5.2) EBIT 41 49 (17.0%) Margin 20.5% 25.8% (5.3) p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis 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 and 2Q07 were the strongest quarters of 2007 (growth of an accumulated 12% in 1H08), benefiting from the entry of new analogue channels such as la Sexta at the end of 2006. On the negative side, it is worth noting that in January 2008, the Nexus network, which provided communication services to the Catalan police force, was deactivated. The service migrated to the Rescat network, which was deployed in 2006 and 2007 and, following its sale to the Catalan government, is still operated and maintained by abertis. The deactivation of the Nexus network, and the change in the way the service is provided, caused revenue to drop by 7 Mn in 1H08 (which is equal to 4% of revenue). Excluding this effect, revenues rose 8%. Operating expenses, which are not strictly comparable, rose by 13% for three main reasons: o o Following the enactment of the new Price Transfer Law between companies belonging to the same group, a series of items that in the past would have been consolidated under Central Services/Other are now consolidated within the subsidiary (abertis telecom) with an impact of 5 Mn on expenses in the semester (5% increase in expenses). No impact on consolidated. 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. o The company has been hit by increased costs, particularly electricity supply and the effect of 2008 CPI on expenses, mainly personnel expenses, which cannot be offset until early next year. As a result of these factors, EBITDA for 1H08 declined 8%. Excluding the effect of the Price Transfer Law and the impact of the deactivation of the Nexus network, EBITDA was up 6%. 16% 14% 5% Revenues distribution 65% Audiovisual broadcasting Transport, housing and maintenance Mobile communication Other revenues 4.2.1 Eutelsat Eutelsat contributed 23Mn to abertis under the equity accounting method in 1H08. On 15 May, and given its performance from June 2007 to March 2008, the company raised its revenue target for 2007-2008 to 860-870 vs. the previous target of 850-860. It also reiterated its EBITDA margin target of over 78%. 17

4.3.- Airports Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) 1H2008 1H2007 Chg. TBI no. of passengers (000) 11,791 10,942 +7,8% Revenues 145 147 (1.3%) EBITDA 47 43 9.2% Margin 32% 29% 3.1 p.p. EBIT 14 8 73.6% Margin n.a. n.a. n.a. p.p. Note: Contribution to the group, with consolidation adjustments made at source 1H2007 1H2008 Activity and earnings analysis Earnings are not strictly comparable due to the impact of the proportional consolidation of SFB Fueling in the first nine months of 2007 (it has been equity accounted since 4Q07) and in 2008 the exchange rate effect of sterling (15% depreciation in the average exchange rate vs. the euro in the period; an impact of - 18Mn) and the dollar/euro (Codad), and the addition of DCA on the income statement for three months (+ 9.1Mn). Like-for-like revenues grew 10.7% 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 9% in 1H08, excluding the negative exchange rate impact, with like-for-like EBITDA rising 13.5%. TBI A very strong performance with a 7.8% increase in passengers, thanks mainly to: Stockholm (+32.7%), Orlando (+20.5%) and Luton (64% o/total EBITDA at TBI, up 6.3%). Total revenues per passenger also grew by a very noteworthy 3.9% (stable traffic, boosted by commercial revenues). A highlight was the increase in total revenues per passenger at Luton, which rose 12.0%. CODAD Positive performance in 1H08, with an increase of 9.9% in the number of flights. 8% 10% 8% TBI passengers per airport 12% 21% 41% London Luton Belfast International Cardiff International Stockholm Skavsta Orlando Sandford Bolivian airports DCA: no. of passengers (000) % abertis 1H2008 1H2007 Chg. Montego Bay (Jamaica) 74.5% 1,646 1,554 5.9% Aerocali (Cali, Colombia) 33.3% 1,180 1,153 2.3% Santiago de Chile 14.8% 4,537 4,028 12.6% GAP (Mexico) 5.8% 11,965 11,530 3.8% Total passengers 19,328 18,265 5.8% CODAD: no of flights (units) 56,278 +9,9% 61,846 1H2007 1H2008 18

4.4.- Car parks Activity and earnings analysis No. of spaces Profit and Loss Account ( Mn) ( Mn) 1H2008 1H2007 Chg. +28% 112.600 awared spaces Revenues 66 65 1% Revenues by veh. rotation 46 44 4% Revenues by holders 14 13 9% Others 6 8 (28%) EBITDA 25 28 (8%) Margin 38.5% 42.5% (4.0) p.p. EBIT 16 20 (19%) Margin 24.4% 30.3% (5.9) p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Earnings are not comparable, the car parks business increased revenues by 1% yoy, even though 2007 revenues included a 1 Mn capital gain from the sale of spaces at the Travessera car park. Stripping out this effect, revenues climbed 3.6%, due mainly to rising volumes, vehicle rotation (+0.6%), an 8.7- percent rise in subscribers and the performance of average prices. Negative EBITDA performance (down 7%) following a one-off capital gain in 2007 from the sale of spaces at Travessera and an 8-percent increase in operating expenses, mainly due to the consolidation scope, personnel costs (increase in workforce and agreed salary increases), repairs and maintenance and external services. Spain continues to be the country with the greatest weighting, with 54% of spaces. By number of spaces, Spain is the leader in growth in spaces, with 7,121 new spaces, followed by Chile 2,286. Conversely, the number of spaces in Italy and Morocco fell. 12% 36% 88,010 1H2007 4% 2% 1% +10% 45% 97,083 Spaces by type 1H2008 actual spaces Concession Management Metered under concession Metered under management Property Leased Spaces by geographical market 17% 19% 6% 4% 54% Spain Italy Portugal Chile Morocco Overall, the number of parking spaces managed by abertis car parks will increase by 15,517 parking spaces into service over the next two years. These spaces have already been awarded and are currently being built or prepared. 19

