Auto-Estradas do Atlântico, SA - Annual Report 2015

P.1

Auto-Estradas do Atlântico, SA - Annual Report 2015

The Bord of Directors p. 03

Management Report

// Global Analysis p. 06

Management Report

// Functional Analysis p. 10

Financial Statements p. 35

Notes to the Financial Statements p. 40

Report and Opinion of the Supervisor Boarder p. 69

Statutory Examinationor’s Report p. 71

P.2

Auto-Estradas do Atlântico, SA - Annual Report 2015

THE BOARD OF DIRECTORS

GENERAL ASSEMBLY

Chairman

Alexandre de Albuquerque

Secretary

Tiago Severim de Melo Alves dos Santos

THE BOARD OF DIRECTORS

Chairman

José Joaquim Cortiço da Costa Braga

Members

Lena Engenharia e Construções, S.A.

Representada por: Manuel de Sousa Pereira

Valdemar Jorge Martins Mendes

MSF - Sociedade Gestora de Participações Sociais , S.A.

Representada por: Eduardo Galán de Matos Coimbra

Luís Rua Geraldes

MSF Concessões, SGPS, S.A.

Representada por: José Ernesto Cirilo Custódio dos Santos

Lena Concessões e Serviços, SGPS, S.A.

Representada por: Paulo Jorge de Oliveira Pereira Reis

Manuel António Garcia de Matos

P.3

Auto-Estradas do Atlântico, SA - Annual Report 2015

BOARD OF AUDITORS

Permanent

Presidente

José Vieira dos Reis

Members

Fernando Marques Oliveira

Joaquim Oliveira de Jesus

Alternate Members

Mário José Silva Jerónimo

Pedro Manuel Palma Monteiro Varela

Statuatory Auditor

Deloitte & Associados, SROC S.A.

Representada por: João Luís Falua Costa da Silva

Statuatory Auditor Alternate Member

Duarte Nuno Passos Galhardas

P.4

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.5

Auto-Estradas do Atlântico, SA - Annual Report 2015

2015 MANGEMENT REPORT

OVERVIEW

To the shareholders

Submission of a report in which the Company's affairs are analysed, the major key actions performed are listed and described, the problems encountered and not overcome are reported and the steps that experience and knowledge advise to be recommended for the shareholders to take are stated is a fundamental part of management.

2015 consolidated our hopes of improvement in economic activity, reflected in some recovery in traffic on the various motorway stretches of the concession in general, which caused AADT to grow by 6.54% compared to the preceding year.

Attentive to the high quality maintenance of the infrastructure, the vertical signage of the A8 substretches between Malveira and , as well as the horizontal signage between Malveira and Enxara and the CRIL and , were totally renovated, and the pavement of the A8, in the north/south direction, between km33+000 and km34+125 was repaired.

Accident indicators evolved favourably, the number of both accidents and casualties having fallen, there being no "black spot" within the concession, thus further justifying the investments made and encouraging our combat for road safety.

A word in respect of current maintenance of the infrastructure which, in spite of strong budgetary constraints, has never been disregarded. New methods and robust solutions were adopted, always bearing in mind that the maintenance of the infrastructure in due time enhances the value of the concession assets and that road safety is a benefit unquestionably related to the essence of the concession.

The reduction in operating costs (-4.76%) resulted from the rigorous and effective allocation of resources. The increased use of electronic means of payment has also made it possible to offer higher levels of service, which, together with effective collections, also through enforcement, is creating a culture ultimately intended to fully implement the "user-payer" principle.

P.6

Auto-Estradas do Atlântico, SA - Annual Report 2015

The Loures Service Area concession agreement was renegotiated with REPSOL, its maturity having been extended for three more years, with amendment to the price.

The audits to monitor the Quality Management System were successfully completed, and the audit performed by APCER was again positive.

At the end of December, the award of the Arbitration Court in the dispute between Autoestradas do Atlântico (AEA) and the Grantor in respect of the introduction of tolls in the Costa da Prata Concession was finally issued. These proceedings were long, but the evidence and the award judgement were largely favourable to the Company, the impact on the reduction in traffic on the West Concession stretches, in particular on the substretches south of and immediately contiguous to the Costa da Prata Concession, immediately after commencement of the collection of tolls, having been recognised. The compensation awarded, amounting to 28.9M euros, clearly shows that AEA's position was well founded.

