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COMISION NACIONAL DEL MERCADO DE VALORES (CNMV)

In compliance with article 228 of the Consolidated Text of the Spanish Securities Market Law, ABERTIS INFRAESTRUCTURAS, S.A. ("Abertis" or the “Company”), hereby notifies the Spanish National Securities Market Commission of the following

RELEVANT FACT

The company sends the report from the Board of Directors of Abertis Infraestructuras, S.A. in relation to the Tender Offer made by Hochtief AG.

Madrid, 17 April 2018

Relevant Fact

Investor Relations

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REPORT BY THE BOARD OF DIRECTORS OF ABERTIS INFRAESTRUCTURAS, S.A. ON THE TAKEOVER BID BY HOCHTIEF

AKTIENGESELLSCHAFT AUTHORISED BY THE NATIONAL SECURITIES MARKET COMMISSION (CNMV)

ON 12 APRIL 2018

The present report has been drawn up by the Board of Directors of Abertis Infraestructuras, S.A. (hereinafter “Abertis” or the “Company”) in relation to the voluntary takeover bid made by Hochtief Aktiengesellschaft (hereinafter, “Hochtief” or the “Bidder”), on 18 October 2017, to acquire all of the shares that make up the share capital of Abertis, as amended on 23 March 2018 (hereinafter the bid and its amendment are referred to as the “Takeover Bid” or the “Bid”).

The present report has been approved by the Abertis Board of Directors at its meeting of 16 April 2018, in compliance with the provisions of article 134.4 of the Redrafted Text of the Securities Market Law, approved by Royal Legislative Decree No. 4/2015, of 23 October (hereinafter the “LMV”, for its Spanish initials), and article 24 of Royal Decree No. 1066/2007, of 27 July, on the regime governing takeover bids (hereinafter “RD 1066/2007”).

The takeover bid, in its original terms, was authorised by the National Securities Market Commission (hereinafter the “CNMV”, for its Spanish initials) on 12 March 2018, and the amended bid submitted on 23 March 2018 was authorised on 12 April 2018 (hereinafter the “Amended Bid”). The terms and conditions of the Bid are described in detail in the corresponding Offer Document and supplement thereto drawn up by the Bidder, which is available to the public in accordance with article 22 of RD 1066/2007 (hereinafter the offer document and its supplement shall be jointly referred to as the “Offer Document”).

In any case, this Board of Directors recalls the prescriptive but non-binding nature of the opinions included in the present Report, and that it is for each shareholder, based on their particular interests and situation, to decide whether or not to accept the Bid.

1. BACKGROUND TO THE BID

On 15 May 2017, Atlantia, S.p.A. (hereinafter “Atlantia”) announced a voluntary takeover bid to acquire the entirety of the share capital of Abertis, which was authorised by the CNMV on 9 October 2017.

On 18 October 2017, Hochtief submitted the Bid, initially as a Competing Bid to the bid made by Atlantia, which was authorised by the CNMV on 12 March 2018. The Bid originally included an alternative cash consideration or an exchange for new Hochtief shares (up to a maximum of 193,530,179 shares in Abertis), or a combination of the two. In addition to obtaining the regulatory approvals and authorisations, the Bid was also dependent on (i) the Bid being accepted by 50% of Abertis’ share capital plus one share, and (ii) a minimum number of

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193,530,179 shares in Abertis (representing 19.5% of the share capital) opting for the consideration in shares.

On 14 March 2018, Hochtief announced the Amended Bid, after having reached a binding agreement in principle with Atlantia and ACS, Actividades de Construcción y Servicios, S.A. (hereinafter “ACS”), with the aim of jointly investing in Abertis, a summary of which was made public through “significant event” communications Nos. 262865, 262867 and 262871. The main features of this agreement include the following: (i) Hochtief’s commitment to amend the Bid, in the terms described in the present report; (ii) Atlantia’s commitment to withdraw its bid; (iii) the incorporation by Hochtief, Atlantia and ACS of a shell company, or special purchase vehicle (referred to as the “SPV” in the Offer Document), which will acquire from Hochtief the Abertis shares acquired in the Bid.

On 23 March 2018, after signing the investment agreement with Atlantia and ACS in order to give effect to the aforementioned agreement in principle, Hochtief submitted to the CNMV a request for authorisation of the Amended Bid.

For its part, Atlantia notified the CNMV of the withdrawal of its bid on 12 April 2018, immediately before the CNMV authorised the Amended Bid.

As mentioned in the preamble, unless otherwise stated, this report refers to and pronounces on the Bid, that is, the amended takeover bid submitted by Hochtief.

2. MAIN FEATURES OF THE BID

As described in the Offer Document, the main features of the Bid are as follows:

2.1 Bidder

The Bidder is Hochtief Aktiengesellschaft, a German limited company (Aktiengesellschaft) incorporated in accordance with German law. Hochtief is registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of Essen, with registration number HRB 279 and registered office in Opernplatz 2, 45128, Essen, Germany.

The share capital of Hochtief on the date of the Offer Document is €164,608,000, represented by 64,300,000 no-par-value bearer shares (Stückaktien), each of which represent a pro rata share value of €2.56 of the share capital of Hochtief, which is fully paid-up. The shares of Hochtief are listed on the German Stock Exchanges (namely, Frankfurt, Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart).

The Bidder is part of the group of companies led by ACS, which owns 71.72% of the share capital of Hochtief. ACS is a Spanish limited company with registered office in Avenida Pio XII, 102, 28036, Madrid, Spain. ACS shares are listed on the Spanish Stock Exchange through the Stock Exchange Interconnection System (hereinafter, “SIBE”, for its Spanish initials). Furthermore, by virtue of the agreements signed between Atlantia, ACS and Hochtief, which provide for a capital increase for Hochtief and a sale of shares from ACS to Atlantia, Atlantia

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would become the holder of 24.14% of the share capital of Hochtief and ACS’s stake would be reduced to 50.15%.

In addition, Hochtief has two other significant shareholders: (i) Blackrock, Inc., owner of 4.58% of the voting rights held in shares and other financial instruments; and (ii) Gartmore Investment Management Ltd., owner of 2.87% of voting rights of the Bidder.

