1H2014 results July 30th, 2014

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BRISA Concessão Rodoviária, S.A.

Head-Office: Quinta da Torre da Aguilha, Edifício BRISA, São Domingos de Rana

Share capital: EUR 75 000 000

Registered in the Commerce Registry Office of Cascais under register and corporate tax number 502790024

Overview

1H2014 results

Wrap-up

Guidance

4 Strong cash flow and strong liquidity position

4.6% traffic increase, anchored on a robust organic traffic growth, supported

by the improvement in domestic demand

Strong cash flow generation > EBITDA margin (70.6%) higher than in 1H2013 and 1H2012

> EBITDA – CAPEX of €139.5 million (+ €8.6 million)

> Net Debt down €93 million

Enhanced liquidity position > €300 million Bond issued in April already addressing (far in advance) Dec 2016

refinancing needs

> Cash position of €475 million

Overview

1H2014 results:

Overview

1H2014 results

Wrap-up

Guidance

1H traffic performance reinforces recovery trend

3Q 13

4Q 13

1Q 14

2Q 14

-0.6%

+7.1%

+1.7%

+2.4%

VKM growth

1st H 2014 ADT per motorway

15 020

13 199

14 321

18 971

15 64016 171

13 438

14 686

15 020

2Q 1Q 4Q 3Q

18 853

2Q

2Q13 to 2Q14

2Q12 to 2Q13

Quarterly ADT (Average Daily Traffic) / VKM growth

1H2014

results

2H 13 +1.7%

1H 14 +4.6%

A1 A2 A3 A4 A5 A6 A9 A10 A12 A13 A14 TOTAL

ADT 25 568 10 295 14 800 23 239 58 502 3 885 15 276 4 894 15 930 2 676 3 399 14 812

% change 3.9% 6.4% 5.6% 4.6% 1.5% 11.0% 2.9% 6.7% 3.4% 7.6% 4.2% 4.6%

Traffic increase in the 1st semester of 2014 was 4.6%, which compares to a decrease of 6.3% in the same period of 2013

Toll revenue increased 4.3% in 1st semester, improving from a 5.5% decrease in the same period of the previous year

This trend is above the 2014 guidance

7

Traffic & Toll Revenue (YoY)

Traffic

Revenue

1 Incl. CRIL, AEDL and AEBT

Organic traffic growth is driving the recovery

1H2014

results

3M 13 6M 13 9M 13 12M 13 3M 14 6M 14

AADT (organic) -10.3% -6.7% -4.2% -2.2% 4.6% 4.3%

Calendar effect 2.0% 1.1% 0.9% 0.3% -2.8% 0.3%

Ex- Shadow tolls -0.3% -0.5% -0.6% -0.5% 0.0% 0.0%

Competition1 -0.2% -0.2% -0.2% -0.2% 0.0% 0.0%

Like-for-like -8.8% -6.3% -4.1% -2.6% 1.7% 4.6%

Mix effect -0.5% -0.4% -0.1% 0.0% -0.4% -0.6%

Tariff 1.6% 1.7% 1.7% 1.7% 0.0% 0.0%

Others (leap year, etc) -1.0% -0.5% -0.3% -0.2% 0.0% 0.3%

Total -8.6% -5.5% -2.7% -1.2% 1.3% 4.3%

CAPEX detail

8 Capex remained at low levels in the 1H2014

Capex is mainly related to two sub-stretches in A1

Capex will increase in the 2H2014, but YE2014 will be within expectations

1H2014

results

million euros 6M 13 6M 14 yoy change

New junctions 1.4 1.0 -32%

Widening works 0.4 1.7 366%

Major repairs 1.3 1.4 8%

Other (equipment, supervision, etc) 4.8 3.5 -27%

Total 7.8 7.5 -4%

EBITDA

EBITDA increased by 6% to €147 million 9

EBITDA margin higher than in 1H2013 and 1H2012

Toll revenue increase comfortably above guidance

Opex change in line with guidance despite higher increase in revenues

1H2014

results

million euros 6M 13 6M 14 yoy change

Operating income 199.5 208.3 4.4%

Toll revenues 194.3 202.6 4.3%

Service areas 3.4 3.6 7.6%

Other operating revenues 1.9 2.0 9.2%

Operating expenses -60.7 -61.3 1.0%

Supplies and services -59.5 -60.0 0.7%

Personnel costs -0.7 -0.8 12.7%

Other operating expenses -0.5 -0.6 17.8%

EBITDA 138.8 147.0 5.9%

EBITDA Margin 69.6% 70.6% 1.0pp

Capex 7.8 7.5 -4.0%

EBITDA - Capex 131.0 139.5 6.5%

Financial Results

10

Net financial results benefitting from lower leverage

and improving market conditions

Lower financial expenses mainly due to

• lower gross debt

• lower interest rates

• lower banking fees (on committed credit lines)

