1Q15 RESULTS Abertis confirms the recovery of traffic in Spain with a 6% rise in the first quarter Net profit grew 7% to €133Mn Revenues: €1,163Mn (+6%). EBITDA: €729Mn (+6.4%). Net profit: €133Mn (+7%). Traffic January-March 2015: +1.3% across the network

Abertis reported an improvement in all its key indicators in the first quarter, with growth in net profit (7%), EBITDA (6.4%) and revenues (6%).

Traffic grew 1.3% in Abertis' toll road network in the first quarter. Especially noteworthy was the increase in traffic in Spain, which grew 6% in the period, the largest increase since 2007. Internationally, the most notable increases were posted in Chile (+6.5%) and France (+1.6%), which are outperforming the company's forecasts at the start of the year.

The weight of the international business is unchanged compared with 2014. Two of every three euros of revenues come from the international area.

The stepping-up of the efficiency programme and accumulated savings are behind the improved EBITDA margin, which stood at 63% for the first time.

In the first quarter the Group focused its efforts on the flotation of its terrestrial telecommunications division, Cellnex, which went ahead on 7th May and was well received by the market. The impacts of the IPO will be reflected in the second quarter results.

Barcelona, 13 May 2015


Abertis reported an improvement in all its key indicators in the first quarter of 2015, with growth in revenues (+6%), EBITDA (+6.4%) and net profit (+7%) in a period marked by the increase in traffic in Spain (+6%) in both light and heavy vehicles, driven by the economic upturn in the country.
Across the Group, Average Daily Traffic grew 1.3% in the first three months of the year. Internationally, the most notable increases were posted in Chile (+6.5%) and France

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(+1.6%), which are outperforming the company's forecasts. In France, the Average Daily
Traffic stands higher than before the outbreak of the economic crisis in Europe (2008).
Meanwhile, the change in trend in Spain was confirmed with a fourth consecutive quarterly increase. The increase stood at 6% in the first quarter of 2015, the largest since the first three months of 2007. This growth is to some extent attributable to the impact of Easter holidays. Excluding this effect, growth stood at 4.3%.
The Group's total net profit amounted to €133Mn in the first quarter, up 7%, which is
ahead of the Group's forecasts.
The Group also forged ahead with its international expansion process in the first quarter, with the important contribution of France and Brazil. The Group generated 65% of its revenues outside Spain in the period.

Income statement

Abertis reported revenues of €1,163Mn in the first quarter, up 6% on the same period in
2014, thanks mainly to the increase in global traffic.
Toll road activities generated 86% of total revenues, while the remaining 14% came from the telecommunications sector (10% from the terrestrial unit and 4% from the satellite business).
EBITDA totaled €729Mn (+6.4%), thanks, among other factors, to the strong operating
performance.
Especially noteworthy was the further improvement in the EBITDA margin, at 63% at the end of the quarter, thanks to the progress of the Group's efficiency plan and cost reductions.

Debt structure and investments

Abertis' net debt totaled €14,405Mn in the first quarter compared with €13,789Mn at the end of 2014. Net debt/EBITDA remains 4.4x despite this increase in absolute terms due to the inclusion of new assets in the consolidation scope. Of this, 68% is secured on the company's own projects (i.e. non-recourse). 93% of debt is long-term, with 82% at fixed rates. The average cost of debt is 5.2%, with an average maturity of 5.8 years.

The Group's investments in the period amounted to €893Mn, of which €135Mn corresponded to growth and €19Mn to operational capex. The main growth projects in the period related to improvements and lane expansions on toll roads in Brazil (€111Mn) and the development of Hispasat's new satellites (€14Mn).
The acquisition of a 90% stake in Galata from the Italian company Wind accounted for the bulk of investment. The agreement entails the acquisition of a total of 7,377 mobile telephony towers for €693Mn. The deal makes Cellnex Telecom the largest independent

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European operator of mobile telecommunications infrastructure by number of towers.

Business performance

Abertis' toll road business generated revenue of €995Mn (86%) and EBITDA of €641Mn
(87%). Abertis' toll road network recorded a comparable Average Daily Traffic (ADT) of
20,825 vehicles (+1.3%) in the first three months of 2015.
The telecommunications business generated revenue of €167Mn and EBITDA of €94Mn in the first quarter. The figures for the telecommunications business include revenues from the mobile telephone tower management business, which increased in size. However, they do not include the impact of the acquisition of Galata, the tower infrastructure subsidiary of the Italian operator Wind, which will be reflected from the second quarter.

