Netlipse Network MeetingZürich, October 2008

HSL Figueras - Perpignan Project

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General Information of the Company Project Characteristic Investment & Development Current Situation of the works

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General Information of the CompanyGeneral Information of the Company

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TP Ferro

IS A PRIVATE BINATIONAL COMPANY CREATED BY THE GROUPS:

50% 50%

BOTH LEADERS IN THE INFRASTRUCTURE FIELD

OUR OBJECTIVE IS: THE FINANCIATION,

CONSTRUCTION,OPERATION & MAINTENANCE

OF THE NEW HIGH SPEED RAILROAD LINE WITH MIXED

TRAFIC BETWEEN

FIGUERAS &

PERPIGNAN

The project is co-financied by the European Union

Double Grantor

Republic of France

Kingdom of Spain

Concession Contract for 50 years

5 years of Construction

45 years of operation

10 additional years of useful life without

renewals at the end of the Concession

Mixed Financing through:

Own resources

Public Subsidy

Outside loans with limited recourse

Recovery of the investment by raising tolls.

MAIN CHARACTERISTICS OF THE CONCESSION CONTRACT

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Project CharacteristicProject Characteristic

CONCESSIONNARY

CONSTRUCTROR J.V

TUNNEL J.V. TRACKS J.V. EQUIPMENTS JVSpainPLATFORM

FrancePLATFORM

TECHNICAL ASSISTANCEOPERATIONSASSISTANCE

INGENEERING & INTEGRATEDPROJECT MANAGEMENT

FOUGEROLLE

GRANTORS

FINANCIAL ENTITIES

SHARE HOLDERS

GENERAL ORGANIZATION OF THE PROJECT

Design & Construction Contract

NOTIFIED BODIES

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CONCESSIONNARY

GENERAL ORGANIZATION OF THE PROJECT

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Length of the double track line: 44,4 km (24,6 in France and 19,8 in Spain)

Two single tracks for linking in Perpignan, 2,9 et 4,6 km A bi-tube tunnel of 8,2 km 983 m of viaducts in France (4) and 2.163 m in Spain (6). Slab track inside tunnel. Ballasted track outside.

MAIN CHARACTERISTICS OF THE PROJECT

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100% International standard gauge (UIC) A flyover for change direction (in France) A Maintenance Base A PCC and PCL Maximum commercial speed: 350 km/h. Height of catenary contact wire adaptable to “rolling motorway”

clearance.

MAIN CHARACTERISTICS OF THE PROJECT

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ERTMS Signalling System, level 1 & 2. Detection of falling objects. Detection of clearance, wheel flat spots

and high pantographs. Fencing for the whole line.

SAFETY ON THE LINE

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Cross passages every 200 m. Ventilation system. Systems for detection and extinguishing of fires. Hot box detection system. Intrusion control. Redundant power supply. Safety equipment at each side. Access for emergency teams and heliport.

SECURITY IN THE TUNNEL

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Investment & DevelopmentInvestment & Development

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Finacial Structured Based pon: 108 M€ Own Resources

540 M€ Subsidy

400 M€ Outside Project Finance

USES AMOUNTS SOURCES AMOUNTS

Construction Cost 952 Common Stock 51,4

Concessionary Cost 60,9 Subordinate Loan 51,4

Financial Cost 71,8 Interest of Subordinate Loan 5,5

Debt Service Reserve Account 12,0 Own Resources 108,3

Direct Subsidye 523,5

Financed Subsidy 64,9

Senior Debt 400,0

TOTAL M€ 1.096,7 TOTAL M€ 1.096,7

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Current Situation of the worksCurrent Situation of the works

• SPANISH PLATFORM:

• 100% Earthworth

• 100% Drainage Structures

• 100% False Tunnel

• 100% Upper/under Passes

•Figueras

•Muga

•Ricardell

•Bosqueras•Riera de Gou

•Llobregat 1

•Llobregat 2

•Falso Tunnel

•Falso Tunnel

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• FRENCH PLATFORM:

• 100% Earthworth

• 100% Drainage Structures

• 100% Upper/under Passes

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•Viaduc RN9

•Viaduc A9

•Viaduc Le Réart

•Viaduc Tech

•Fly Over

MAIN SITUATION TUNNEL

• TUNNEL PLATFORM:

• 100% Excavated

• 100% Tramontana

• 100% Mistral

TRACKS AND EQUIPMENT

• Tracks• Exterior Spain: 100%• Exterior France 100%• Perpignan connection: 100%• Rest: 100%

• Equipment (under way)• Signalling • Catenary• Power• GSMR• Fixed telecommunications• Tunnel equipment

BUILDING SCHEDULE • Sixty months total term • Twenty-two months to excavate the

tunnel • Six months of tests and trials

Commissioning

Expropriations

Approval

Project and Works Mgt.

Track

Equipment

Outside work in Spain

Outside work in France

Tunnel

Contract signature

Year 5 Year 4 Year 3 Year 2 Year 1

Thank You

Questions?