2.2 Shares included in the scope of the Bid

As indicated in the Offer Document, the Bid applies to the entire share capital of Abertis and is therefore aimed at all of the holders of the 990,381,308 shares in Abertis. It therefore also includes all of the Company’s treasury stock.

There are no further shares in the Company which should be covered by the Bid other than those mentioned in said offer, as Abertis has not issued any pre-emptive subscription rights, non-voting shares, bonds or obligations that may be converted into shares in the Company, exchangeable securities or warrants, or any other similar instruments that could give a direct or indirect right to acquire or subscribe shares in Abertis.

The Bid is carried out solely and exclusively in Spain, even though it is aimed at all Abertis shareholders, irrespective of their nationality or place of residence, without being understood as having been made in any jurisdiction where making the Bid requires the distribution or registration of documentation additional to the Offer Document. In particular, the Offer Document specifies that the Bid is not being made, either directly or indirectly, in the United States of America, except in compliance with, or under the exemptions provided in, any stock market or takeover bid regulations in the United States of America.

The terms and conditions of the Bid are identical for all the Abertis shares to which it applies, with the consideration offered being that indicated in section 2.2 of the Offer Document.

2.3 Type of Bid

The Takeover Bid is voluntary, as the Bidder is not affected by any situation that would oblige it to make a mandatory bid in accordance with article 137 of the LMV and article 13 of RD 1066/2007. The Bid was initially submitted as a Competing Bid to the first takeover bid made by Atlantia, although, after the withdrawal communicated by Atlantia on 12 April 2018, the Bid is no longer considered to be a Competing Bid.

2.4 Consideration offered

The Bidder is offering Abertis shareholders a cash consideration of €18.36 for each Abertis share, adjusted after the payment on 20 March 2018 of the dividend of €0.40 per Abertis share for the 2017 financial year.

Although the Bid is voluntary, the Bidder states that the consideration for the Bid has been set in accordance with the equitable price provisions contained in article 9 of RD 1066/2007. In that respect, the Bidder attached to the Offer Document a valuation report issued on 6 March 2018 by “KPMG Asesores, S.L.”, acting in its capacity as an independent expert, in which it

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confirms that the consideration offered in the Bid met the requirements for being considered an equitable price.

Furthermore, the Bidder attached to the Offer Document a supplementary valuation report by “KPMG Asesores, S.L.”, dated 10 April 2018, which confirmed that the share price of Hochtief at the close of business on 7 March 2018 (the day immediately preceding the publication by ACS, Hochtief and Atlantia of the two “Significant Event” communications confirming the existence of conversations about Abertis) was €136.30 and that the weighted average share price of Hochtief in the quarter and half-year ending on that date was €142.16 and €144.39, respectively, meaning that the equivalent effective price of the consideration in shares initially offered, calculated by applying the exchange ratio of the initial Hochtief bid (0.1254 new shares in Hochtief for each Abertis share), the aforementioned Hochtief share prices are €17.09, €17.83 and €18.11, respectively. It can therefore be concluded that, on the basis of these references, the cash price of the Amended Bid (€18.36) is higher than the value that would have resulted from the Consideration in Shares at the time preceding the first announcement of the negotiations that lead to the Amended Bid.

2.5 Acceptance period

The Bid acceptance period is for 30 calendar days, beginning the day after publication of the first announcement made by the Bidder following notification of the CNMV’s initial authorisation of the Bid. The period started on 20 March 2018, the trading day following the date of publication of the Bid announcement in the Daily Bulletins of the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges.

In compliance with article 31.4 of RD 1066/2007, the aforementioned period was suspended owing to the submission of the Amended Bid on 23 March 2018.

Following approval of the Amended Bid by the CNMV and the publication of the relevant announcements, the acceptance period will end at 24:00 hours on 8 May 2018, as indicated by the CNMV in its communication of 12 April 2018.

2.6 Financing of the Bid

The Bidder indicates in the Offer Document that the consideration will be entirely financed by bank debt.

To that effect, Hochtief has signed two syndicated financing contracts with various finance entities for a total aggregate amount of €18,215 million, with the amounts being distributed in the following manner: (i) €14,963 million from the financing contract signed on 18 October 2017; and (ii) €3,252 million by virtue of the financing contract dated 23 March 2018.

In accordance with articles 15 and 17.1 of RD 1066/2007, Hochtief has submitted to the CNMV the documentation confirming the establishment of the following guarantees for the purpose of guaranteeing payment of the Bid consideration, for a total aggregate amount of €18,183 million: (i) a guarantee initially granted by J.P. Morgan Securities plc, for a total of €14,963 million, which was replaced on 20 November 2017 by 17 guarantees signed for the same amount with the financial entities described in section 2.4.1 of the Offer Document; and (ii) irrevocable and

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joint and several bank guarantees granted by Banco Santander, S.A.; BNP Paribas in Spain; Intesa Sanpaolo S.p.A.; Mediobanca − Banca di Credito Finanziario S.p.A. and Unicredit S.p.A., for a total of €3,221 million.

The main terms and conditions of the financial contracts and guarantees are contained in sections 2.4.1 and 2.4.2 of the Offer Document.

2.7 Conditions governing the Bid

In accordance with articles 13 and 26 of RD 1066/2007, the Bid is conditional on acceptance of the Bid by Abertis’ shareholders who, together, own at least 50% plus one share of Abertis’ share capital, that is, 495,190,655 Abertis shares.

Although the Bidder has indicated that it has no intention of renouncing this condition, the Bidder may render it ineffective no later than the end of the trading day after the CNMV informs it of the result of the Bid, provided that it has the prior consent of the financial entities whose amounts committed in the financing contracts described in section 2.6 above exceed two-thirds of the total amounts committed in said contracts. In this case, given that the Bid is being offered at an equitable price, in the event that the Bidder acquires control of the Company by means of its Bid without meeting the minimum acceptance condition, the Bidder will not be obliged to make a mandatory takeover bid, in accordance with the provisions of article 8 (f) of RD 1066/2007.

