0. Chilean Infrastructure Industry Overview
Fernando Zavala
November, 2006

1. 1
Brief Overview of the Chilean Toll Roads Industry

2. Introduction
The urban toll road infrastructure business in Chile has been extremely active
Project Financing and the formation of consortiums were critical aspects during the first phase of the industry
Original investors/sponsors are looking for options to monetize the capital gains originated from investments
Groups specialised in toll roads operation becoming increasingly interested in the sector.
Specialised investment funds monitoring the evolution of the sector – difficulties to exit investments in the short term
Costanera Norte is the first successful M&A transaction where the original investors exit the company, and a global toll road operator enters into the country.
ABN AMRO has been a leader in this industry in Chile since its origins

3. Chile Macro Overview – High growth combined with moderate risk
Excellent economic performance
Investment grade status since 1992
Average 6% real GDP growth over the last 20 years
Well controlled inflation-targeting regime averaging a 4.1% inflation rate over the last 10 years
Chile is the most stable, most transparent and best performing economy in Latin America
Key Facts
Positive macroeconomic outlook
Strong real GDP growth forecasted for 2006 (4.9%) and 2007 (5.6%)
Stable inflation forecasts for 2006 (2.9%) and 2007 (3.0%)
GDP PC (US$) and real GDP growth
Inflation (CPI y-o-y changes)
3.4%
2.2%
3.9%
6.2%
6.3%
4.9%
5.6%
2,000
4,000
6,000
8,000
10,000 01 02 03 04 05
06F
07 F
GDP per Capita
Real GDP growth
3.0%
2.9%
3.7%
2.4%
1.1%
2.8%
2.6%
0.0%
2.0%
4.0%
6.0%
8.0% 01 02 03 04 05
06F
07 F

4. Chile Macro Overview – High growth combined with moderate risk
Key Facts
Key pillars of the model:
Balanced public accounts
Independent Central Bank
Solid financial system
Stable & transparent politics
Open and developed local capital markets
Strong and diversified mix of exports; increasing imports following GDP per capita growth
Free Trade Agreements: EU, USA, Korea, Canada and Mexico. Presently negotiating with China and India, among other
Sovereign Risk (EMBI)
142
111
172 81
218
286 50
100
150
200
250
300
Peru
Mexico
Colombia
Chile
Brazil
Argentina

5. Total awarded volume of business over US$ 6.3 Billion
Concessions Awarded to Private Sector in Chile
Total awarded volume of business over US$ 6.3 Billion
48 Projects Awarded to Private Companies
Total Concession Investments
20 Highways: US$3,805M
10 Airports: US$272M
9 Urban Projects
7 Highways: US$1,722M
2 Public Transportation (Intermodal Stations): US$50M
3 Prison Infrastructure Programs (8 prison precincts): US$205M
2 Dam: US$140M
4 Public Edification: US$114M
Airports 4%
Urban
Highways
27%
Public
Transportation 1%
Penitentiaries 3%
Dams 2%
Edification
Interurban
61%
Actualizar, ademas puente chacao
Source: MOP

6. Concession Projects
35 Projects to be awarded totaling more than US$ 3.6 Billion in investments
Project Portfolio
Expected Concession Investments
Road infrastructure projects (10): US$1,621M
Hospitals (3): US$300M
Airports (4): US$100M
Dam (2): US$390M
Penitentiaries projects (2), Railroads (1) & Others (2): US$344 M
Other road infrastructure projects under study (11): US$884M
Dams
11%
Penitentiaries,
Railroads &
others 9%
Other road
infrastructure
projects under
evaluation
24%
Road
projects
45%
Hospitals 8%
Airports 3%
Actualizar, ademas puente chacao
Source: MOP

7. Toll Road Concession Operators in Chile
URBAN TOLL ROADS Ownership
There will be players either divesting non-core investments or partially monetizing / recycling equity investments.
Autopista Central
48%
Anillo El Salto-Kennedy
50%
Vespucio Norte
46%
Vespucio Sur
50%
Radial nor-Oriente
100%
Vespucio Norte
45%
Anillo El Salto-Kennedy
50%
Vespucio Sur
50%
Costanera Norte
100%
Autopista Central
48%

