2010 Results – February 2011

2010 REVIEW2010 REVIEW

Global macroeconomic environment

CPI

2010

GDP

2010

2,9%

10,3%

7,5%8,5%

1,7%

US CHINA BRAZIL INDIA EU

1,6%

3,3%

5,0%

12,1%

1,6%

US CHINA BRAZIL INDIA EU

3

Asymmetrical profile between emerging and developed

markets

Stock Markets

+12.8%

+7.5%

+17.9%

+1.0%

-5.8%

2010

CDS

42

69

111

2010

US.ChinaBrazilIndiaEU

abertis main environment

GDP

2010

CPI

2010

1,50%

5,30%

1,70%

-0,20%

SPAIN FRANCE CHILE UK

3% 1,73%

1,43%

3,31%

SPAIN FRANCE CHILE UK

4

Foreign markets compensate for the evolution of the domestic

market

Stock Markets

-17.4%

-3.3%

+37.6%

+9.0%

2010

CDS

350

101

84

72

2010

SpainFranceChileUK

abertis: resilient risk profile

Free Float

31%

Spain GDP

25%

EBITDA Exposure to Spanish GDP Traffic Evolution (ADT) Shareholder Structure

2005

2008 2009 2010

2,1%-3,1%

2,2%-0,2%

6,2%

-0,5%

2,4%

EspañaFranciaOtrosTotal

7,2

6,6

7,5

4,5%

5,3%

4,6%

2008 2009 2010

Vencimientomedio (años)

Coste mediode la deuda

2008 2009 2010

5

abertis has been penalized by an inadequate assessment of

its risk profile

Revenues EvolutionCost of Debt Evolution

2010

2008 2009 2010

Free Float

41%

24,5%

1,3%0,9%

6,7%0,6%

2,1% 4,0%

3,6%

30,1%

5,2%6,9%

1,6%

EspañaFranciaOtrosTotal

2010 Volumes and Revenues

22.99623.303

2009 2010

21.637

22.820

2009 2010

France ADT(vehicles/day)

International ADT (vehicles/day)

+1,3%

+5,5%

23.328

22.383

2009 2010

-4,0%

AP-7

-1,8%

Spain ADT (vehicles/day)

2009 2010 2009 2010 2009 2010

6

2.907

3.078

2009 2010

996

1,027

2009 2010

3,904

4,106

2009 2010

Toll Roads Revenues(Mn €)

Rest of Business Revenues(Mn €)

Total Revenues(Mn €)

+5,9%

+3,1%+5,2%

2009 20102009 20102009 2010

566 574

587667

2009 2010

2.356

2.494

2010 Main Financial Figures

EBITDA (Mn €) Financial Result (Mn €)

+5,9%

4.6%avg. cost

4.5%avg. cost

60.3%margin

60.8%margin

2009 2010 2009 2010

+1,4%

+13,6%

624

662

2009 2010

14.590 14.651

2009 2010

7

Net Profit (Mn €) Net Debt (Mn €)

+6,1%

0.89EPS

0.94EPS1

5.0xNet Debt/EBITDA

4.7xNet Debt/EBITDA

(1) Comparable

2009 2010

2010 Results2010 Results

2010 Review

GROWTHin main magnitudes of the P&L

9

A project with future: growth and returns

FINANCIAL SOLIDITY

CASH FLOW GENERATION

Main Indicators

€Mn vs 2009

Revenues 4,106 5.2%

EBITDA 2,494 5.9%

Net Profit 662 6.1%

10

A year of growth and the confirmation of the quality and cash

flow generation capacity of our portfolio

Net Profit 662 6.1%

Free Cash Flow 1,424 8.0%

Net Debt 14,651 0.4%

Comparable Net Debt1 14,224 -366 Mn €

(1) Excluding accounting non-cash effects

Toll Roads

Spain France International TOTAL

Tariff 0.0% 0.9% 3.0% 0.4% (1)

Traffic -4.0% 1.3% 5.5% -0.4%

LV -3.7% 0.7% 4.3% -0.8%

HV -6.2% 4.9% 11.0% 1.8%

Revenues 1,365 1,465 248 3,078

11

Growth despite a difficult environment (no tariffas, negative

traffic in Spain, strikes, weather)

% change +1.1% +3.7% +72.0% +5.9%

Opex -299 -548 -94 -941

EBITDA 1,066 917 155 2,138

% change +1.3% +4.7% +96.1% +6.5%

(1) 2.5% taking into account mix effect

Traffic: vehicle mix

Spain France

2,1%

-9,2%-6,0%

-12,3%

-17,1%

-5,9% -4,6% -4,2% -4,6% -3,7% -3,1%

-3,6%

3,8%

-9,9%

-5,6%

-11,0%

-15,9%

-4,3%-3,4% -3,4% -3,5% -2,9%

-5,3% -5,6%

-9,4%

-19,2%

-22,9%

-20,7%

-18,5%

-11,2%

-8,1%-6,2% -5,6%

-0,3%

-4,4% -3,9%

Total VL VP

-2,5% -3,1%-6,1%

1,8% 2,7%0,6% 1,2% 1,9% 2,2%

-0,2%2,2%-2,4%

2,5%

-3,3% -2,7%-1,4%

-3,8%

5,9% 5,3%

1,6%0,6% 1,2% 1,8%

-1,3%

1,2% 1,5%

-1,3%

-10,3%

-15,3%-16,3%

-11,3%

-4,1% -3,8%

5,9%4,8% 5,0%

Total LV HV

� Q4 consolidates the improving trend in Spain and shows the non-recurrent negative impact in France

� Premilimary 2011 data confirm the improving trend of traffic in all markets

� Worth noting the improvement of Heavy Vehicle traffic since the beginning of the year