The Bid was initially conditional on the notification and obtaining by Hochtief of regulatory authorisations and approvals of the equitable competition authorities in certain markets where Hochtief and Abertis operate. As at the date of the Offer Document, all the authorisations and approvals on which the Bid was conditional had been obtained.

Lastly, it is noted that the Bidder intends to exercise the right to a squeeze-out if the thresholds for this were met, as provided for in article 47 of RD 1066/2007, which would lead to the delisting of Abertis shares from trading. In the event that the thresholds for a squeeze-out are not reached, the Bidder intends to bring about the delisting of Abertis shares from trading, in accordance with article 11 (d) of RD 1066/2007 at the same price as is stated in the Bid.

3. GENERAL CONSIDERATIONS

3.1 Purpose of the Bid and possible repercussions of the Bid and the Bidder’s strategic plans on all of Abertis’ interests, employment and the location of its places of business

3.1.1 Purpose of the Bid

According to the Offer Document, the purpose pursued by the Bidder by means of the Bid is the acquisition of a controlling interest in Abertis and the subsequent implementation of a long-term joint investment plan between Atlantia, ACS and Hochtief in the Company through the creation of an SPV that would acquire from Hochtief the full shares in Abertis after the execution of the Bid and the delisting of Abertis shares from trading, once the regulatory

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authorisations and approvals have been obtained in relation to the relevant competition law issues.

According to the Offer Document, the share capital of the SPV will be up to €7,000 million, which would be distributed between the three companies as follows: (i) Atlantia would subscribe to 50% plus one share; (ii) ACS would subscribe to 30%; and (iii) Hochtief would subscribe to 20% minus one share, thus permitting Atlantia the control and accounting consolidation of the SPV and Abertis.

Atlantia, ACS and Hochtief have signed a shareholders’ agreement in order to regulate, among other aspects, (i) the relationship between said companies in their capacity as shareholders of the SPV; (ii) the organisation, governance structure and composition of the management bodies of the SPV and Abertis; and (iii) the limitation regime, terms and conditions resulting from the possible direct or indirect transfer of the shares of the SPV and, if applicable, the shares of Abertis, owing to a possible merger between the SPV and Abertis. The main terms of the aforesaid shareholders’ agreement, which has an initial term of 10 years, are contained in section 1.5.1 (e) of the Offer Document.

The purpose of the aforementioned SPV is to develop a common commercial plan between Atlantia, ACS, Hochtief and Abertis, leveraging the positioning and experience of these entities in their respective markets. To that end, the Bidder has indicated in the Offer Document that it has reached a partnership agreement with Atlantia and ACS for the development of new business opportunities, for each of those entities and for Abertis, in the area of toll motorway greenfield (projects in the offer and construction phase) and brownfield projects (projects already in operation).

Regarding greenfield projects, the Bidder, ACS and Atlantia will identify business opportunities related to toll motorway projects and transfer these opportunities to the other parties. The Bidder and/or ACS will invite Abertis and/or Atlantia to participate in projects owned by them.

Regarding brownfield projects, Abertis and Atlantia will have the opportunity to join the project and the Bidder and/or ACS may be invited to participate if they are able to bring relevant experience to the project.

In the event of divestments, Atlantia shall have a right of first offer regarding the toll motorway assets of Abertis, as shall Atlantia and/or Abertis in the divestments relating to the participation of ACS in toll motorway concessions.

3.1.2 Strategic plans and intentions of the Bidder regarding said plans, staff and executive job positions, the location of the Company’s places of business and the companies that form part of its group

Apart from the implementation of the commercial principles agreed by the Bidder, ACS and Atlantia, the Bidder declares in the Offer Document that the Bidder, ACS and Atlantia intend that Abertis and its group companies continue to carry out the day-to-day management of their

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activities and business lines, just as they currently have been doing, by fostering a growth strategy in Abertis that is aligned with the current Abertis strategy.

The Bidder also declares that ACS, Atlantia and Hochtief, as shareholders of the SPV, intend not to modify, for a minimum period of 12 months, the rights acquired by Abertis’ employees and executives prior to the Bid, without any significant change in the labour conditions of any Abertis group company being foreseen.

Under the protection of the shareholders’ agreement referred to in section 3.1.1 above, Hochtief, ACS and Atlantia shall consider a possible merger between the SPV and Abertis in the event that the SPV becomes the 100% owner of the share capital of Abertis, in which case Atlantia, ACS and Hochtief would become owners of the entirety of the share capital of the company resulting from such a transaction. If the number of shares acquired in the Bid is less than 100% of the share capital of Abertis, the Bidder indicates that the shareholders will look at different alternatives, including, in addition to a merger, other mechanisms aimed at optimising the structure and financial load of these two companies. In any case, given that it is the intention of the parties that the SPV shall hold 100% of the share capital of the Company, the shareholders of the SPV will promote the acquisition by the SPV of the remaining shares at the price agreed between the SPV and the shareholders (which may differ from the price in the Bid).

In all events, the Bidder has declared that, during the period of validity of the shareholders’ agreement, the Spanish nationality of Abertis shall be maintained (or, if applicable, of the company resulting from the merger between Abertis and the SPV). Moreover, the Bidder declares that Atlantia, ACS and Hochtief do not currently intend to change the location of Abertis’ offices, branches or work centres, a declaration that remains valid for a period of 12 months.

As regards the corporate governance structure, section 4.8 of the Offer Document reflects the intention of Atlantia, ACS and Hochtief to make corporate governance changes, including possible amendments to the articles of association and other internal regulations, as well as changes to the company’s management bodies, including commissions, top management or other Abertis supervisory boards, at the earliest opportunity.

As regards possible divestments, Hochtief will take the appropriate action to ensure that Abertis sells to Atlantia 29.9% or 34% of the share capital of Cellnex Telecom, S.A. (hereinafter “Cellnex”) at a price equivalent to the average listing price during the six months prior to the settlement of the Bid (with a minimum price of €21.20 and a maximum price of €21.50 per Cellnex share, adjusted for the corresponding gross dividends, where applicable). This transfer should take place in the two months following settlement of the Bid. The definitive share percentage to be acquired shall be set by Atlantia (if 34%, there would be an obligation to make a mandatory takeover bid of Cellnex).