8. Toll Road Concession Operators in Chile
INTERURBAN TOLL ROADS Ownership
There will be players either divesting non-core investments or partially monetizing / recycling equity investments.
Los Libertadores
100%
Autopista del Sol
100%
Los Andes
100%
Rutas del Pacifico
50%
Elqui
72%
Los Lagos
88%
Litoral Central
50%
Rutas del Pacifico
50%
Nogales Puchuncavi
100%
Autopista del Maipo
100%
Talca Chillan
76%
Ruta de la Araucanía
100%
Ruta de los Ríos
76%
Litoral Central
50%
Autopista del Itata
100%
Autopista del Aconcagua
100%
Autopista del Bosque
100%
Melipilla
100%

9. Autopista Valle Chacabuco (Anillo El Salto-Kennedy)
Central Chile – Metropolitan Region Concession Highways
Autopista Valle Chacabuco
(Radial Nor-Oriente)
Vespucio Norte
ACS 46%, Hochtief 45%, Cofide 8%
29 Km highway
30-yr concession
Sacyr
21.5 km highway
40-yr concession
San Cristobal Express
(Anillo El Salto-Kennedy)
Autopista Central
Hochtief 50%, ACS 50%
Urban tunnel
30-yr concession
ACS 48%, Skanska 48%, Belfi 2%, Brotec 2%
60.5 km highway
30-yr concession
Costanera Norte
Vespucio Sur
Autostrade 50%, SIAS 50%
42.3 km highway
30-yr concession
Vespucio Sur
Acciona 50%, Sacyr 50%
23.5 Km highway
30-yr concession
Source: MOP, Coordinación General de Concesiones

10. Autopista Los Libertadores
Central Chile (Excluding Metropolitan Region) Concession Highways
Nogales-Puchuncavi
Delta
27 Km toll road
22-yr concession
Rutas del Pacifico
(Ruta 68)
ACS 50%, Sacyr 50%
137.5 Km highway
25-yr concession
Autopista de Los Andes
Puchuncavi
Nogales
OHL
113 Km highway
20-yr concession
Los Andes
Viña del Mar
Valparaiso
Litoral Central
Autopista Los Libertadores
Sacyr 50%, Acciona 50%
79.8 Km toll road
30-yr concession
Quintay
Casablanca
OHL
88.65 Km toll road
28-yr concession
Santiago
San Antonio
Melipilla
Autopista del Sol
Besalco
8 Km toll road
25-yr concession
OHL
102 Km highway
23.7-yr concession
Embalse Rapel
San Pedro
Source: MOP, Coordinación General de Concesiones

11. Autopista del Aconcagua
Regional Interurban Concession Highways
Autopista del Aconcagua
Concesiones del Elqui
Bancomext
Sacyr Chile S.A. 75%, Abertis 25%
Tunel El Melón
Autopista del Maipo
Endesa Chile
Cintra
Talca Chillán
Cintra 76.43%, Inversiones Sodeia Cinco S.A %
Camino de la Madera
Belfi S.A. 33.9%, Las Américas A.F.I. S.A. 33.9%, CMB Prime A.F.I. S.A. 26.5%
Autopista del Itata
Bancomext
Ruta de la Araucanía
Cintra
Autopista del Bosque
Vinci
Los Lagos
Ruta de los Ríos
Sacyr 88.1%, Empresa Nacional de Autopistas 11.9%
Cintra 75%, Las Américas A.F.I. S.A. 25%

12. Stage 1 – “Construction” Stage 3 – “Consolidation”
Stages of Sector Development
Background
Today…
Stage 1 – “Construction”
Stage 2 – “Operation”
Stage 3 – “Consolidation”
Toll road concessions awarded
Construction period risks:
Expropriation
Completion
Cost overrun
Licensing delays
Project financing
Negotiation of complementary agreements with MOP
New projects contemplating MDI
Second generation projects + PPIs
Pure constructors start seeking exit alternatives
“Construction / operation” players review portfolio alternatives
Concession operators and infrastructure funds looking for M&A transactions
Operation period risks:
Traffic
Price & inflation
O&M cost overruns
Technology
Billing & collection
Political & regulatory
New complementary agreements (extensions, improvements)
Trend towards concentration in fewer large operators holding a portfolio of motorway concessions
Once scale is achieved:
M&As (consolidation / monetization)
IPOs (partial monetization)