As a result of strong investments in toll collection equipment (renovation of components at the end of their useful life) and equipment to support operations (total overhaul of the Catefica Control Centre, installation of new traffic surveillance and supervision cameras, as well as the increasing remote control capabilities of the toll lanes) and upon the activity having stabilised, we are today able to conclude that the route chosen was correct and will make it possible, when circumstances so advise, to move towards more modern operating models, with greater technological content.

In the field of human resource management, a policy to adjust staff to actual needs has been followed, implying reconversion of people from overstaffed to understaffed areas. This reconversion has always resulted from negotiations and is completed upon appropriate training. On the other hand, the operational management of human resources uses a portal, which was fully developed internally, with various functions where the employees find all the support they need, with updated information, and the management body gains full knowledge in time of all matters required for staff management purposes, capable of responding to the most demanding tax and social security issues.

The participation by our Company in the various APCAP (Associação Portuguesa das Sociedades Concessionárias de Autoestradas ou Pontes com Portagem) Standing Committees continued with high commitment, notably with the preparation of a manual on good road maintenance practices and monitoring of toll enforcement together with the AT (Autoridade Tributária e Aduaneira, the Portuguese Tax and Customs Authority).

The improvement in financial results by 1,175.7 thousand euros compared to 2014, as a result of the reduction in

P.7

Auto-Estradas do Atlântico, SA - Annual Report 2015

remunerated liabilities, should be highlighted.

We would like to express a word of praise for the professionalism, dedication and commitment of our employees, as well as our sincere appreciation for the support and cooperation of the Supervisory Board, the Statutory Auditor and the public and financial entities.

Finally, we would like to express our gratitude for the unflinching confidence of our shareholders.

PROPOSAL FOR THE APPROPRIATION OF PROFITS

It is proposed that the net profits for the year, amounting to 25,918,858.09 euros, be transferred to profits (losses) brought forward.

Catefica, 22 February 2016

P.8

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.9

Auto-Estradas do Atlântico, SA - Annual Report 2015

FUNCIONAL ANALYSIS

A) OPERATION AREA

Traffic and revenue

AEA’s main traffic and revenue indicators for 2015 are summarised in the tables below.

Compared to 2014, AADT in the tolled network grew by 6.54%. The highest increase in traffic year-on-year occurred in the second quarter (1Q15 +6.0%; 2Q15 +7.4%; 3Q15 +7.0%; 4Q15 +5.6%).

Tolled stretches 2014 2015 ∆ % 2015/2014

A8 (South) - Annual Average Daily Traffic (AADT) 23,547 24,963 6.01% - Circulation 469 497 6.01%

A8 (North) - Annual Average Daily Traffic (AADT) 8,770 9,509 8.43% - Circulation 158 171 8.43%

A8 (Total) - Annual Average Daily Traffic (AADT) 16,536 17,631 6.62% - Circulation 627 668 6.62%

A15 - Annual Average Daily Traffic (AADT) 3,887 4,105 5.59% - Circulation 57 60 5.59%

Total network - Annual Average Daily Traffic (AADT) 13,004 13,853 6.54% - Circulation 684 728 6.54%

1) AADT - Circulation/km/days 2) Circulation - (Σ vehicles x km x days of operation)/106 3) The lengths of substretches where there is local traffic were taken into account

The subsystem with the highest growth was the A8 North, with +8.43%. AADT on the A8 grew by +6.62%. The A15 had the smallest growth by network subsystem, with +5.59%.

P.10

Auto-Estradas do Atlântico, SA - Annual Report 2015

AADT in the tolled network under concession stood at 13,853 vehicles/day in 2015, which corresponds to an increase of 6.54% compared to 2014. With regard to the breakdown by class, AADT for light vehicles grew by +6.49% and that for heavy vehicles by +7.76%. During 2015, the percentage of light vehicles stood at 96.16%, while that of heavy vehicles was 3.84%.

In line with traffic, toll income increased by +6.68% compared to the preceding year.

Income (103 euros) 2014 2015 2015/2014

Tolls 53,817.26 57,411.38 6.68% Assistance to customers 9.82 8.45 -13.95%

Service areas 1,838.19 1,876.12 2.06% Total 55,656.59 59,295.95 6.54%

Toll rates were not altered on 1 January 2014, in accordance with the formula laid down in the Concession Agreement and taking into account the amendment resulting from Joint Decree no. 39/2005 (of 17 February) of the Ministry of Finance and the Ministry of Public Works.