Additionally, on 20 March 2018, Atlantia reached an option-to-buy agreement with Edizione S.r.L. for shares representing 29.9% of Cellnex, subject to the terms of the aforementioned option to buy. Atlantia may exercise the option to buy until 16 April 2018, at a price of €21.50 per share of Cellnex.

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Regarding Hispasat, S.A. (hereinafter “Hispasat”), the Bidder confirms that it is still analysing the available strategic options, including the potential sale of that company to Red Eléctrica Corporación, S.A. (hereinafter “REC”), in accordance with the information provided in section 3.2(iv)(b) of this report.

On another note, the shareholders of the SPV shall have the right to request a process of offering to sell and subsequent listing of the shares of the SPV or Abertis, if the merger between those two companies has been effected, in all or some of the Spanish Stock Exchanges at any time following the eighth anniversary of the entry into force of the aforementioned shareholders’ agreement.

For a more detailed description of the Bidder’s strategic plans and intentions, as well as its objectives and plans in relation to Abertis, the shareholders may refer to chapter 4 of the Offer Document.

3.2 Actions of the Board of Directors since the announcement of the Bid

The Abertis Board of Directors has adhered to the applicable regulations regarding takeover bids since the announcement of the intended Bid was published. In particular, it has complied at all times with the general duty of the directors to protect the overall interests of the Company and of all its shareholders. The “duty of passivity” has also been observed.

Without prejudice to the above:

(i) On 18 October 2017, the Abertis Board of Directors issued the mandatory report regarding the Atlantia takeover bid, in line with article 24 of RD 1066/2007, in which, bearing in mind all of the conditions and characteristics of that bid and its repercussion on the Company’s interests, considered the Atlantia bid to be positive and attractive from a commercial point of view, even though it believed that there was scope to improve the value of the cash consideration.

(ii) On 20 October 2017, the Board of Directors of the Company approved the payment of a dividend for the 2017 financial year for the gross amount of €0.40 per share, which was paid out on 2 November 2017.

(iii) As was communicated on 17 November 2017, Holding d’Infrastructures de Transport S.A.S. (hereinafter “HIT”), a French company of the Abertis group:

(a) Effected a bond purchase with a 4.875% coupon maturing in 2021 for a combined nominal amount of €140 million at a price of 119% of its nominal value, settlement of which took place on 27 November 2017; and

(b) Conducted two new bond issues aimed at refinancing its short-term debt as well as for other corporate purposes. One of the bond issues was executed for a nominal value of €500 million maturing in 2023 and a coupon of 0.625%, and the other was for a value of €500 million maturing in 2027 and a coupon of 1.625%.

(iv) On 13 March 2018, the Ordinary General Meeting of Shareholders of the Company was held, during which the following agreements, among others, were adopted:

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(a) Approval of the payment of a gross dividend of €0.40 per share for the 2017 financial year, which was paid out on 20 March 2018; and

(b) Authorisation of the Board of Directors for the sale to REC of the 57.05% stake that Abertis owns in Hispasat for a minimum price of €656 million and the assignment to REC of Abertis’ contractual position in the contract of sale signed with Eutelsat on 18 May 2017 for the acquisition of the 33.69% stake that Eutelsat owns in Hispasat, all of which is subject to the requirement that REC make a binding offer to purchase and subrogate and that authorisation of the Council of Ministers is obtained.

(v) On 6 April 2018, the Council of Ministers authorised Abertis’ acquisition of the 32.63% of the share capital of Hispasat owned by Eutelsat, which is expected to materialise in the coming days. This purchase transaction would leave Abertis with 89.68% of the shares in Hispasat, the CDTI (Centro para el Desarrollo Tecnológico Industrial [Centre for the Development of Industrial Technology]) with 2.91% and the Sociedad Estatal de Participaciones Industriales (Spanish State-owned Industrial Holding Company, SEPI) with the 7.41% it currently holds.

3.3 Consultancy received by the Board of Directors

The Abertis Board of Directors appointed AZ Capital, S.L. (hereinafter “AZ Capital”) and Citigroup Global Markets Limited (hereinafter “Citi”) as financial advisers in the Bid, and Uría Menéndez Abogados, S.L.P. as legal advisor, to deal with the requests for information made by the Abertis Board of Directors while carrying out its task of ensuring the interests of Abertis and all its shareholders are adequately taken into account and protected during the Bid process.

Furthermore, the Abertis Board of Directors has received fairness opinions from AZ Capital, Citi and Morgan Stanley & Co. International, plc (hereinafter “Morgan Stanley”) on the fairness, from a strictly financial point of view for Abertis shareholders, of the cash consideration offered by Hochtief in the context of the Bid.

The fairness opinions issued by AZ Capital, Citi and Morgan Stanley in order to inform the Abertis Board of Directors in its assessment of the cash consideration offered under the Bid are attached to the present report as Annex I and must be read in their entirety in order to evaluate the scope, assumptions and limitations, the information and experience on which they are based, the procedures, the matters considered, the limitations of the review performed and the conclusions reached.

4. AGREEMENTS BETWEEN ABERTIS AND THE BIDDER, ITS SHAREHOLDERS OR DIRECTORS, OR BETWEEN THE ABERTIS BOARD OF DIRECTORS AND THE BIDDER, ITS SHAREHOLDERS OR DIRECTORS

4.1 Agreements between Abertis and the Bidder in relation to the Bid

There are no agreements between Abertis and the Bidder in relation to the Bid.

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4.2 Agreements between Abertis and the Bidder’s shareholders or directors in relation to the Bid

There are no agreements between Abertis and the Bidder’s shareholders and/or directors in relation to the Bid.

4.3 Agreements between the directors of Abertis and the Bidder, its shareholders or directors

There are no agreements between the directors of Abertis and the Bidder, its shareholders or directors.

4.4 Agreements between the shareholders of Abertis and the Bidder, its shareholders or directors

The Abertis Board of Directors has no knowledge of any agreements between the Company’s shareholders and the Bidder, its shareholders or its directors, in relation to the Bid.

