Project Chelsea

Teaser
November 2008

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Proposed transaction

„ Cintra is considering the divestiture of its Chilean assets

— #1 toll road operator in Chile
— Limited traffic risk
— Unique platform for future growth
— Efficient toll road concession framework
— Attractive investment environment for foreign investors

„ Cintra’s primary objective is to maximise value per share

— Bidders will have the opportunity to submit bids for all or a majority stake of the share capital
— There will be no qualitative selection criteria linked to Cintra’s continued involvement in the assets or operations

„ Cintra Chile is leveraged through long term bank loans and bonds with guarantees by monoliners
— Essentially an equity transaction
— No refinancing issue

„ Under Chilean regulation, the Transaction will not be subject to authorizations from governmental bodies such as
the Ministerio de Obras Publicas or the SuperIntendencia de Valores y Seguros

„ Cintra will organise a due diligence process with the aim of signing final agreements in a short timeframe

„ BNP Paribas and Santander have been selected as joint advisors to Cintra for this process

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Envisaged process

„ The sale will be conducted through a two-phase competitive auction process

„ Subject to signing a confidentiality agreement, interested parties will receive an Information Memorandum to
prepare their Non-Binding Offer
„ Short-listed bidders will be invited to carry out a due diligence and will be given access to:
— Data Room
— Vendor’s Due Diligence
— Site visits
— Management meetings
— Q&As
„ Shareholders’ Agreement (if applicable) and draft Sale and Purchase Agreement will be circulated early during the
Due Diligence period

Indicative process timeline

Activity Expected date

Information Memorandum 2nd half of November
Non-Binding Offers 2nd half of December
Start of Due Diligence 2nd half of December
Binding Offers Q1 2009
Signing Q1 2009

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Assets overview

Key features Geographical Position

La Serena Population over
„ #1 toll road operator in Chile in terms of revenues and kilometres under 6m (>35% of
concession total Chile);
strong
„ 5 consecutive concessions out of the 8 along the Ruta 5, Chile’s main Los Vilos residential
development
North-South arterial road Bio-Bio region:
Strong
Santiago
„ Toll roads are all fully operational, except for an 8-km section in industrial
(1)
development
Concession 1 Talca
(2)
Los Lagos
Original Expected Initial
region:
Date of 1st termination concession investments Length important Chillán
operations date end (MDI) (US$ m) (km) (3)
industrial and Araucanía region:
Collipulli
tourism area strong forestry
(4)
Concession 1 Oct-01 Sep-24 Jan-35 750 237 development
Temuco
Concession 2 Dec-98 Apr-15 Aug-25 197 193 (5)
Río Bueno (1) - Concession 1
Concession 3 Dec-00 Oct-21 Dec-21 279 161 (2) - Concession 2
Puerto Montt
Concession 4 Jun-01 Mar-24 Feb-23 260 144 (3) - Concession 3
(4) - Concession 4
Concession 5 Jan-01 Jun-23 n/a 188 172 (5) - Concession 5

2007 Annual Traffic (in millions of vehicles) Historical Traffic (in equivalent AADT)

Total
150
22.1 14.9 7.5 8.0 4.6
1. C A G R 0 2 - 0 7 : +7 .0 %
25 140
2 . C A G R 0 2 - 0 7 : +5 .7 %
20 3.1
130
3.2
3 . C A G R 0 2 - 0 7 : +7 .1%
15
2.4 120
2.5 4 . C A G R 0 2 - 0 7 : +7 .4 %
10
15.8 110
2.0 1.5
5 10.0 1.1 1.2 1.2 5 . C A G R 0 2 - 0 7 : +7 .8 %
5.3 0.8 100
4.4 2.6
- 2002 2003 2004 2005 2006 2007
Concession Concession Concession Concession Concession
1 2 3 4 5 Concession 1 Concession 2 Concession 3
Light vehicles 2-axel trucks and buses Heavy goods vehicles Concession 4 Concession 5

Source: Company Note: equivalent AADT (Annual Average Daily Traffic) rebased to 100 in 2002

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Concession agreements highlights

Grantor „ The concession program is managed by the Ministry of Public Works (MOP*)
„ The legal framework has been progressively improved and adjusted over the years to take into account the
experience feedback