12

-22,9%

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Telecom Infrastructure

Terrestrial Satellites1 TOTAL

Revenues 450 101 552

% change -0.8% +15.9% +1.9%

Opex -305 -30 -334

13

2010 impacted by the non-recurrent impact of the analogue

switchoff

EBITDA 146 72 218

% change -9.6% +23.1% -0.9%

Results in line with the guidance of the Investor Day as a result of new contracts and the deployment of new MUX

(1) Only includes Hispasat under the proportional consolidation method

Other Businesses

Airports Car Parks Logistics1 TOTAL

Price+7.9%

(TBI – rev/pax)

2.0%(average)

-7.4%(avg. price m2 comparable)

Volume-4.7%

(TBI)

0.0%(rotation)

-3.7%(m2 avg. rented)

Revenues 277 154 35 466

14

Positive evolution in Diversification business units

Revenues 277 154 35 466

% change +5.5% +2.8% +17.7% +5.2%

Opex -196 -90 -12 298

EBITDA 81 64 23 168

% change +8.1% +9.3% +94.6% +15.1%

(1) Logístics includes non-recurrent effects

1,616

493

192

+7.6%

Strong Cash Flow Generation...

+8.0%

+10.2%

FY 2010

+5%564Flexibility to

grow or delever

1,424

931

1,616

Gross CF OperatingCapex

FCF 1 Dividends(abertis + HIT)

FCF 2

15

Strong Cash Flow generation as a result of opex and capex containment

366

(1) Cash Flow after taxes and financial expenses

1

... Which gives us flexibility

Cash Flow

M&AShareholders

Operator of

reference role in

consortia

Double-digit IRRs

Capital allocation

Sustainable and

growing

remuneration

65% Payout last

year

16

Cash Flow Generation

DebtCapex and

Opex

Solid Rating

Increasing access to

capital markets

Capex decreases as

assets mature

Active control of

opex and capex

Financial solidity...

2009 2010

Net Debt €14,590Mn €14,651Mn

Net Debt/EBITDA1 5.0x 4.7x

Spain and othersFranceChile

3.2x7.4x10.7x

3.0x7.0x6.9x

Non-recourse debt 57% 57%

17

Solid Balance Sheet (Fitch A-/S&P BBB+)

Debt outside of Spain 53% 53%

Long-term debt 94% 96%

Average cost of debt 4.56% 4.50%

(1) Excluding from 2010 net debt the market value of quoted stakes as of 31/12/10

500

1 000

1 500

2 000

2 500

3 000

4%

7%

… with limited risks

Debt Profile

% of debt/total

-500

0

500

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025+

18

Average maturity 6.6 years Fixed rates 84%

Undrawn Credit Lines 1,515 Mn € Gross Cash Flow 1,616 Mn €

2011YEAR OF YEAR OF

CHALLENGES

STRATEGY

19

SelectiveExtension of avg. maturityReorganization Focus

GROWTH

STRATEGIC CHALLENGES

VALUE CREATION DIVERSIFICATION

IRR vs. Cost of EquityGrowing shareholder

remuneration (minimum 5%)

Geographic

CHALLENGES 2011

20

OpexCapex

OPERATING EFFICIENCIES

OPERATING CHALLENGES

RESULTS FINANCIAL MANAGEMENT

To maintain the same rate of growth as in 2010

LeverageRating

CHALLENGES 2011

21

Interest RatesExchange Rates

Inflation

MACROECONOMIC VARIABLES

OPPORTUNITIES FROM CURRENT

VOLUMES/EBITDA TARIFFS

Toll Roads: (1%-2%)Telecom: (5%-6% EBITDA)Airports: (+1%-2% pax)

Toll Roads > 2%

FROM CURRENT ENVIRONMENT

2011

22

Abertis Reorganization Reorganization

Project

Abertis Reorganization Project

1 Objetive � To facilitate a new phase of growth for the 5 business units of the group

2 Company Structure

� Reoganization of teh Group into 2 independent companies

� abertis Infraestructuras (Toll Roads, Telecoms, Airports) Listed

� Saba Infraestructuras (Car Parks, Logistics) non-Listed

3 Transaction Structure

� Extraordinary dividend from abertis payable in:

� Shares of Saba Infraestructuras

24

Structure� Shares of Saba Infraestructuras � And/or in cash

5 Status � We are in the process of valuation and concretion

� We estimate closing of the transaction in H1 2011

4 Saba Infra Growth

� Capital� Releveraging� Reinvestment of own FCF

SABA Infraestructuras

Extraordinary Dividend or

Shares of SABA Infraestructuras

25

SABA Infraestructuras

Existing Shareholders(voluntary option)

New Shareholders

Resto Accionistas

Other Shareholders

IBEX 35 Non-Listed

The information and forward-looking statements contained in this presentation have not been verified by an independententity and the accuracy, completeness or correctness thereof should not be relied on. In this regard, the persons towhom this presentation is delivered are invited to refer to the documentation published or registered by abertis with theSpanish stocks markets regulation (Comisión Nacional del Mercado de Valores). All forecasts and other statementsincluded in this presentation that are not statements of historical fact, including, without limitation, those regarding thefinancial position, business strategy, management plans and objectives for future operations of abertis (which termincludes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve knownand unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements ofabertis, or industry results, to be materially different from those expressed or implied by these forward-lookingstatements. These forward-looking statements are based on numerous assumptions regarding abertis' present andfuture business strategies and the environment in which abertis expect to operate in the future which may not befulfilled. All forward looking statements and other statements herein speak only as of the date of this presentation. Noneof abertis or any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees oragents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or itscontents, or otherwise in connection herewith.

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