In addition, in relation to sections 4.1, 4.2, 4.3 and 4.4 above, we wish to point out that neither do any agreements exist: between Abertis and Atlantia and/or ACS in relation to the Bid; nor between Abertis and the shareholders or the directors of Atlantia and/or ACS in relation to the Bid; nor between the directors of Abertis and Atlantia and/or ACS, their shareholders or their directors. The Abertis Board of Directors is also unaware of any agreements between the shareholders of Abertis and Atlantia and/or ACS, its shareholders or its directors.

5. SECURITIES OF THE BIDDER OWNED DIRECTLY OR INDIRECTLY BY ABERTIS, BY THE PEOPLE WITH WHOM IT ACTS IN CONCERT, OR BY THE MEMBERS OF ITS BOARD OF DIRECTORS

5.1 Securities of the Bidder owned directly or indirectly by Abertis and the people with whom it acts in concert

Neither Abertis nor the companies that make up the group to which it belongs own, either directly, indirectly or in concert with third parties:

(i) any shareholding in Hochtief, ACS or the companies that make up the group to which they belong; or

(ii) securities or other instruments that confer the right to acquire or subscribe shares in Hochtief, ACS or the companies that make up the group to which they belong.

5.2 Securities of the Bidder owned directly or indirectly by members of the Abertis Board of Directors

According to the personal declarations made by each member of the Abertis Board of Directors, none of them own:

(i) any securities issued by Hochtief, ACS or the companies that make up the group to which they belong; or

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(ii) securities or other instruments that confer the right to acquire or subscribe shares in Hochtief, ACS or the companies that make up the group to which they belong.

6. SECURITIES OF ABERTIS OWNED OR REPRESENTED DIRECTLY OR INDIRECTLY BY MEMBERS OF THE BOARD OF DIRECTORS

According to the personal declarations made by each member of the Abertis Board of Directors, the Abertis securities owned directly or indirectly by said members on the date of this report are as follows:

Board Member Category Number of voting

rights % of total voting

rights

Mr Salvador Alemany Mas Chair 227,792 0.02%

Mr Francisco José Aljaro Navarro Executive Director - General Manager

21,456 0.00%

Mr Marcelino Armenter Vidal Board member 10,500 0.00%

Mr Xavier Brossa Galofré Board member 1,000 0.00%

Mr Carlos Colomer Casellas Board member 1,001 (of which 1,000 are owned

indirectly) 0.00%

Ms Susana Gallardo Torrededia Board member 694 0.00%

G3T, S.L. Board member 2,590,000 0.26%

Ms Mónica López-Monís Gallego Board member 24 0.00%

7. CONFLICTS OF INTEREST OF MEMBERS OF THE ABERTIS BOARD OF DIRECTORS AND TYPE OF CONFLICT

None of the members of the Abertis Board of Directors have declared themselves to be affected by any type of conflict of interest.

8. OPINION AND OBSERVATIONS OF THE BOARD OF DIRECTORS REGARDING THE BID

A summary of the considerations and assessments carried out by the Board of Directors on the merits of the Bid are set out below.

8.1 General considerations

The Board of Directors highlights the following aspects of the Bid:

(i) The Bid includes all of the Company’s shares.

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(ii) The consideration for the Bid has been set by the Bidder in accordance with the provisions on equitable price contained in article 9 of RD 1066/2007.

(iii) The cash consideration offered of €18.36 per Abertis share is 11% higher than that offered by Atlantia in its bid (€16.50/share, without adjustment for dividends paid by Abertis since the date of the Atlantia takeover bid), which has now been withdrawn.

(iv) The Bidder has declared that it shall exercise its squeeze-out rights, if the conditions for doing so are met, or promote the delisting of Abertis shares, with the result that current Abertis shareholders would not be able to opt to maintain their direct stake in Abertis as a listed company.

8.2 Strategic and industrial considerations

Regarding the different strategic and industrial considerations made by the Bidder in the Offer Document, the Company’s Board of Directors wishes to highlight the following points:

(i) Once Hochtief has transferred the shares acquired through the Bid to the SPV, control of Abertis shall be exercised by Atlantia, ACS and Hochtief. To that end, Atlantia, ACS and Hochtief have declared that they will sign a strategic partnership agreement, the purpose of which shall be to maximise the strategic relationship and expected synergies derived from the business complementarity between the companies and Abertis in relation to developing new greenfield and brownfield toll motorway projects.

(ii) Moreover, the Bidder declares that it intends to promote a growth strategy for the new group aligned with the current strategy of Abertis.

(iii) There is a commitment to maintain Abertis (or, as the case may be, the SPV) as a Spanish company, with registered office and headquarters in Spain, throughout the term of the shareholders’ agreement between Atlantia, ACS and Hochtief. Furthermore, the Bidder neither intends to change Abertis’ current labour conditions nor the rights acquired by its employees or executives.

(iv) Atlantia, ACS and Hochtief intend that the SPV shall acquire 100% of the share capital of Abertis. If that does not occur after settlement of the Bid, the acquisition of the remaining shares through any mechanisms provided for in the applicable legislation will be promoted, in which case the price shall be freely set by the SPV with each Abertis shareholder and may differ from the price offered in the Bid.

(v) Apart from the possible sale of Abertis’ shareholding in Cellnex and Hispasat, the Bidder has indicated that it does not intend to make any divestments of the Company’s assets that could result in a breach of the financing contracts mentioned in section 2.6. However, it should be noted that among the assets permitted to be disposed of are the shares in Société des Autoroutes du Nord et de L’Est de la France (Sanef).

(vi) The dividend policy for the SPV and for Abertis, as agreed by the SPV shareholders, consists of the distribution of a dividend of about 90% of the distributable net profits,

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provided that the credit rating is at least equal to the current rating of Abertis (rated BBB by Standard & Poor’s).

8.3 Assessment of the consideration offered

In relation to the cash consideration of €18.36 per Abertis share, it is noted that this price includes a share premium of 33% over the average price of Abertis shares in the six months preceding 13 April 2017 (the day before the publication of the “significant event” announcing the potential Atlantia transaction following rumours in the media).