Revenue „ All concessions except concession #5 are subject to a Revenue Distribution Mechanism (MDI*)
Distribution „ Guarantees the Net Present Value of concession revenues in real terms
Mechanism „ Actual revenues are discounted at a 9.5% rate in real terms
„ The guaranteed NPV corresponds to a base case scenario including a stable 5% traffic growth rate until the
original termination date
„ Concession length becomes variable, depending only on when the guaranteed NPV threshold is reached
„ The Concessionaire is authorised to increase annual tariffs by up to 5% in case of lower-than-expected traffic
activity (subject to a cap on cumulated increases)

Minimum „ All concessions benefit from Minimum Guaranteed Revenues (IMG*)

Revenues „ Guarantees a minimum annual amount of toll revenues in real terms during the original concession period
„ Each time annual revenues are below the guaranteed amount, the State pays the difference to the
concessionaire
„ Concessions #3 and #5 benefit from annual subsidies paid by the Grantor (growing at an annual real rate of 5%
during the original concession period)

Contractual tariff „ Tariffs are 100% inflation-adjusted, annually

increases „ Road safety bonus (of up to 5%, reviewed annually) based on mortality and accident statistics

* MOP: Ministerio de Obras Públicas

* MDI: Mecanismo de Distribución de Ingresos
* IMG: Ingresos Mínimos Garantizados
*

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 Key financial highlights

Main Financial Data Financial Debt Structure (31/12/2007)

Liquidity lines
granted to the (In US$m - FYE 31/12) 2005 2006 2007 Breakdown by instrument Breakdown by maturity
concessions by a
AA- banking Revenues 204 226 253 Banking
% growth - 10.5% 12.1% 1-3 years
institution debt < 1 year 6%
12% 3-5 years
EBITDA 120 138 159 3%
8%
% sales 58.8% 61.3% 62.7%
EBIT 73 83 96
% sales 35.6% 36.9% 37.8% > 10 years
52%
Net Income 80 41 42
% sales 39.3% 18.1% 16.4%
Bonds 5-10 years
Net debt 1,746 2,078 2,159 88% 31%

NB: Aggregated audited figures for the 5 concessionaires converted to US$ (constant FX CLP/US$: 498 NB: Breakdowns calculated on the basis of fiscal year-end accounting figures in Chilean pesos

Concessions Contributions (2007)

Cintra Chile

100%(1) 76.4%(1) 100% 100%(1) 75%

Concession 1 Concession 2 Concession 3 Concession 4 Concession 5

„ Revenues: US$ 84m „ Revenues: US$ 55m „ Revenues: US$ 41m „ Revenues: US$ 36m „ Revenues: US$ 37m
„ EBITDA: US$ 55m „ EBITDA: US$ 21m „ EBITDA: US$ 31m „ EBITDA: US$ 23m „ EBITDA: US$ 29m
„ Net debt*: US$ 1,014m „ Net debt: US$ 263m „ Net debt: US$ 357m „ Net debt: US$ 285m „ Net debt: US$ 240m

Source: Company
* Includes value of a currency swap contract at the US-denominated bond
(1) Includes minority stake belonging to Ferrovial Agromán, included in the perimeter to be sold

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Chile as investment destination

Key macroeconomic considerations Rating and CDS spread comparisons

„ Best-in-class economy in Latin America reflected in its A+ (S&P) S&P sovereign risk rating CDS spread
sovereign rating Country
(foreign currency) (average 2008 YTD)
Selected Latam countries
„ Stable political and social institutions
Chile A+ 69
„ Ranked 22nd in 2007 Transparency International ranking ahead of Mexico BBB+ 118
some Western European countries Brazil BBB- 142
Colombia BB+ 171
„ Currently underway for accession to the OECD Argentina B 782

„ Sound macroeconomic fundamentals Selected international countries

Portugal AA- 37
„ Sustained GDP real growth (>5% over the last 4 years) Qatar AA- 63

„ Stabilized inflation rates and credible monetary policy Italy A+ 39

China A+ 64
„ Strongly positive trade balance (c. 14% in 2007) and positive Chile A+ 69
Czech Republic A 41
balance of payments (c. 2% of GDP in H1 2008)
Greece A 49
„ Public debt standing at c. 4.1% of GDP and Public net debt at -6% South Korea A 105

Source: S&P, datastream

Recent Infrastructure Transactions In Chile "Infrastructure Private Investment Attractiveness Index" In

