CAPEX Overview Investors Day 2009 Antó tóni d o S e ousa 1

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1 CAPEX Overview Investors Day 2009 António de Sousa 1

2 Capex Overview Brownfield Concessions Brisa Atlantico Brisal Greenfield Concessions Douro Litoral Litoral Oeste Baixo Tejo Capex Wrap-up

3 Capex Overview Investment in the Motorway Business Motorway business comprehends a significant ifi part of investment, t either to build and expand the network, or simply to maintain it Managing Capex is one of the main drivers to enhance free cash flow On the last 5 years consolidated Capex has been very significant, around 2 billion Euros, since the group has been expanding mostly through Greenfields, either the completion of the Brisa concession or the construction of new concessions (Brisal and Douro) Bi Brisa does not thave a construction ti arm, outsources, but tholds full control over the Project Management, through BEG - Brisa Engenharia e Gestão Delivering on time and on budget has been one of Brisa s trademark Enhancing free cash flow through Capex 3

4 Capex Overview BEG Brisa Engenharia e Gestão Spin off of Brisa Project Management team 210 employees Over 30 years of experience Engineering services Design and Specifications Works Supervision and Management Materials Quality Control (laboratory tests) Land Acquisition (expropriations) Specialized fields Geotechnical engineering Pavement engineering g Rail track engineering Environmental Impact Assessment Tunnels and Bridges Deep experience on motorways and trains 4

5 Capex Overview Brownfield Concessions Brisa Atlantico Brisal Greenfield Concessions Douro Litoral Litoral Oeste Baixo Tejo Capex Wrap-up

6 Brisa Concession Recent Capex In the last 5 years, Brisa has been investing strongly to conclude its network, over 220 million per annum The network was only completed by 2007 Brisa concession Capex Network completed M Average Growth New stretches Widening Maintenance Resurfacing Other Total 231 M 269 M 301 M 201 M 109 M 223 M But Capex will be decreasing significantly 6

7 Brisa Concession Growth Capex New links New junctions linking the new logistic platforms A1 Castanheira do Ribatejo (1.3 km) A12 Poceirão (1.7 km) A1 Soure junction near Condeixa New stretch on the A12 linking to the industrial park of Mitrena (Setúbal - Alto da Guerra) Águas Santas Ermesinde alternative to widening with tunnel Additional toll proceeds A9 A2 Castanheira junction A10 Lisbon Poceirão junction New junction A1 Northern Lisbon logistic platform CARREGADO A12 BENAVENTE Poceirão logistic platform ALMEIRIM SALVATERRA DE MAGOS A13 New stretch Alto da Guerra (Mitrena) Investments supported by new concession agreement EN10 7

8 Brisa Concession Growth Capex New links New links Capex (M ) Motorway Stretch Carpex A1 Logistic Platform (link) 18 A1 Soure (junction) 9 A12 Logistic Platform (link) 11 A12 Alto da Guerra (link) 13 A4 Águas Santas Ermesinde (new tunnel) 58 Total 109 M Average 22 M per year on the next 5 years No other investments planned. Potential new links will have to be self financed or compensated New obligations from the concession agreement 8

9 Brisa Concession Growth Capex New motorway The link to the New Lisbon Airport is part of Brisa concession since 1972 A1 ALMEIRIM The new location (from Ota to Alcochete) represents a new opportunity A motorway (A33) instead of a simple link More km (22 instead of 4) Lower cost per km (plain and cheaper land) Higher ADT (above ), more urban profile The A33 will link Brisa A12 to Brisa A13 Total Capex of 120 million euros A10 A9 Lisbon A12 CARREGADO BENAVENTE A33 SALVATERRA DE MAGOS A13 Construction between 2015 and 2017 A2 EN10 High IRR on a stand alone basis 9

10 Brisa Concession Growth Capex Widenings Widening i is a way to expand the capacity of the network and to attract extra traffic Widening CAPEX triggers ADT over widening from 2 to 3 lanes ADT over widening from 3 to 4 lanes Not a straightforward formula, some restrictions ti 2 types of widening Capex motorways Not prepared to be widen (before 1997). Expensive due to land acquisition (urban), bypasses, viaducts & crosses Motorways designed and prepared to be widened (after 1997). Much less expensive, only civil works Brisa has been widening the expensive ones (old & urban), obviously those with higher ADT Widening Capex will decrease 10

11 Brisa Concession Growth Capex Widenings Widenings i Motorway # Stretch Km A A A A A Total Capex 204 M 78 Km Average Annual 41 M 16 Km 1 Does not include the Águas Santas Ermesinde tunnel (see in Network Adjustments) On the long term Brisa will be investing in Widenings 32 M per year 16 km with a cost per km between 2.0M and 2.4M Widening Capex will decrease 11