4.5.- Logistic services Activity and earnings analysis Profit and Loss Account ( Mn) % occupancy of warehouses nonoccupancy 13% ( Mn) 1H2008 1H2007 Chg. Revenues 28 10 181% EBITDA 18 3 500% Margin 66.8% 31.2% 35.5 p.p. EBIT 14 1 1457% Margin 52.5% 9.5% 43.0 p.p. occupancy 88% % occupancy of offices Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Results are not comparable due to the incorporation into the consolidation structure of the acquisition of logistics assets from Inmobiliaria Colonial and the sale of Port Aventura. Revenues rose 181%, stripping out the capital gain from the sale of Port Aventura, climbed 60%. The number of m 2 of warehouses and offices climbed sharply (+39.3%, an increase of +113,223 m 2 ) from June 2007, mainly due to the incorporation of the logistic assets from I. Colonial. Average occupancy rose 13.1% to 88.4%, as Arasur and PLZF began to be occupied, and the acquired assets from Colonial which were at 100% occupancy. At the end of 1H08, the percentage of total average occupation of warehouses stood at 87.5%, while that of offices was 96.4%, both up from 72% and 95%, respectively, in 2007. Zona Franca. Barcelona nonoccupancy 4% occupancy 96% CIM Vallès. Barcelona 20

5. Analysis by geographical markets Spain still accounts for the bulk of the company's revenues, representing 51% of the total, followed by France (mainly Sanef) with 39% of revenues, the UK (mainly TBI) with 6% 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. 5.1.- Revenues Highlights of revenue performance by country include: France posted very positive growth (5.7%) thanks to toll rate increases (3.6%) and other revenues (mainly Masternaut-Telematica). Spain, with a 1% increase, driven mainly by toll increases, a good showing by Telecom, the addition of logistics assets and the sale of Port Aventura, which offset falling traffic volumes on Spanish toll roads. UK revenues dropped 3%, primarily because of the exchange rate effect and reclassification of SFB Fuelling revenues in 2007, since TBI had included them in UK earnings in 1Q07; stripping out these two effects, it grew 11.3%. ( Mn) 1H2008 1H2007 Chg. Revenues Spain 908 896 1% France 686 649 6% UK 99 102 (3%) Others 84 85 (1%) Total revenues 1,777 1,733 3% 4% others 6% 51% 39% 5.2.- EBITDA As for contributions to EBITDA, noteworthy were the strong performances in the UK, with a like-for-like increase of 13.9%, excluding the exchange rate impact. It is important to note the excellent performance in like-for-like terms, excluding exchange rate effects, of the UK business. This was fuelled mainly by a tight grip over costs at TBI and improved tariffs obtained at two of the company s main airports (Luton and Belfast). ( Mn) 1H2008 1H2007 Chg. EBITDA Spain 610 619 (1%) France 442 429 3% UK 29 29 (1%) Others 31 29 5% Total EBITDA 1,111 1,106 1% 3% 2% others 40% 55% 21