Latin America
Equity Value
Transaction (stake acq.) Year (US$m) Acquirers Macroeconomic
environment
Scada/Scadi (100%) 2008 553 Globalvía Infraestructuras
Private investment
Saesa (100%) 2008 870 OTPP+MSI Legal framew ork
attractiveness
Autopista Central (48%),
2008 1,118* Abertis + Santander IF
Rutas del Pacifico (50%)
Society and government Political risk
GasValpo (100%) 2008 74 Challenger IF + Access

Esval (48.9%) 2007 746 OTTP

Past private investment Access to information
Chilquinta (50%) 2007 1,370 Ashmore Energy

Essbio (50.8%) 2007 669 OTPP Financial markets

Transelec (100%) 2006 1,534 BAM+CPPIB+BCIMC Chile Argentina Brasil
Colombia Mexico Venezuela
Source: Press release, companies
(*) Amount corresponding to transaction value Source: World Economic Forum

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Key investment considerations

Outstanding „ #1 toll road operator in Chile including the country’s largest toll road concession (concession 1)
asset features „ Backbone for Chile: over 50% of the population and over 50% of Chile’s GDP within its area of influence
„ Strategic consecutive geographical position of the 5 assets
„ Limited competition from alternative routes
„ Important remaining concessions’ length

Limited traffic „ Guaranteed NPV of concession revenues at a discount rate of 9.5% in real terms: counter-cyclical asset of
risk which value moves oppositely to traffic
„ Guaranteed minimum level of annual revenues and subsidies in real terms
„ 100% inflation-indexed tariffs
„ More than 40 years of traffic history with toll payment

Unique platform „ Experienced team with proven capability to win tenders, finance projects and negotiate with the MOP
for future growth „ Know how to successfully negotiate Complementary Agreements as performed in the past
„ More than US$3bn of projects under tender or to be tendered by 2010 in Chile
„ Very active secondary Chilean market for all infrastructure activities

Efficient Chilean „ 24 toll road concessions (representing 2,355km, US$7bn invested) granted in the last 20 years
toll road „ Track record of value creative amendments to the concession contracts
concession „ Best-in-class toll road infrastructures in Latin America
framework

Attractive „ Best-in-class economy in Latin America reflected in its A+ rating and consistently low sovereign CDS spread
investment „ Strength of the local financial institutions
environment for „ Long track-record of Foreign Direct Investment in the country and active M&A market
foreign investors

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Disclaimer

This Teaser (“document”) has been prepared by BNP Paribas, S.A. and Santander Investment, S.A. (hereinafter, “BNPP” and “Santander”) upon
documentation and information obtained from public sources and furnished by Cintra (hereinafter the “Company”) in relation to the project presented under
the codename “project Chelsea”

By receiving this document, the recipient acknowledges that (i) the recipient will not copy, reproduce or distribute this document, whether in full or in part, at
any time to third parties without the prior written consent of BNPP and Santander, (ii) the recipient will keep confidential any information included herein which
is not already in the public domain, (iii) the recipient will use this document for the sole purpose of evaluating its interest in the project Chelsea, (iv) in the
event at any time BNPP and Santander so request, this document, together with all other material relating to project Chelsea which the recipient may have
been received from BNPP or Santander elaborated based on those materials and information, will be immediately returned to BNPP and Santander or
destroyed with written confirmation of such destruction to BNPP and Santander.

While the information, financial analysis and projections contained in this document are provisional and based on sources believed to be reliable, BNPP and
Santander have not independently verified the contents of this document. Accordingly, no representation or warranty, express or implied, is made as to, and
no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this document, and BNPP
and Santander or any of their affiliates, directors, members, officers or employees shall have any liability whatsoever (in negligence or otherwise) for any loss
howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document may not be reproduced or redistributed to any other person or published in whole or in part for any purpose. By receiving this document you
agree to be bound by the foregoing limitations.

This document should be used solely to enable the recipient to evaluate its interest in the project. The recipient agrees that unless and until a definitive sale
and purchase agreement regarding the project has been executed the Company will not be under any legal obligation of any kind whatsoever with respect to
the project. The recipient further acknowledges and agrees that the Company reserves the right, in its sole discretion, to reject any and all proposals made by
the recipient with regard to the project and to terminate discussions and negotiations with the recipient at any time.

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