Appointment of Ms. Susana Gallardo Torrededia

More independent members

More women on the Board

Implementation of best practices in corporate governance

Changes to the Board

Fewer Board members

Turning point of the cycle

Spain and Europe

Progress towards

Banking Union

1ECB prepared

to provide unlimited

intervention

2Starting to clean up financial

institutions

3Companies recovering

competitiveness

4

GDP FORECAST 2014

Source: IMF WEO January 2014

World GDP From 3.0% (2013) to 3.7% (2014)*

Asymmetric development of the crisis

2.8%

1.0%1.7%

5.4%

7.5%

2.3%

4.5%

Situation in Spain

Structural reforms

Incomes policiesBroadening tax bases / reducing tax burden

Performance of Public Administrations

Narrow margin for reducing spendingCuts in public investment due to deficit and debt

Taking advantage of PPPs

2013 milestones

EfficiencyFocus

World leader in toll roads

Geographic diversification

and Size

Business development

+23.6%EBITDA 2,923 M€ (comparable+1.8%)

Net Profit 617 M€ (comparable +7.4%)

Income 4,654 M€ (comparable +0.5%)

+25.1%

Prudent management of the balance

Debt/EBITDA 4.5x

Total Debt 13,155M€ -7%

Investment Grade S&P: BBB Fitch: BBB+

80

95

110

125

140

Generating value

Free float

43.41%Average annual return per shareholder 04-13* +16%

* Includes dividend, bonus share issue and revaluation

Revaluation abertis 2013

+37% !Revaluation IBEX 2013

+21%

Stock market progression 2012-13 (base 100 - 31/12/12)

abertisIBEX 35

Ordinary dividend

0.33 on account

(paid in November 2013)

Shareholder return

565 M€ (+5%)

1x20 Bonus share issue

0.33 supplementary

(to be paid on April the 8th, 2014)

0.66 €/share

Castellet Castle Mediterranean Biosphere Reserves

Investments: ≈ €600 Mn • €4.1 Bn from 2011

Attractive reinvestment

has acquired a 16.4% stake in

gaining control of the company for

€172,500,000July 2013

12% Equity IRR

has acquired 4,227

towers for

€385,000,000August 2013

13% Equity IRR

Divestments Investments

has sold a 3% stake in

for

€182,000,0001T 2013

has sold its 90% stake in

for

€835,000,0002013

EV/EBITDA 2013E of 12,4x

Divestments 2013: ≈ €1 Bn• €4 Bn from 2011

Generating funds to reinvest

Acquisitions

Hispasat: takeover

Acquisition of Telefónica and Yoigo towers

A growing neutral operator

+4,000 towers

Income 2014e: €200 Mn

7 satellites + 2 under construction

Investments: ≈ €600 Mn • €4.1 Bn from 2011

Attractive reinvestment

has acquired a 16.4% stake in

gaining control of the company for

€172,500,000July 2013

12% Equity IRR

has acquired 4,227

towers for

€385,000,000August 2013

13% Equity IRR

Investments

Focus, internationalisation and industrial role

Acquisitions

-3.3% -3.8%

-1.2%

-3.3%-2.1%

0.3%1.6% 2.1%

1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13

5.2%

3.0%

6.1%5.5%

3.8%4.5% 4.0%

1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13

3.8%

8.8%7.3%

10.4%

6.4%8.2% 8.1

7.5%

1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13

7.4%

Activity

-9.1% -9.1%

-11.2%-12.2%

-8.4%-9.6%

-2.6%-0.8%

1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13

Toll fares: +2.9% Traffic: -5.2% Tolls fares: +1.9% Traffic: +0.6%

Tolls fares: +3.6% Traffic: +3.9% Tolls fares: +3.5% Traffic: +7.8%

Growth in telecommunications revenue: 3.6%

Average toll fares growth: 3.1%

Average traffic growth: 1.5%

New investments

2012 gains

Extraordinary deductions 2012

4,143511

2,665258

P&L account

€ Mn

Income 4,654 +25%

Operating expenses -1,731 +28%

Gross Margin (EBITDA) 2.923 +24%

Depreciation -1,203 +31%

Operating margin (EBIT) 1,721 +19%

Financial result -729Equity-accounted income 37

Result before tax 1,029 -24%

Corporate tax -330Attributable to minority interests -130Discontinued operations 49

Net profit 617 -40%

Comparable net profit +7%

vs 2012

Substantial improvement in margin and growth in earnings

Global incorporation Brazil and Chile

Increased cash flows, maintaining dividend policy and investment

2,923

Accounting EBITDA

729

Financial cost

330

Tax

246

Non cash-floweffects

764

Current Investments Dividends

547

Minoritaries

146

FreeCashflow

161

Generated funds (€Mn)

Average cost: 5.1%

Average maturity: 5.5 años

Non-recourse: 62%

Fixed rate: 82%

Airports Eutelsat

Hispasat Towers

Net debt (€Mn)

14,130

Dec 2012 Free Cash Flow

Divestments

-161-1,017

Acquisitions

575

Exchange rate and other

-371

13,155

Dec 2013

Net

deb

t /

Ebitd

a

5.7x

4.5x

Reduction of net debt €1 Bn ~ (-7%) in a context of growth

Rating: S&P BBB, Fitch BBB+

Financing needs are covered up to end of 2017

€1.5 Bn issued in bonds

Corporate Business

Financial strength (€Mn)

6,590

Available Lines

Corporate treasury

3,512

3,078

Debt maturity schedule

1,329 1,469

1,948 1,817

2,224

1,3661,207

1,927

435

2,615

6.563

Available liquidity

A solid balance of more than €28 Bn

3,0781,671

23,385

6,590

5,311

16,233Gross financial debt

Assets Liabilities

Long-term assets

Current assets

Treasury

Net equity

Other creditors

Balance sheet (€Mn)

13,155 Net debt

14,000 Market value

Integration

Efficiency

Optimising portfolio

Strengthening balance sheet

Objectives 2013

In 2013 our strategy is consolidated

VALUE CREATION

Sustainable dividends

Disciplined growth

Golden rules

In order to continue creating value

Improved profitability in current perimetre

Forecast investments above €1.3 Bn in 2014 (35% in Spain)

Growth and progressive internationalisation with financial discipline

Consolidation of industrial role in the projects

Financial solidity: investment grade rating

Sustainability of dividends policy

has acquired a 6% stake in

gaining control of the company for

€32,200,000January 2014

Path to control

Recent takeover operations

has acquired a 9% stake in

gaining control of the companies for

€18,000,000February 2014

Traffic

-5.6%

-9.1%

1T11 1T12 1T13 Jan-Feb 14

-8.4%

1.5%

ADT

1T10

-4.2%

+3.76%

-3.31%

1T11 1T12 1T13 Jan-Feb 14

-2.06%

3.4%

ADT

+1.22%

1T10

Encouraging two first months in Spain and France

Positive trend continues in Brazil (4%) and Chile (6%)

Conclusions

Achievements in 2013• Company has become more international, bigger and more efficient

• Balance has been strengthened• Positive developments in the share price

• Consolidation as world leader in toll roads

Conclusions

Achievements in 2013• Company has become more international, bigger and more efficient

• Balance has been strengthened• Positive developments in the share price

• Consolidation as world leader in toll roads

Good outlook for 2014• More favourable macroeconomic environment

• Increasing impact of efficiencies• Solid liquidity for growth

• Maintaining dividend policy