1H2014

results

million euros 6M 13 6M 14 yoy change

Net financial results -64.6 -58.4 10%

Financial income 2.6 1.9 -26%

Financial expenses 67.5 60.3 11%

Investment income 0.3 0.0 -

P&L

11 Improving cash flow generation

1H2014

results

million euros 6M 13 6M 14 yoy change

Operating income 199.5 208.3 4.4%

Operating expenses 60.7 61.3 1.0%

EBITDA 138.8 147.0 5.9%

EBITDA Margin 69.6% 70.6% 1.0pp

Depreciation & prov. 77.8 78.3 1%

EBIT 61.0 68.7 12.6%

EBIT Margin 30.6% 33.0% 2.4pp

Net financial results -64.6 -58.4 10%

Profit before tax -3.6 10.3 -

Income tax 0.5 -2.1 -

Net profit -3.1 8.2 -

Toll revenue increase comfortably above guidance

Opex change in line with guidance despite higher increase in revenues

Financial results improved mainly due to lower leverage and better market conditions

EBITDA margin higher than in 1H2013 and 1H2012

Balance Sheet

12 Strong balance sheet

Stable B/S evolution:

Current assets include €475 million in cash

Debt increase translated into higher cash balance

1H2014

results

million euros YE 2013 1H 14 % change

Assets 3 067 3 348 9%

Non-current 2 848 2 786 -2%

Current 168 507 201%

Deferred tax 50 55 10%

Equity 687 694 1%

Liabilities 2 380 2 654 12%

M/Long-term financial debt 1 750 1 973 13%

Short-term financial debt 362 389 7%

Other 267 292 9%

13

BCR net debt decreased by €202 million in 2013 and €93

million in 1H2014

BCR further mitigated its refinancing risk – next significant

redemption (Dec 2016) already addressed

Drawings under the Bank facilities remain low, thus leaving

additional available liquidity at high levels

In April, BCR issued a

€300 million bond with a

7 year maturity and a

3.875% coupon

1H2014

results

million euros YE 12 YE 13 Change 1H 14 Change

Bonds 1 788 1 408 -380 1 708 +300

EIB 702 663 -39 644 -19

Bank facilities 36 82 +46 44 -38

Total 2 526 2 153 -373 2 396 +243

Cash 310 139 -171 475 +336

Net debt 2 216 2 014 -202 1 921 -93

Strong liquidity position

Debt Structure (nominal)

14

M/L term debt amortization profile

Following the recent bond issue, BCR has now enough funds and facilities to meet its forthcoming debt maturities and further smoothen its debt profile:

• €475 million in cash

• €320 million in credit lines (€276 million undrawn)

• Strong free cash flow generation (e.g. €202 million in 2013)

• Less concentrated debt maturities

1H2014

results

Smoother debt amortization profile

0

100

200

300

400

500

600

700

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

million Eur

1H 2014

EIB Bonds

7,01x 6,88x 6,44x 5,98x 5,50x

6,00x

6,50x

7,00x

7,50x

8,00x

15

Net debt / EBITDA1

Trigger/Lock-up level:

>6,5 up to 2H2013

>6,25 in 1H2014

7.01

6.88

6.44

5.98

2H2012 1H2013 2H2013 1H2014

Significant net debt reduction over the recent years (more than 22% in just 3,5

years)…

…complemented with increasing EBITDA in the 1H2014, allowing for a significant

Net Debt / EBITDA decrease

1 Inputs for this ratio may slightly differ from reported figures due to the adjustments made in order to reflect the CTA ratio definitions

1H2014

results

Default level:>8,0

Significant

(and

increasing)

headroom to

default level

All ratios in compliance with lock-up levels

Overview

1H2014 results

Wrap-up

Guidance

17 Strong cash flow and strong liquidity position

4.6% traffic increase, anchored on a robust organic traffic growth, supported

by the improvement in domestic demand

Strong cash flow generation > EBITDA margin (70.6%) higher than in 1H2013 and 1H2012

> EBITDA – CAPEX of €139.5 million (+ €8.6 million)

> Net Debt down €93 million

Enhanced liquidity position > €300 million Bond issued in April already addressing (far in advance) Dec 2016

refinancing needs

> Cash position of €475 million

Wrap-up

1H2014 results:

Overview

1H2014 results

Wrap-up

Guidance

19 Targets revised upwards

Toll revenues growth > 3.0%

Opex growth < 1.0%

EBITDA – CAPEX > €275 million

Guidance

Guidance for YE2014