VAT remained unchanged over the year, at 23%.

Revenues from rents from service areas increased by 1.58% compared to 2014. This growth chiefly resulted from adjustments to 80% of the turnover stated in the economic studies relating to the and Óbidos Service Areas.

Revenues from assistance to customers stood at 8,450.10 euros, 13.95% less than in the preceding year.

Via Verde (71.7%) was the most popular means of payment with clients, followed by cash (14.3%). Payment by bank card was the third most used means of payment (13.9%).

Means of payment Amount (€) %

Via Verde 41,152,225.80 71.7% - Contracts 40,959,235.91 71.3% - Invoices 192,989.89 0.3%

Manual lanes 16,259,152.82 28.3% - Cash 8,213,615.64 14.3%

- Multibanco 7,953,278.28 13.9% - Invoices 72,323.72 0.1% - Other 19,935.18 0.0%

Total 57,411,378.62 100.0%

P.11

Auto-Estradas do Atlântico, SA - Annual Report 2015

If we analyse the evolution in means of payment, we note that the Via Verde system increased once again in percentage terms compared to preceding years (61.1% in 2010, 64.8% in 2011, 68.9% in 2012, 70.1% in 2013 and 70.8% in 2014). In contrast, payments in manual lanes decreased, from 29.9% in 2013 and 29.2% in 2014 to 28.3% in 2015.

Accidents

The accident rate in the Concessionaire's network fell by 26.6% compared to the preceding year, the number of accidents having fallen sharply in 2015 (317) compared to 2014 (406).

It should be noted that the number of accidents with fatalities fell from 4 to 2, in line with the reduction in the accident rate.

It should be further noted that there were no black spots in AEA's concession in 2015.

Activity

During 2015, the Operation Division (OD) carried out the following activities, among others:

 Following the negotiations commenced in 2014, a Supplement to the Loures Service Area Construction, Equipment and Operation Agreement was entered into by and between AEA and REPSOL, this agreement being thus extended until 31 December 2018.

 The agreements with suppliers and service providers were monitored and inspected.

 Several tasks were performed in the context of negotiation of the new agreement with Via Verde (VVP), notably a comparative analysis of the existing agreement with VVP's proposal (FEB15).

P.12

Auto-Estradas do Atlântico, SA - Annual Report 2015

 The operation of the AEA/VVP shop in Catefica was also analysed with a view to adapting it to the increasing needs from the growth in the number of visitors.

 Several meetings were held between MDados / AEA / Brisa to assess the cash transportation and counting service.

 At the end of the year, several meetings were held between concessionaires / Unicre / SIBS to analyse and discuss the development in the payment of tolls by bank card.

 Several tasks (system parameterisation, monitoring and availability of information) were performed in the context of VVP's “Viagens e Vantagens” campaign.

 The Etoll System Operation and Exploitation Agreement for the A21 was coordinated and managed.

 In February 2015, APCER's second monitoring audit took place, AEA's Quality Management System certification, obtained in 2010, having been maintained, as a result of the work undertaken in all areas of the Company. The QMS (Quality Management System) continued to be developed and enhanced, as a result of input from AEA's portal, as well as significant input from internal audits.

 The processing of proceedings under Law 25/2006 by the Portuguese Tax and Customs Authority was monitored.

 During the year, the Company continued to develop studies to rationalise the use of electricity, notably for public illumination.

 Some changes/adjustments were made to customer relationships. Maximisation of reimbursements by bank transfers, civil liability procedures and voluntary Via Verde payments were the areas covered.

 Several studies were performed, among which we would like to highlight the following:

- commencement of the study on fault behaviour;

- hourly traffic on the Cril – Malveira stretch (air quality);

- identification of accidents on the Crel - Lousa stretch, in the north/south direction by kilometre and cause in 2013, 2014 and the first half of 2015;

- reanalysis of etolls in terms of income and the Tolling Operational Centre (TOC) and toll operator needs;

- support, extraction and availability of invoice files and reports of breaches for the toll enforcement system;

- analysis of the development in Degraded Mode Engine (DME) costs in 2014 and the first half of 2015;

- analysis of collections, loads and assessments versus the financial volume entrusted to LOOMIS and deposits made;

P.13

Auto-Estradas do Atlântico, SA - Annual Report 2015

- analysis of the impact of the suppression of the Benavente PV toll barrier;

- preparation of the traffic study for the 2016 Budget;

- simulator for the probability of traffic queues during the re-pavement works in the toll plaza;

- some dashboards were implemented in the context of accidents (Atlas data).