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Appendix 1

Income statement and balance sheet

Results January-March 2015 €Mn

Marc h 2015 Marc h 2014 %

Total revenues 1,163 1,095

6.2%

Operation c osts -433 -409

5.9%

EBITDA 729 686

6.4%

Deprec iation -316 -304

4.2%

Operating profit (EBIT) 413 382

8.1%

Financ ial result -193 -185

Equity method result 10 9

Inc ome tax expense -70 -57

Disc ontinued ac tivities (airports) 3 1

Non-c ontrolling interests -30 -25

Net profit 133 125

7%

Balance Sheet January-March 2015 €Mn


Marc h 2015 Dec . 2014

Property, plant and equipment and intangible assets 20,437 19,561

Financ ial assets 4,494 4,216

Current assets 1,615 1,434

Liquid assets 2,063 2,242

Assets hold for the sale 339 316

Total assets 28,948 27,769


Shareholder's equity 5,929 6,010

Non c urrent financ ial debt 15,380 14,665

Non c urrent liabilities 4,351 3,888

Current financ ial debt 1,087 1,367

Current liabilities 2,093 1,723

Liabilities hold for the sale 108 116

Total equity and liabilities 28,948 27,769


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Appendix 2

Significant events in the period February

Abertis selected as preferred bidder by Wind. The company reports that its subsidiary Abertis Telecom Terrestre has been selected by Wind Telecomunicazioni as preferred bidder in the process to acquire mobile telephony towers in Italy.

Aberti s' n et p rofi t grew by more than 6% i n 2014 to €655 Mn. Abertis' results in

2014 show increases in all the main figures: revenues grew by 7%, EBITDA by
10.5% and recurrent net profit by 6%, in a year marked by the improvement in global traffic.

March

UBS Limited releases details of the private placement among qualified investors ofa package of 67,372,878 shares of Abertis Infraestructuras, S.A., representing

7.5% of its share capital. The value of the transaction is €1,104,915,199.20, equivalent to a sale price of €16.40 per share. Following the sale, Trebol International B.V. holds 72,331,480 shares in the Company, representing 8.1% of its capital.

Abertis' General Shareholders' Meeting approved the distribution of a gross final

ordi nary di vi dend of €0.33 p er share agai nst 2014 earni ngs . Abertis' shareholders approved a gross final ordinary dividend of €0.33 per share which, together with the interim dividend paid in November, brings the total gross ordinary dividend per share against 2014 earnings to €0.66.

Abertis completes the acquisition of 90% of Wind's subsidiary Galata. The agreement entails the acquisition of a total of 7,377 mobile telephony towers for
€693Mn. The deal makes Abertis Telecom Terrestre the largest independent European operator of mobile telecommunications infrastructure by number of towers.

Significant events subsequent to the close of the period April

Abertis announces its intention to seek approval for the listing of its subsidiary

Cellnex Telecom. The company announces its intention to sell Cellnex Telecom


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shares to qualified investors and to seek a full listing.
UBS Limited announces the completion of the accelerated book-building processamong qualified investors for placement of Abertis shares. A total of 12,082,191 shares in Abertis Infraestructuras, S.A. were placed at a price of €16.40 per share by UBS Limited, JP Morgan Securities PLC and Merrill Lynch International.
Abertis concludes the disposal of its airports business with the sale of its stake inMontego Bay and Santiago de Chile airports. The company announces that it has reached an agreement with Grupo Aeroportuario del Pacífico (GAP) for the complete sale of its stake in Desarrollo de Concesiones Aeroportuarias (DCA) for
€177Mn.

The CNMV approves the flotation prospectus for Cellnex Telecom. The Spanish National Securities Market Commission (CNMV) has approved and registered the prospectus relating to the IPO of Cellnex Telecom. Abertis will sell 55% of the company's shares, rising to a maximum of 60.5% if the green shoe option is exercised. Trading of the shares in the Spanish stock markets is expected to commence on 7 May.

May

Partícipes de Brasil, owned by Abertis (51%) and Brookfield (49%), announces itsintention to launch a takeover of Arteris' minority shareholders. Partícipes de Brasil has announced its intention to delist Arteris following a takeover of its minority shareholders. It has offered R$10.15 per share, a premium of 30.13% relative to the volume-weighted average price of the Arteris shares over the 30 trading days immediately preceding the announcement.
Cellnex Telecom makes its stock market debut. The market capitalization of Cellnex Telecom, which debuted with the ticker "CLNX', surpassed €3,244 million the first trading day. The company's free float is 66% of the total share capital.

Corporate Communication Department Tel. +34 93 230 50 94/+34 93 230 57 99/+34 91 595 10 85 abertis.comunicacion@abertis.com - www.abertis.com/press

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