6. Consolidated balance sheet Insignificant variations in the balance sheet from 31 December 2007, which already accounted for I. Colonial s logistics assets as property, plant and equipment and as assets available for sale the acquisition of an additional 4.6% of Brisa. Variations in the period are mainly due to the integration of DCA from 31 March for accounting purposes. 6.1 Assets Financial investments: Variations in the equity-accounted results heading related to the inclusion of Hispasat and the removal of the Atlantia stake, which is now classified as a financial asset available for sale. 6.2 - 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, valuing Atlantia at market prices, and performance of the year s earnings net of dividend payouts. 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. Other debts: Includes Hispasat acquisition. Assets ( Mn IFRS) 1H2008 4Q2007 Chg ( Mn) Property, plant and equipment 9,737 9,795 (58) Intangible assets 6,662 6,688 (26) Investments & other fin. assets 3,780 3,279 501 Non-current assets 20,180 19,762 418 Trade and other receivables 686 641 44 Others 708 424 284 Current assets 1,394 1,065 329 Total assets 21,574 20,828 746 Equity & Liabilities ( Mn IFRS) 1H2008 4Q2007 Chg ( Mn) Share capital 2,011 1,915 96 Reserves 2,996 3,104 (108) Shareholder's equity 5,007 5,020 (12) Loans and borrowings 11,604 11,643 (39) Other liabilities 1,691 1,655 36 Non-current liabilities 13,295 13,298 (3) Loans and borrowings 2,020 1,230 790 Trade and other payables 1,251 1,280 (28) Current liabilities 3,272 2,510 762 Total equity and liabilities 21,574 20,828 746 Debt structure 7. Debt structure and trends Variable 23% 1H2008 % o/total 4Q2007 % o/total Long-term 11,604 85% 11,643 91% Short-term 2,020 15% 1,230 9% Total Debt 13,624 100% 12,873 100% Average life (years) 7.9 8.4 1H2008 % o/total 4Q2007 % o/total Secured debt 5,999 44% 5,230 41% Unsecured debt 7,625 56% 7,643 59% Total Debt 13,624 100% 12,873 100% Rating A- por S&P y A Fitch. Commercial papers 3% Long-term revolving facilities 1% Notes 35% Others 0% Fix 77% Financing instruments Long-term loans 8% Sanef long-term loans 29% Syndicated loans 24% 22

8. Consolidated cash flow statement abertis in 2007 generated net cash flow (before investments and dividend payments) of 668 Mn, 3% more than in 2007. Free cash flow was a negative 543 Mn, mostly because of the acquisition of DCA ( 273 Mn), Hispasat ( 199 Mn) and the net purchase of treasury stock for 200 Mn. 9. Investments Operational capex at the end of 1H08 amounted to 100.9 Mn. The most significant investments in toll roads were at Sanef ( 53 Mn, for upgrading toll stations and diverse maintenance), and Acesa ( 10 Mn, adaptation of toll stations; in Telecoms ( 7 Mn, on efficiency improvements and replacements), airports ( 6 Mn on material maintenance at Luton, Belfast and Orlando), and Serviabertis ( 7 Mn on SAP technology integration at Aumar and abertis Telecom). Meanwhile, expansion capex amounted to 667 Mn, with highlights as follows: At the airports business, the acquisition of DCA ( 273 Mn). Toll roads business, highlights were the investments made by Sanef ( 23 Mn, new construction and lanes), Acesa ( 28 Mn in lane widening on the AP-7), Castellana ( 16 Mn, third lane on the Valle de los Caídos- San Rafael road), and others, mainly due to Autema s capital increase. At the telecoms division, mainly in the acquisition of 28.4% of Hispasat ( 226 Mn) and the rest for the purchase of 80% of Teledifusión Madrid ( 4 Mn) and regional rollout of DTT ( 13 Mn). Car parks, where 21 Mn was invested in the acquisition of a car park in plaza de los Mostenses, and 6 Mn was used for expansion at Saba Italia. And logistics, which acquired Cais da Braciera in Portugal for 22 Mn. ( Mn) 1H2008 1H2007 Chg. 08/07 Chg. EBITDA 1,111 1,106 6 1% Finance results (262) (259) (3) n.a. Income tax expense (137) (150) 13 n.a. Cash flow 713 697 16 2% Adjust. non cash effect PPA & other (44.5) (49.4) 4.9 n.a. Net cash flow 668 648 21 3% Operational capex (101) (94) (7) n.a. Dividends (175) (151) (24) n.a. Pagos a minoritarios (68) (42) (26) n.a. Expansion capex (667) (1,221) 554 n.a. Acquisition / Sale own shares (200) 0 (200) n.a. Free cash flow (543) (860) 344 n.a. 7% 42% Operational capex by sectors 5% 6% 3% Expansion capex by sectors 4% Holding 7% 6% 11% 73% 38% 23

Appendices Appendix I: Summary of significant events April 2008 saba acquires the concession for a car park in central Madrid. The car park, situated in Plaza de los Montenses, next to Madrid s Gran Vía, has three levels and a total of 357 parking spaces. The municipal concession of this car park is valid until 1 January 2028 and also includes a building with 58 offices and four retail shops operated on a lease basis. 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 scrip 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 2006. Agreement to acquire toll roads in Chile. abertis 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 348.17Mn. The agreement includes a condition that by 30 June the remaining 51% must be sold to abertis and Capital Riesgo Global for 362.38Mn. 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 1,000,000,000. 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. May 2008 Scrip issue. The bonus allocation period is set for 12-16 May 2007. 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. abertis chosen as the preferred bidder to manage the Pennsylvania Turnpike. The offer presented by a consortium made up of abertis (50%), Citigroup (41.67%) and Criteria CaixaCorp (8.33%), totals $12,801 and is one of the biggest public-private partnership initiatives ever undertaken in the US. The 801-kilometre Pennsylvania Turnpike has ADT of more than 35,000 vehicles on a concession that runs through 2083. The lease bid is subject to enabling legislation and passage through the pertinent approval process at Pennsylvania s House of Representatives. 24