presentation president - abetis shareholders general meeting 2011

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Salvador Alemany, President

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Context 2010

Stock market and shareholder reward

Reorganisation of the businesses

Corporate responsibility

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Contents

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3

-6

-4

-2

0

2

4

6

8

10

12

BRIC countries (Weighted)

United StatesEuropean UnionSpain

2006 20102007 2008 2009

Economic context

GDP growth

Context 2010

Simultaneous entry and asymmetrical exit from the crisis

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Economic context Context 2010

We must be ready for the opening up of markets to open up

[1,5 - 4,3] [4,3 - 7,0]GDP <1,5 >7,0Growth Estimates 2011

New processes of monetisation and privatisation of assets

Source: IMF World Economic Outlook, April 2011

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Growth: a strategic challenge Context 2010

• New concessions• Extension of current ones • Mature concessions

Cash flows

Years of life

Balanced management of the assets portfolio

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5.2%Income

5.9% EBITDA

6.1% Net Result

Abertis 2010

Strength of the fundamentals

Geographical diversification

Visibility telecommunications business

Positive impact AP-7 agreement

Positive development of traffic France and South America

Context 2010

Capacity to absorb the impact of the economic cycle

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Context 2010

Stock market and shareholder reward

Reorganisation of the businesses

Corporate responsibility

12

Contents

34

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Stock market development Stock market and shareholder reward

-40

-20

0

20

40

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

0

50

100

150

200

250

300

350

400

450

ABERTISIBEX 35BRISAATLANTIA

ABERTIS1

26

117

42 38

113

-40

31

-10

14

Annual change in share price %

Quotations

(100 = 1/1/00)

(*) Until the 20/6/2011

*

9

Share liquidity

May 2011

2007 1.5 M

3.0 M

Average daily volume traded(million shares) x2

Stock market and shareholder reward

18.8%1.2% Savings banks

2007 2008 2009 2010 2011

43.7% Free-float

31.5% “la Caixa” Group

28.5%

Treasury stock

1.96%CVC+ACS25.8%

Free-float

43.7%

The share price held strong and absorbed the progressive departure of the savings banks

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Dividend 2010

On consolidated net result

Pay-out

67%

0.30 on account0.30 complementary

Ordinary dividend

0.60€ per share(to be paid 28/6/2011)

1x20 Share issue

Stock market and shareholder reward

We mainatin a sustainable shareholder reward policy

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Context 2010

Stock market and shareholder reward

Reorganisation of the businesses

Corporate responsibility

12

Contents

34

12

Components of thereorganisation

Sale of the stake in Atlantia

Duplo project

Reorganisation of the businesses

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A meaningful and clearly profitable investment

Monetisation of the Atlantia investment

Reorganisation of the businesses

626 M€

151 M€ Capital gains

17% average annual profitability

Sale of shares in Atlantia

Synergies and prestige in Italy

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Components of thereorganisation

Sale of the stake in Atlantia

Duplo project

Reorganisation of the businesses

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Growth Reorganisation of the businesses

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

GROWTH CONSOLIDATION

Opportunities

Market cap

Debt

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Duplo project Reorganisation of the businesses

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Facilitating the rotation and renewal of assets in line with concessions cycle

More Focus

Capital-intensive sectors

A new abertis Reorganisation of the businesses

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A recast Saba with a perspective of growth

More oriented towards local administrations

More balanced structure

Organisation

Shareholder structure

Balance

A new Saba Reorganisation of the businesses

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1999 Reorganisation of the businesses

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2010 Reorganisation of the businesses

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2011 Reorganisation of the businesses

“la Caixa” Group as main shareholder

Head office in Barcelona

Management familiar with the business

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Consolidate the leadership of Southern Europe and growth in strategic markets

Leadership in Catalonia and Spain, and optimisation of assets

Benchmark operator in developing solutions in mobility in cities

and logistics flows

Saba vision Reorganisation of the businesses

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Proforma

Saba orders of magnitude

Reorganisation of the businesses

Income 189EBITDA 87

(M€)2010

(M€)2010

Equity 400Net debt 460Leverage ratio 53%

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Extraordinary dividend 2011

0.67€/shareShares in(1 abertis share 1 Saba share + 0.13 €)

All in cash (Payment date : 27/07/2011)

Until22/07/2011

Payment of the dividend in cash if shares not chosen

A new project open to all shareholders

Reorganisation of the businesses

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A new project open to all shareholders

Reorganisation of the businesses

Saba is large enough to be a global operator

Currentshareholders

of abertis(voluntary

option)

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Estimated impact on abertis’ orders of magnitude

Reorganisation of the businesses

Pro forma 2010 (M€ )

abertis Saba Variation

Income 4,106 189 -5%

EBITDA 2,494 87 -4%

Total Assets 25,292 1,464 -6%

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0.40 € per share

296 M€

Payment date 27/7/2011

Partial return of share premium Reorganisation of the businesses

Income from the sale of Atlantia makes this partial return possible

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Debt reduction

(*) In cash or shares in saba infrastructures

Sale of Atlantia +626Separation of businesses +853

Extraordinary net dividend (*) -791

Net debt reduction 688

Reorganisation of the businesses

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Timetable Reorganisation of the businesses

(*) Shareholders that opt for a cash payment. Alternatively, 1 Saba Infrastructures share + 0.13 €

0.40 €

28 june

27july

27 july

Paid out of profits Financial year 2010 0.30 €

complementary

0.67 € (*)extraordinary

ReturnShare Premium

Paid out of profitsFinancial year 2011

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More opportunities and more competition

Adapting to the demands of each moment

Infrastructuresfor Olympicsand World

Motorways projects USA

EcoTaxe

Financing new motorways with PPPs

Infrastructures in theFive-year plan

Use of PPPs

Airport concessions

Reorganisation of the businesses

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Context 2010

Stock market and shareholder reward

Reorganisation of the businesses

Corporate responsibility

12

Contents

34

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Awards and certifications Corporate responsibility

91% of the business withISO 9001 certification

94% of the business under an environmental management system

2,198 Suppliers approved

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Abertis Foundation Corporate responsibility

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Fundación abertis in France Corporate responsibility

A milestone expressing our commitment to a country in which we generate nearly 40% of our income

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Renewal, revision and regeneration

Track record and potential for growth

Recreating ourproject

We have the team and talent of our peopleNew opportunities

We are at thestarting pointof a new path

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Salvador Alemany, President