Meanwhile, as mentioned in section 3.3 above, AZ Capital, Citi and Morgan Stanley, respectively, have each issued fairness opinions to the Abertis Board of Directors which concluded that, on the respective dates on which they were issued, and subject to the assumptions that they contain, the cash consideration of €18.36 per Abertis share is a fair price from a strictly financial point of view for Abertis shareholders.

Furthermore, the consideration offered in the Bid, as indicated in section 2.4 above, has been set by the Bidder in accordance with the provisions on equitable price contained in article 9 of RD 1066/2007, which is confirmed in a report by “KPMG Asesores, S.L.” dated 6 March 2018, appended to the Offer Document, in which the expert, after analysing the methods considered in article 10.5 and 10.6 of RD 1066/2007 and justifying the respective relevance of each one, concludes that the range of values for Abertis shares is between €16.50 and €18.88 per share.

8.4 Opinion of the Board of Directors

Pursuant to the provisions of article 24 of RD 1066/2007, the Abertis Board of Directors is obliged to draft a detailed and justified report on each and every takeover bid presented to the Company and authorised by the CNMV.

Based on the considerations and opinions set out in the present report, and the information contained in the Offer Document, the Abertis Board of Directors, bearing in mind all of the conditions and characteristics of the Bid and its repercussion on the Company’s interests, considers the consideration offered in the Bid to be positive.

8.5 Individual opinions of the board members

This report has been approved unanimously by those present without any member of the Board of Directors expressing an individual disagreement with the decisions adopted jointly by the Board of Directors.

9. INTENTION TO ACCEPT OR REFUSE THE BID IN RELATION TO ABERTIS TREASURY STOCK SHARES

It is noted that, on the date of the present report, Abertis has a direct holding of 78,815,937 shares in treasury stock (representing 7.958% of the Company’s share capital) and that the Abertis Board of Directors has decided to refuse the Bid in relation to said shares for the following reasons:

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(i) The Company’s Treasury stock was acquired as part of the Abertis Strategic Plan for the period 2015-2017 (communicated to the market by means of significant event No. 213354 of 30 October 2014).

The purpose of this is described in section 4.1 of the offer document explaining the voluntary bid for the partial acquisition of shares made by Abertis over its own shares, dated 21 September 2015.

(ii) The Abertis Board of Directors has not yet published the Strategic Plan for the period 2018-2020 and has therefore not decided on a purpose for its treasury stock shares.

10. INTENTION OF THE BOARD MEMBERS TO ACCEPT THE BID

As at the date of this report, the Board Members who own shares in Abertis are those identified in section 6 above.

Pursuant to the provisions of article 24 of RD 1066/2007, the members of the Abertis Board of Directors who own shares in the Company are obliged to individually state whether or not they intend to accept the Bid. That intention must be stated in the mandatory report issued by the Board of Directors on the occasion of a bid authorised by the CNMV.

Without prejudice to the right of the Board Members to change their decision in the light of the circumstances and, in particular, the evaluation they were able to make at the time of the terms and conditions of other competing bids or improvements that may be authorised by the CNMV, and without this entailing any restriction on their freedom to dispose of their shares, those Board Members who have a direct or indirect shareholding in Abertis signal that their intention, on today’s date, in relation to the Bid is, in all cases, to accept it with all of their shares.

Mr Salvador Alemany Mas, Mr Marcelino Armenter Vidal, Mr Juan-José López Burniol and Ms Susana Gallardo Torrededia, proprietary directors appointed at the proposal of Criteria Caixa, S.A.U. (hereinafter “Criteria”), also state that Criteria, the direct owner of a total of 149,265,272 shares representing 15.07% of the voting rights in Abertis, today intends to accept the Bid for all its shares, subject to the approval/agreement of the Criteria Board of Directors.

G3T, S.L., proprietary director appointed at the proposal of Inversiones Autopistas, S.A. (hereinafter ‘‘Inversiones Autopistas’’), a company controlled by Criteria, states that Inversiones Autopistas, owner of 60,123,057 shares representing 6.07% of the voting rights in Abertis, taking into account the agreements signed with Criteria, intends on today’s date to accept the Bid for all of its shares, subject to the approval/agreement of the Board of Directors of Inversiones Autopistas and of Criteria.

11. INFORMATION FOR WORKERS

It is noted that the Company has complied with its obligations to provide information to workers, in compliance with the provisions of article 25.2 of RD 1066/2007 and, in particular,

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that on 12 April 2018 the Company sent a copy of the Offer Document to the worker’s representatives.

On 16 April 2018, the Abertis Board of Directors received a Report from the Abertis Works Council in its capacity as workers’ representative (a copy of which is attached to the present report as Annex II), which sets out its opinion on the effects of the Bid on employment. On 12 and 16 April, Reports were received from the UGT (Unión General de Trabajadores [General Union of Workers]) and the CCOO (Comisiones Obreras [Workers’ Commissions]) in relation to the Hochtief Takeover Bid, which are also attached in Annex II.

* * *

Madrid, 16 April 2018.

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Annex I. Fairness opinions issued by Citi, AZ Capital and Morgan Stanley

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Annex II. Report by the Abertis Works Council, UGT and CCOO

INFORME DE LA REPRESENTACIÓN LEGAL DE LOS TRABAJADORES DE ABERTIS INFRAESTRUCTURAS, S.A. RELATIVO A LA OFERTA PUBLICA VOLUNTARIA DE ADQUISICIÓN DE ACCIONES DE LA SOCIEDAD ABERTIS INFRAESTRUCTURAS, S.A. (ABERTIS) FORMULADA POR HOCHTIEF Aktiengesellschaft

Objeto del Informe

En fecha 12 de abril de 2018, la Dirección de Recursos Humanos comunicó a la Representación de los Trabajadores (Comité de Empresa) que la Comisión Nacional del Mercado de Valores (CNMV) publicó el suplemento al folleto explicativo de fecha 8 de marzo correspondiente a la oferta pública de adquisición de acciones de Abertis Infraestructuras, S.A. (Abertis) formulada por Hochtief Aktiengesellschaft; y nos facilitó la copia del documento e informó de que el Comité de Empresa disponía de un plazo de cinco días para la presentación del Informe sobre dicha Oferta.