12 Brisa Concession Maintenance Capex Pavements with no structural problems, low resurfacing needs Quality of construction Widening works Regular OPEX maintenance (~20 M per year) No extreme weather conditions Low traffic intensity per lane Low HGV exposure Other Maintenance Capex High number in the past due to sound (acoustic) barriers and motorcycle protection rails If new requirements arise, Capex will have to be compensated Maintenance Capex will decrease 12

13 Brisa Concession Capex Average per annum Last 5 years 220 M Building ud gte the network Growth Links 22 M Next 5 years 90 M Growth Widenings 41 M Maintenance & others 27 M From 2014 to M Growth Widenings 32 M Maintenance & others 25 M Does not include 120M of estimated CAPEX to New Lisbon Airport Link Strong reduction, increasing free cash flow 13

14 Atlantico & Brisal Concession Growth and Maintenance Capex Atlânticoti Like Brisa, it has some widenings to be done, close to the Greater Lisbon area The northern part already has 3 lanes, so it will have no widening requirements Brisal Brand new. Not expected to have widenings during its life (some stretches already with 3 lanes) Pavement built to last 20 years Average Annual Capex After 2014 AEA 100% 7.8 M 10.9 M Growth / Widenings 3.2 M 6.6 M Maintenance 46M M 4.3 Brisal 1.0 M 3.5 M Maintenance 1.0 M 3.5 M Low Capex requirements 14

15 Capex Overview Brownfield Concessions Brisa Atlantico Brisal Greenfield Concessions Douro Litoral Litoral Oeste Baixo Tejo Capex Wrap-up

16 Douro Litoral Concession The Project Awarded in 2007 (ends in 2034) Ring belt around Porto (2 nd largest city) 3 motorways with a total 129 km of which h 76 km will be new construction 53 km non tolled already in operation Construction and equipment Capex of 872M Shareholders 45 % 18% 9% 9% 9% A3 Porto A43 A32 A41 A1 A4 Urban ring on the Portuguese 2 nd city 16

17 Douro Litoral Concession Openings A43 A41 A32 Extension (km) Openings 3Q10 2Q11 4Q11 Capex M Construction Other Total 152 M 448 M 165 M On time & on budget 17

18 Litoral Oeste Concession The Project Awarded d in 2009 (ends in 2039) Located in Central Portugal, links the A1 (Brisa) to the A8 (Atlântico) and A17 (Brisal) 3 motorways with a total 112 km of which 82 km will be new construction 30 km already in operation Construction and equipment Capex of 459 M Shareholders 15% 20% 65% A8 A17 Leiria A1 Linking 3 Brisa concessions 18

19 Litoral Oeste Concession Openings IC9 1 IC2 Extension (km) Openings 3Q11 3Q11 1 Includes Variante Nazaré (6.3 km), COL and VPL (5.1 Km) Capex M Construction Other Total 73 M 266 M 124 M Project just starting 19

20 Baixo Tejo Concession The Project Awarded d in 2009 (ends in 2039) Located in Greater Lisbon Area, south of the Tagus river. Ring linking the A2 to the A12 4 motorways with a total 68 km of which 34 km will be new construction 34 km already in operation Construction and equipment Capex of 278 M A9 A5 A10 Lisbon A2 A12 Shareholders 30% 7% 5% 8% 8% 9% 8% 25% Lisbon South Bank ring 20

21 Baixo Tejo Concession Openings IC32 1 Extension (km) 33.7 Openings 4Q11 1 Includes ER377/2 (9.1 km) and Trafaria Capex M Construction Other Total 12 M 151 M 113 M Just starting, but some small openings in

22 Capex Overview Brownfield Concessions Brisa Atlantico Brisal Greenfield Concessions Douro Litoral Litoral Oeste Baixo Tejo Capex Wrap-up

23 Capex wrap-up Brownfield projects Low Capex requirements Total Average Capex (M ) Concession Average Average from 2015 % of equity Consolidation Brisa % Full Growth Maintenance Atlântico % Proportional Brisal % Full Total 99 M 72 M Decreasing on the medium term 23

24 Capex wrap-up Greenfield projects All completed by 2011 Capex requirements funded on a project finance basis Total Capex to conclude construction (M ) Concession Total % of equity Douro Litoral % Litoral Oeste % Baixo Tejo % Total 744 M 374 M M Minority stakes, equity accounted 24

25 Capex wrap-up Growth and Maintenance Capex Capex is a very important item on the motorway business Going forward most of the Capex will be growth related since maintenance requirements are low all across the concessions On average, on the next five years, Brisa consolidated Capex will be 90 M per annum and afterwards 57 M Through BEG, Brisa is working on ways to reduce even more Capex, optimizing technical and engineering solutions Strong reduction enhancing free cash flow 25

26 Thanks 26

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