 Several projects to improve the quality of information were also executed, such as the creation and roll-out of a debt monitoring system for the purposes of VAT reimbursements, availability of "previous day" statistics to forecast income, availability of information on payments and cancellations of invoices and communications of breaches originating from the toll enforcement system to update the SiDE, among others.

 Still in the area of projects, Project XI, under which the following activities were performed, should be highlighted:

- specification and monitoring of the Stage 2 project;

- construction and supply of dashboards to the Financial Division:

- “previous day” by VVP collections/debits versus forecast figures;

- VVP collections/debits to verify costs and debt ageing;

- meetings concerning the specifications of interface files between the VVP/Revenue Recovery Service a n d Project XI;

 Participation in various standing committees in the context of APCAP: SC1P1 – Tolls, SC2 – Safety and the Environment and COOPER IV. Participation by the OD materialised through coordination of SC11 – Tolls and SC1.1 – Law no. 25/2006, by João Ceia; coordination of Working Group 2.2 – Energy Efficiency, by João Santos; and participation in SC1 and SC1.2 – Exemptions and Fraud, by Pedro Jorge; and participation in the meetings of SC1 and SC2, by Bruno Godinho. The concessionaires' traffic data for the purposes of ASECAP's COOPER IV and accident data concerning the APCAP's network in the context of SC2 were prepared. Still in this standing committee, we cooperated in the preparation of the draft of APCAP's 2014 Accident Yearbook.

 Road safety was monitored and inspected in the pavement improvement works in the Bombarral toll plaza, repairs to the slope of the landfill at km 6 E/W on the A15 and the pavement improvement works at km 34 N/S on the A8.

 The annual periodic inspection programme concerning safety equipment, vertical and horizontal signage, pavements, vegetal cover, cleaning of the infrastructure, fences, drainage, slopes and buildings was respected.

 The AMC building was adapted to workers with reduced mobility, including construction of specific toilet facilities.

 The Traffic Control Centre was refurbished in order to install the new videowall.

P.14

Auto-Estradas do Atlântico, SA - Annual Report 2015

 The Head of the Operation/Services Areas and Quality Department (OSAQD) attended a training session on “Technical Responsibility for the Design and Operation of Fuel Facilities” sponsored by ISQ.

 The OD organised training sessions for the Rio Maior Fire Brigade concerning the utilisation of provisional signage in motorway accidents.

 The OD oriented the final training of two students from ISEL in the context of their Masters' Degrees.

 Training on Microsoft and vegetal cover was organised for the Conservation/Maintenance Department.

 Fire extinction training sessions were organised for automated toll operators and senior toll operators.

 Participation in several meetings of Municipal Civil Protection Committees and Municipal Forest Protection Committees.

 Participation in the “Aqua LX 2015” drill organised by the Loures Civil Protection, in which coordination functions and specific notification and communication procedures in natural catastrophe scenarios were trained.

 Participation in the “Swedish Portuguese Road” seminar.

 Participation in the “Safe and Sober” conference.

 Participation in a conference on the New National Road Statute.

 Participation in the Road Safety Audit Panel.

 Participation in the “ASECAP Days” in . Presentation of the communication “Cross border enforcement: Where to go?” by João Ceia.

 Participation in Microsoft's workshop – “Transformation of Information into Insights”.

 Participation in the 2015 Global Management Challengers.