En virtud del artículo 64 del Estatuto de los Trabajadores, así como del artículo 24.2 y 25 del Real Decreto 1066/2007, de 27 de julio, sobre el régimen de las ofertas públicas de adquisición de valores (Real Decreto 1066/2007) y en atención a la condición de representación de los trabajadores de Abertis, cuyo principal objetivo es el de velar y representar a los trabajadores a efectos de relaciones laborales, emitimos el siguiente informe:

Primero.- En general, destacamos favorablemente algunas de las manifestaciones que el Oferente ha incluido en el capítulo 4 del Folleto y su posterior suplemento sobre la finalidad de la operación, tales como:

• La inversión estable y a largo plazo en la gestión de Abertis con recíproca cooperación para el desarrollo de un proyecto global a través de una empresa española de dimensión internacional.

• El proyecto industrial a largo plazo basado, de un lado, en la experiencia de HOCHTIEF y ACS en el sector de la construcción de infraestructuras y en la gestión y prestación de servicios de explotación y mantenimiento de infraestructuras y, de otro lado, en la experiencia de Atlantia como operador global de infraestructuras de transporte, lo que, en unión de la experiencia de Abertis y su cartera de activos de primer orden, conduzca al fortalecimiento de sus respectivos negocios.

• La eliminación del anuncio de un factor de optimización de costes, presente en

la primera versión del Folleto.

• El marco de cooperación para el desarrollo de sus respectivas actividades empresariales en el ámbito de proyectos de autopistas de peaje, en el que se involucrará, asimismo, a Abertis.

• La generación de valor a lo largo del ciclo de vida del proyecto.

• La complementariedad de los negocios de las compañías.

• La posibilidad de proporcionar una plataforma de crecimiento visible para el

grupo combinado.

• La posibilidad de que Abertis tenga mayor presencia en mercados de alto crecimiento, tales como Norte América y Australia, mediante una cartera significativa de proyectos PPP ya identificados por el Oferente.

• La posibilidad de que el Grupo resultante ofrezca importantes oportunidades de desarrollo y carrera profesional para los empleados tanto del Oferente como de Abertis.

• Y, finalmente, que se valore el liderazgo y la experiencia del equipo de dirección y de los empleados de Abertis como el operador de autopistas líder en el mundo.

Segundo.- Sin perjuicio de lo anterior, procedemos a la valoración de determinados puntos contenidos en el Folleto, en el punto 3.6. Modificaciones al Capítulo 4:

4.1. Finalidad de la Operación

En el punto 4.1.1 del Folleto, en relación con la finalidad de la operación, el Oferente manifiesta que:

“ […] Tras la liquidación de la Oferta, tal y como se indica con mayor detalle en el apartado 4.10 del Folleto Explicativo, el Oferente promoverá la exclusión de negociación de las acciones de Abertis en las Bolsas de Valores españolas, […]"

En este sentido, nos preocupa que el Oferente declare su intención de excluir de negociación de las acciones de Abertis en las bolsas de valores españolas por el impacto que esta decisión tendrá sobre algunas de las actuales Direcciones de Abertis, y, por ende, en sus trabajadores ya que se verán directamente afectados por esta decisión.

4.1.2. Objetivos

“Excepto por lo que respecta a la implementación de los principios de naturaleza comercial alcanzados por el Oferente, ACS y Atlantia que se describen en el presente apartado, el Oferente, ACS y Atlantia tienen la intención de que Abertis y las sociedades de su Grupo, una vez finalizada la Oferta, continúen desarrollando su actividad y líneas de negocio en el marco de su gestión ordinaria, de acuerdo con lo que vienen haciendo en la actualidad.”

Si bien por un lado valoramos positivamente que el Oferente tenga la intención de continuar desarrollando las actividades y líneas de negocio, por otro lado, valoramos negativamente la ambigüedad y falta de concreción en relación a la implementación de los principios de naturaleza comercial que han sido acordados entre el Oferente, Atlantia y ACS.

4.2. Planes Estratégicos y objetivos respecto de las actividades futuras y la localización de los centros de trabajo de la sociedad afectada y su grupo en un horizonte temporal de 12 meses

El Real Decreto 1066/2007 en su capítulo IV sobre el Contenido del Folleto ya establece un horizonte temporal de 12 meses, por lo que valoramos negativamente que el Oferente no haya incrementado en el Folleto el plazo legalmente establecido.

En este sentido, ante las expectativas de crecimiento e incremento de competitividad, demandamos para la empresa resultante: el compromiso de mantenimiento de todos los puestos de trabajo durante el período de vigencia del Acuerdo de Accionistas, es decir, de 10 años e instamos al Oferente que trabaje en planes de formación, desarrollo y mejoras de las condiciones laborales.

En el apartado 4.2.2. “Localización de los centros de trabajo” se menciona que: “[…] ACS, Atlantia y HOCHTIEF tienen actualmente intención de no modificar la localización de las oficinas, delegaciones o localizaciones de los centros de trabajo actuales de Abertis.

ACS, Atlantia y HOCHTIEF han acordado mantener a Abertis o a la sociedad que resulte de una fusión entre SPV y Abertis, según sea el caso, como una sociedad con domicilio social y sede en España durante el plazo de vigencia del Acuerdo de Accionistas. […]”

A pesar de que valoramos positivamente el mantenimiento de los centros de trabajo actuales, creemos que el redactado del apartado 4.2.2. no es suficientemente preciso al decir que la sociedad que resulte de la fusión entre SPV y Abertis tendrá domicilio social y sede en España.

Como ya hemos comentado en el punto 4.1., valoramos negativamente la ambigüedad y falta de concreción en relación con la ubicación de la sede operativa de Abertis con expresiones como “tienen actualmente intención de no modificar”. Sobre este particular, entendemos que la pretensión del Oferente en el Folleto es mantener la sede operativa de la compañía en Barcelona y de ser así lo debería haber mencionado expresamente en el Folleto. Además el término “actualmente” preocupa en gran medida porque no garantiza que no se produzcan cambios a futuro. En este sentido, dadas las actuales circunstancias solicitamos un compromiso firme del Oferente de mantener las oficinas en Barcelona y en Madrid.