13. 2
Costanera Norte & Transelec Case Studies

14. Recent M&A Transaction: Costanera Norte Case Study - Chile
ABN AMRO advised Impregilo SpA in the sale of Sociedad Concesionaria Costanera Norte S.A. For an EV of USD 625 million
Deal closed in June 2006.
ABN AMRO acted as sole financial advisor to Impregilo SpA, TECSA and Fe Grande.
ABN AMRO executed this complex project leading to a successful closing in June 2006.
Costanera Norte’s deal is the largest M&A transaction in Chile in the new concession road industry up to date,
Sociedad
Concesionaria
Costanera Norte S.A.
USD
277,100,000
Sale of 100% of Costanera
Norte to Autostrade SpA
and Sias SpA
Sole Financial Adviser to
Impregilo SpA
Chile, June 2006

15. Recent M&A Transaction: Costanera Norte Case Study - Chile
ABN AMRO executed the whole M&A process performing several tasks that included, among others:
Valuation: using DCF, Trading and Transaction methods
Preparation of investment teaser
Selection and contact with potential strategic and financial investors in Chile and globally
Development of the Information Memorandum for the transaction
Negotiation of Confidentiality Agreements with short-listed potential bidders
Guidance to Bidders to presenting a Non-Binding Offer
Selection of investors for the final phase of the process
Negotiation with group of short listed potential buyers
Coordination of Management Presentations and Visits to the facilities
Guidance of Bidders through preparation and presentation of Binding Offers
Preparation of Bid Analysis reports to facilitate client decision making process
Assistance in preparation of Sale & Purchase Agreement in conjunction with the legal advisors
Preparation and coordination of the Due Diligence process
Advisory assistance through Closing

16. Overview of Transelec Transaction
Key Considerations
Transelec is a regulated transmission business that owns high voltage lines
On June 16, 2006 Brookfield Asset Management and its partners agreed to acquire 92% of Transelec for $1.55 bn plus the assumption of debt
The consortium acquired the remaining 8% of Transelec in a separate transaction from IFC
ABN AMRO believed that that most bidders would have been comfortable paying up to 10.5x EBITDA. This led to an IRR of approximately 11-13%.
In our view, the bid for Transelec is an outlier and led to an ROE below 10%.
Other bidders for Hydro-Quebec’s stake were: GE/First Reserve, Abengoa, ISA, Canadian pension funds (Ontario Teachers’ Pension Fund, Borealis), Terna, Celfin (Chilean investors)
Transaction multiples
2005
2006E
Transaction
multiple
12.6x
12.2x
24.7
ABN
AMRO's
estimates
10.5x
10.2x
18.3
EV / EBITDA
P/E

17. 3
Brief Overview Infrastructure M&A worldwide

18. Overview of Infrastructure related transactions worldwide
Infrastructure deals peaked at US $ 145 Bln in 2006 reflecting increasing investor appetite for investments capable of generating stable returns in the long term
Infrastructure M&A transactions volume YTD
US$ Bln
160
140
120
100 80 60 40 20
1998
1999
2000
2001
2002
2003
2004
2005
2006
Source: ABN AMRO

19. Overview of Infrastructure related transactions worldwide
Largest Infrastructure M&A transactions YTD
Deal Value
Date
Target
Acquirer
(US Bln)
Feb
BAA (UK)
Ferrovial (Spain)
30.2
Apr
Autostrade (Italy)
Abertis Infrastructuras (Spain)
28.4
May
Kinder Morgan (US)
Private equity consortium (US)
27.5
Jan
Coastal (US)
El Paso Energy (US)
15.7
Feb
KeySpan (US)
National Grid (UK)
11.9
Jun
Railtrack (UK)
Network Rail (UK)
11.5
Oct
AWG (UK)
Osprey Acquisitions (Canada)
10.3
Source: Thomson Financial
Private equity funds showed increasing involvement in infrastructure related transactions, accounting for more than 50% of deal volumes in 2006 (comparing positively with the 2 % involvement recorded in 1998)

20. Toll road operators valuation – Trading Multiples
Toll Road Operators Trading Multiples
Company name
Mkt Cap EV
(EURm, 11/7/'06)
2005
2006
2007
2008
AUTOSTRADE
12,789
22,446
12.1x
11.5x
10.8x
10.1x
Autoroute du Sud de la France
11,503
19,325
12.3x
10.9x
10.2x
Abertis
10,489
14,793
12.7x
7.1x
6.7x
6.4x
Macquarie Infrastructure Group
8,243
10,942
9.6x
10.0x
12.2x
11.3x
APPR
6,059
11,170
10.7x
9.7x
Cintra
4,921
12,380
26.7x
23.9x
21.8x
18.2x
BRISA
4,333
6,414
15.3x
14.6x
13.8x
13.2x
Average
EV/EBITDA
Note: Numbers in grey have been excluded from average
International listed toll road operators are trading at 10x - 11x EBITDA on average

