Opening new higways to headway ITINERE GROUP A new leader in highway concessions 1
Index I. Group’s description Page • History and activities 3 • Group structure 6 • Group’s concessions 8 II. Concessions in operations: Description, key data, financing and valuation 18 • Spain 19 • Ena acquisition 54 • Chile 76 • Other companies (under development and affiliates) 102 III. Financial Outlook and Itinere valuation 103 IV. Future strategy 108 2
I. Group’s Description History and activities Organizative structure Group’s concessions
History and activities � Itinere started operations in 1997, year of its first awarding in Chile.Today Itinere is the second spanish group in terms of income and kilometres under management (20% market share) in domestic highway concessions. � Significant international vocation and a demonstrated growth potential with a considerable generation of new projects since its foundation,with an investment on highways of 4,202 Mn Euros as of December 2003 (capital employed 97/03 cagr: +301%). � The activity of Itinere comprises the design, financing, development, management and maintenance of all types of infrastructure transport concessions, specially highways. � With presence in 24* concessionaires and management control in 12 of them and income expected of more than 300 Mn Euros in 2004.(>100% Vs. 03) � Concessions portfolio sum up 2,668* Km., with 8,535 Mn Euros of total invested capital, mainly in Europe with a 90% (Spain/ Portugal) and the remaining 10% in South America (Chile/Brazil). * Do not include Palma-Manacor and San Jose–San Ramon (Costa Rica) concessions, both awarded in 2004. 4
History and activities � Itinere Infraestructuras is the activity head, 100% subsidiary of SyV Group, which main activity includes the strategic definition, selection of geographic areas, contracting, development and financing of new concessions. It also manages the control and identification of synergies of those ones in operation. � Itinere Group* has a management team of 39 people, with more than 20 years of experience in the sector that groups all the concessions in operation that provides the concessional service (with an outstanding workforce of nearly 1,300 people). � Group funding is fully structured based on cash flow generation of each concessionaire, with a high level of external funding by project. � The existence of a largely regulated framework, with a recurrent income flow, due to its public service nature, allows to a high capacity of selfinancing and leverage for each project with a positive effect in the profitability for Itinere as shareholder. (*) Itinere and Ena corporate services. 5
Group Structure: Itinere’s companies chart Itinere 100% Itinere 100% Otras* Others* Ena Itinere 100% Ena Itinere 100% Avasacyr 100% Avasacyr 100% Itinere Chile 100% Itinere Chile 100% Aunor 45% Aunor 45% Ena 50% Ena 50% Avasa 50% Avasa 50% Valle Chacabuco Valle Chacabuco 100% 100% Acega 3,4% Acega 3.4% R-5 Los Lagos 88.1% R-5 Los Lagos 88,1% Audasa 100% Audasa 100% M-45 33% M-45 33% Aucalsa 100% Aucalsa 100% R- 5 El Elqui 72,7% R- 5 El Elqui 72.7% Audenasa Audenasa 50% 50% Guadalmetro Guadalmetro 27.8% 27,8% R. Pacífico 50% R. Pacífico 50% Autoestradas Autoestradas Galicia 100% Galicia 100% Accesos Madrid Accesos Madrid A. Vespucio 50% A. Vespucio 50% R-3/R -5 6,8% R-3/R -5 6.8% Others Otras R. Litoral 50% R. Litoral 50% Accesos Madrid Accesos Madrid R-3/R -5 11,7% R-3/R -5 11.7% R-4 5% R-4 10% Eje Aeropuerto 20% Eje Aeropuerto 20% * 40% stake in Palma- Manacor shadow toll highway and 35% stake in San Jose-San Ramon in Costa Rica, Acega 9% Acega 9% set up in May and June 2004, are not included. It is also Los Lagos 11.9% Los Lagos 11,9% not including 35% of San Jose-San Ramon highway in Costa Rica, which was awarded in June, 2003. 6
Structured organization : Somague’s companies chart � In December 2003 SyV suceeded to acquire control of Somague Group, with presence in 5 concessionaires in Portugal (3) and Brazil (2). SOMAGUE (*) SOMAGUE (*) 93.07% 93.07% SOMAGUE CONCESSOES E SERVICIOS SOMAGUE CONCESSOES E SERVICIOS 100% 100% PORTUGAL PORTUGAL BRAzIL BRAzIL PORTUGAL BRAZIL VIA LITORAL 12% VIA LITORAL 12% SOMEST 100% SOMEST 100% BRAEST 96% BRAEST 100% TRIÁNGULO DO SOL 40% TRIÁNGULO DO SOL 40% LUSOPONTE 17.2 % LUSOPONTE 17.2 % VIA NORTE 12.4% VIA NORTE 12.4% AUTO ESTRADAS AUTO ESTRADAS DO ATLÁNTICO 20% DO ATLÁNTICO 20% *Post right issue of July 2004, according to Sacyr Vallehermoso AGM approval in June 2004. 7