Asimismo, solicitamos al Oferente la vinculación del mantenimiento de las oficinas, delegaciones o localizaciones de los centros de trabajo actuales de Abertis a la vigencia del Acuerdo de Accionistas.

4.3 Planes estratégicos e intenciones respecto al mantenimiento de los puestos del personal y del equipo directivo de la sociedad afectada y su grupo, incluyendo cualquier cambio significativo en las condiciones laborales dentro de un intervalo mínimo de 12 meses

“[…] ACS, Atlantia y HOCHTIEF, como accionistas de SPV, tienen intención de no modificar los derechos adquiridos por los empleados y directivos de Abertis en materia de remuneraciones, contratos o planes de previsión social (que ACS, Atlantia y HOCHTIEF desconocen) que hubieran sido aprobados

por los órganos correspondientes de Abertis. […]”

Sobre este apartado manifestamos nuestra valoración negativa respecto a la expresión: “[…] tienen intención de no modificar los derechos adquiridos por los empleados […] en materia de remuneraciones, contratos o planes de previsión social […]”, ya que nuevamente, el Oferente no dice de forma precisa las acciones que va a realizar respecto a este tema.

Nuestra interpretación de este precepto del Folleto, como del resto del mismo, es que el Oferente quiere mantener los puestos de trabajo de los empleados de Abertis, no obstante, no realiza una afirmación categórica al respecto ni asume compromiso alguno.

Además, este apartado añade que:

“No se prevé que la Oferta o la implementación de las actuaciones previstas en el Acuerdo de Inversión impliquen un cambio significativo en las condiciones laborales de ninguna sociedad del Grupo Abertis”.

Sobre este apartado preocupa el que se introduzca la palabra “cambio” en las condiciones laborales, así como la interpretación que se pueda dar al término “significativo”.

Por último, por lo que respecta a no modificar los derechos adquiridos por los empleados, esto incluye que en cualquier circunstancia se deberán mantener los beneficios de los trabajadores en lo referente a la dirección por objetivos e incentivos a largo plazo.

4.5. Planes relativos a la emisión de valores de cualquier clase por la sociedad afectada y su grupo

“El Acuerdo de Inversión no contempla la emisión de valores de cualquier clase por Abertis y su grupo.”

Valoramos negativamente la acción de no contemplar la emisión de valores de cualquier clase por Abertis ya que esta decisión tendrá impacto sobre algunas de las actuales Direcciones de Abertis, y por ende en sus trabajadores que se verán directamente afectados por esta decisión.

4.6. Reestructuraciones societarias de cualquier naturaleza previstas

“[…] HOCHTIEF venderá su participación en Abertis a SPV a un precio por acción igual al pagado en la Oferta (ajustado por cualquier dividendo pagado a HOCHTIEF) y ACS, Atlantia y HOCHTIEF considerarán una eventual fusión entre SPV y Abertis, dependiendo de, entre otros factores, el nivel de aceptación de la Oferta.

ACS, Atlantia y HOCHTIEF han acordado mantener a Abertis o a la sociedad que resulte de una eventual fusión entre SPV y Abertis, según sea el caso, como una sociedad con domicilio social y sede en España durante el plazo de vigencia del Acuerdo de Accionistas. […]”

Nos preocupa la pérdida de personalidad jurídica de la matriz del grupo y más teniendo en cuenta la referencia ambigua que se hace en el apartado 2.4.3. “Efectos de la financiación en Abertis” (incluido en el 3.4.8) en lo referente a las garantías de la deuda del contrato de financiación y del contrato de financiación adicional en el caso de fusión. Dicha pérdida de personalidad jurídica comporta la desaparición de la Corporación actual como tal, la pérdida de autonomía y la posible reubicación de trabajadores que estas medidas pueden conllevar.

Además, nos reiteramos en nuestra valoración negativa sobre la falta de concreción sobre la ubicación de los centros de trabajo actuales.

4.7 Política de dividendos

“[…] Proyectos M&A (compras, ventas o inversiones de capital en activos o participaciones en proyectos) por encima de un umbral de 80 millones de euros en conjunto por un año financiero, excepto por las disposiciones de Cellnex e Hispasat. […]”

Valoramos negativamente este precepto por considerar que limita las operaciones futuras. 4.9 Previsiones relativas al mantenimiento o modificación de los estatutos de la sociedad afectada o de las entidades de su Grupo y 4.10 Intenciones respecto de la cotización de Abertis

Sobre lo que manifiestan los apartados 4.9 y 4.10 del Folleto, “los estatutos sociales de Abertis se modificarán para ser alineados, en la medida permitida por ley, con el Acuerdo de Accionistas, “exclusión de cotización de Abertis”, etc.; nos reiteramos en lo que ya hemos manifestado en el 4.6.

Tercero.- En síntesis, entendemos que del Folleto se desprende que la Oferta resultante vinculará a dos de los mayores grupos de construcción a nivel global (ACS y HOCHTIEF) con una de las mayores carteras de activos de infraestructuras de transporte del mundo (Abertis y Atlantia), con un perfil de crecimiento estable y capacidad de generar sinergias significativas.

En base a todo lo anterior, llegamos a las siguientes conclusiones:

• Se requiere un compromiso firme del Oferente de que mantendrá las oficinas de Abertis en Barcelona y en Madrid, así como las condiciones de trabajo de la plantilla de Abertis, teniendo en cuenta que carece de toda justificación que se planteen posibles ajustes que se traduzcan en una reducción del número de empleados de Abertis.

• En definitiva, dado que, los negocios son complementarios y crecerán tras la operación, no hay necesidad de una restructuración de plantilla por duplicidades.

En base a lo anterior, solicitamos el mantenimiento del empleo y la mejora de las condiciones laborales.

Barcelona, a 16 de abril de 2018