21. Toll road operators valuation – Transaction Analysis
Toll Roads M&A Company Transactions
Stake
Purchase EV
acquired
(%)
price (
EURm )
Turnover
EBITDA
100%
14,714
8.27x
13.19x
5,324
8.54x
13.26x
50%
5,821
7.83x
12.35x
81%
5,551
7.64x
12.33x
92%
1,074
25.45x na 8% 57
22.90x
3,102
11.96x 6%
219
7.34x
10.52x
14%
771
7.10x
40%
741
19.70x
8.38x
Completion
Target name
Acquiror
name
Date
Pending
Autostrade
Abertis
25/04/2006
/ AXA / Credit
Agricole
09/03/2006
Autoroute
Vinci
20/02/2006
Eiffage
20/05/2005
Transurban
19/04/2004
01/01/2003
Aurea
Acesa
(Abertis)
16/09/2002
Brisa
05/04/2002
Sud
16/01/2002
Cintra
Concesiones
Average
SANEF
de France
APRR
/ Macquarie Infr.
Hills Motorway Group
ACESA
Macquarie Infrastructure
Note: Numbers in grey have been excluded from average

22. Toll road operators valuation – Transaction Analysis (cont’d)
Toll Roads M&A Asset Transactions
Transaction
Target Name
Acquirer Name
Stake
Purchase
acquired %
Price EURm
30/06/2006
Indiana Toll Road (US)
Cintra/Macquarie Infrastructure
100.0%
3,040
19/12/2005
Westlink M7 (AU)
Macquarie Infrastructure Group
5.0% 29
29/09/2005
Dulles Greenway Toll Road (US)
86.7%
443
13.3% 70
20/06/2005
Midland Expressway Ltd (UK)
25.0% 73
22/11/2004
Mitcham- Frankston Project (AU)
Investor Group na
26/10/2004
407 International Inc (CAN)
13.9%
23/05/2003
San Diego Expressway (US)
82.0% 46
16.0%
31/03/2002
Cintra Concesiones de Infr.
6.0%
126
29/11/2002
Lusoponte (POR)
5.7% 16
01/10/2002
Aucat (SP)
Abertis Infraestructuras
8.8% 48
29/04/2002
16.1%
350
20/12/2000
Statewide Roads Ltd (AU)
50.6% 93
Airport Motorway Group (AU)
10.5% 33
Date

23. 4
New generation of potential investors

24. Three main types of potential investors
Local buyers
Local Investment Funds:
Clear exit strategies within 3 to 6 years.
Would require IRRs in the range of 12 to 20% depending on the risks associated to the projected cash-flows.
Local Conglomerates:
Would normally seek a strong influence position in the Board.
Would require IRRs ranging from 12 to 20%.
CMB Prime
Celfin Capital
Southern Cross
IM Trust
Independencia
Consorcio
Copec Group
Quiñenco Group
Bancard
Solari Group

25. International Infrastructure funds
Three main types of potential investors (cont’d)
International Infrastructure funds
Specialized Infrastructure Funds:
These investors seek assets providing stable, predictable, long-term, monopoly type, inflation-linked returns
Their investment profile allows them to avoid focusing on short-to-medium term exit strategies.
Would normally require IRRs ranging from 11 to 18%.
Long-term Direct Financial Investors:
Seeking larger investment tickets (usually +US$100 m) in infrastructure, real estate and infrastructure type of energy assets.
This category groups Canadian investors that invest pension funds moneys.
Macquarie
Carlyle
ABN AMRO GE
Deutsche AM
Ontario Teachers
Borealis
Brookfield
CPP
KKR

26. Autostrade/ Costanera Norte
Three main types of potential investors (cont’d)
Other
(strategic)
Concession operating holdings pursuing a portfolio strategy:
Pursue the opportunity as a way of gaining volume in the regional concession’s market
Focused on positioning the holding for an IPO in the medium term.
OHL
Autostrade/ Costanera Norte
Acciona
ACS
Abertis

27. 5
Final Remarks – Infrastructure Industry Pending Issues

28. Some lessons from the Costanera Norte’s Experience:
Final Remarks
Some lessons from the Costanera Norte’s Experience:
Authorization resolution mechanisms
Better response time-frame to allow trading of these shares
Change of investments rules governing local insurance companies and AFPs

29. Chilean Infrastructure Industry Overview