Group’s concessions: Lenght and Location Type of the Nº Km Country Location Management concession grade Name of the concessionaire Audasa 215.1 Interurban Spain Noreast of Spain-Galicia. Ferrol-Tuy stretch Audenasa 112.6 Interurban Spain Noreast of Spain-Navarra.Tudela-Irurzun stretch Aucalsa 88.5 Interurban Spain Noreast of Spain. Leon-Campomanes stretch (Asturias) Management Autoestradas de Galicia 57.6 Interurban Spain Noreast Spain-Galicia. Coruña-Carballo and Puxeiros-Val Miñor stretch Los Lagos 130.6 Interurban Chile South of Chile. Rio Bueno-Puerto Montt stretch El Elqui 228.7 Interurban Chile Centre-North Chile. Los Vilos-La Serena stretch Centre of Chile. Santiago-Centenario/Avda. Valle and Ruta 5 North stretch Valle Chacabuco 21.5 Metropolitan Chile Avasa 295.0 Interurban Spain North of Spain. Zaragoza-Bilbao stretch Rutas del Pacifico 137.6 Interurban Chile Centre of Chile. Santiago-Valparaiso-Viña del Mar stretch Co-management Red Vial Litoral Central 79.8 Interurban Chile Centre of Chile. Cartagena-Algarrobo stretch. Variante las Pataguas Autopistas Metropolitanas 24.0 Urban Chile Centre of Chile. Ruta 78 - Avda. Grecia stretch Aunor 62.0 Interurban Spain Southeast of Spain-Murcia. Alcantarilla-Caravaca stretch Guadalmetro 19.0 Suburban Spain Southeast of Spain-Andalucia. Line 1 Subway Sevilla Euroglosa 45 8.3 Urban Spain Centre of Spain-Madrid. N V-N IV stretch Acega 56.0 Interurban Spain Noreast of Spain-Galicia. Santiago-A.S. Domingo stretch Henarsa (R-2) 65.0 Metropolitan Spain Centre of Spain-Madrid. M 40- Guadalajara (R-2) stretch Centre of Spain-Madrid. M 30- Arganda del Rey/Navalcarnero stretch(R-5)M50 Accesos Madrid (R3/R5)M50 91.7 Metropolitan Spain Autop. Madrid Sur (R-4) 53.9 Metropolitan Spain Centre of Spain-Madrid. M 40- Ocaña stretch(R-4) Participated Eje Aeropuerto 8.7 Urban Spain Centre of Spain-Madrid. M 40- Airport stretch Lusoponte 20.5 Urban Portugal Centre of Portugal-Lisboa. Río Tajo Bridges Autoestrada do Atlantico 170.0 Metropolitan Portugal Centre of Portugal-Lisboa. Rio Maior-Leiria and Caldas da Rainha- Santarem y Marinha Grande stretch Via Litoral 44.2 Metropolitan Portugal Portugal-Isle of Madeira. ER 101 highway Triangulo do Sol 442.0 Interurban Brazil East of Brasil-Sao Paulo. Araquaira town Via Norte 236.1 Interurban Brazil East of Brasil-Sao Paulo. Riberao Preto town TOTAL 2,668.4 8
Group’s concessions: Km. under concession Development of km in operation 3.000 2,668 2,649 2,541 2,450 2.500 1,831 2.000 1,629 1.500 1,156 1.000 500 0 2000* 2001 2002 2003** 2004 (Est) 2005 (Est) 2006 (Est) *Somague and Avasa **Ena acquisition acquisition 9
Group’s concessions: Life of the contracts and Status Description of the period and state of the concession Year of end of No. of years left State of the Management Name Starting year awarding concession (since Jan. 04) concession (May 04) grade 1973 1979 2048 44 In operation Audasa Audenasa 1973 1976 2029 26 In operation 1975 1983 2050 46 In operation Aucalsa 1995 1997 2045 41 In operation Management Autoestradas de Galicia 1998 2001 2023 19 In operation Los Lagos El Elqui 1997 2000 2022 18 In operation 2003 2005 2043 40 Under construction Valle Chacabuco Avasa 1973 1978 2026 22 In operation 1998 2003 2024 (E*) 15 In operation Rutas del Pacifico Co-management 2001 2004 2031 27 In operation Red Vial Litoral Central Autopistas Metropolitanas 2001 2005 2032 28 Under construction 1999 2001 2029 22 In operation Aunor 2003 2006 2038 35 Under construction Guadalmetro 1998 2002 2027 23 In operation Euroglosa 45 1999 2003 2074 70 In operation Acega 2000 2003 2025 21 In operation Henarsa (R-2) Accesos Madrid (R3/R5)M50 1999 2004 2049 45 In operation 2000 2004 2065 62 In operation Autopistas Madrid Sur (R-4) Participated 2002 2004 2028 28 Under construction Eje Aeropuerto 1994 1996 2030 23 In operation Lusoponte 1998 1998 2028 24 In operation Autoestrada do Atlantico Via Litoral 2000 2000 2025 21 In operation Triangulo do Sol 1998 1998 2018 14 In operation 1998 1998 2018 14 In operation Via Norte * End of the concesion pending on the achievement of some acumulated income. 10
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