P.15

Auto-Estradas do Atlântico, SA - Annual Report 2015

SCHEDULE I - Traffic Tables 1. Traffic by Substretch in 2015 and 2014 2. Traffic by Toll Barrier in 2015 and 2014 3. Evolution in Total ADT by Subsystem in 2015

Traffic by Substretch in 2015 and 2014 AADT 2015 AADT 2014 ∆ % 2015/2014 % of Length Profile Light Heavy % of Heavy Light Heavy Heavy Total Total Heavy Light Vehicles Total Vehicles Vehicles Vehicles Vehicles Vehicles Vehicles Vehicles CRIL - Ponte Frielas 2,100 2X3 49 900 1 029 50 929 2,02% 47 712 974 48 686 2,00% 4,59% 5,66% 4,61% Ponte Frielas - Loures 3,065 2X3 78 352 1 616 79 968 2,02% 74 584 1 523 76 107 2,00% 5,05% 6,14% 5,07% Loures - CREL 1,500 2X3 43 263 892 44 155 2,02% 40 827 833 41 660 2,00% 5,97% 7,07% 5,99% CREL - Lousa 7,761 2X3 47 219 1 063 48 282 2,20% 44 709 1 006 45 715 2,20% 5,61% 5,74% 5,62% Lousa - Malveira 2,376 2X3 43 176 957 44 133 2,17% 40 862 920 41 782 2,20% 5,66% 3,96% 5,63% Malveira - Enxara 7,850 2x2 23 653 652 24 305 2,68% 22 323 612 22 934 2,67% 5,96% 6,62% 5,98% Enxara - Torres Vedras South 9,502 2x2 22 471 672 23 143 2,90% 21 228 628 21 856 2,87% 5,86% 7,03% 5,89% Torres Vedras South - Torres Vedras 5,860 2x2 831 43 874 4,92% 752 40 793 5,08% 10,44% 6,76% 10,25% North (local) Torres Vedras South - Torres Vedras 5,860 2x2 17 961 687 18 648 3,68% 16 884 646 17 530 3,69% 6,38% 6,28% 6,37% North (local) Torres Vedras North - Ramalhal 2,215 2x2 19 591 728 20 319 3,58% 18 215 678 18 892 3,59% 7,55% 7,46% 7,55% Ramalhal - Campelos 9,545 2x2 14 328 489 14 817 3,30% 13 435 464 13 898 3,34% 6,65% 5,37% 6,61% Campelos - Bombarral 7,954 2x2 13 939 515 14 454 3,57% 13 089 481 13 570 3,55% 6,49% 7,11% 6,52% Total A8 South 59,728 28 033 752 28 784 2,61% 26 498 708 27 206 2,60% 5,79% 6,21% 5,80% A8 South - Paying Traffic 54,563 24 275 688 24 963 2,75% 22 900 647 23 547 2,75% 6,01% 6,24% 6,01% A8 South - Non-Paying Traffic 11,025 31 728 668 32 397 2,06% 30 223 630 30 853 2,04% 4,98% 6,02% 5,00%

Bombarral - Delgada 3,501 2x2 16 348 801 17 149 4,67% 15 554 739 16 293 4,53% 5,10% 8,52% 5,26% Delgada - S.Mamede 5,686 2x2 18 642 913 19 555 4,67% 17 381 825 18 206 4,53% 7,26% 10,73% 7,41% S.Mamede - A-da-Gorda 0,539 2x2 19 617 960 20 577 4,66% 18 476 879 19 354 4,54% 6,18% 9,22% 6,32% A-da-Gorda - Óbidos 2,501 2x2 23 113 1 137 24 250 4,69% 22 318 1 057 23 376 4,52% 3,56% 7,53% 3,74% Óbidos - Arnóia 2,048 2x2 23 523 1 161 24 684 4,70% 21 034 994 22 029 4,51% 11,83% 16,78% 12,05% Arnóia - Gaeiras 1,403 2x2 23 624 1 157 24 781 4,67% 22 034 1 049 23 083 4,54% 7,22% 10,30% 7,36% Gaeiras - 3,754 2x2 21 434 1 048 22 482 4,66% 20 250 961 21 211 4,53% 5,85% 8,96% 5,99% Caldas da Rainha - Zona Industrial 1,398 2x2 18 158 887 19 044 4,66% 17 119 812 17 932 4,53% 6,06% 9,19% 6,21% Total A8 Centre 20,830 20 105 986 21 090 4,67% 18 867 895 19 762 4,53% 6,56% 10,12% 6,72%

Zona Industrial - Tornada (local) 3,512 2x2 5 496 270 5 766 4,68% 5 167 247 5 414 4,56% 6,37% 9,16% 6,50% Zona Industrial - Tornada (total) 3,512 2x2 14 524 707 15 231 4,64% 13 479 638 14 117 4,52% 7,75% 10,85% 7,89% Zona Industrial - Tornada (paying 3,512 2x2 9 027 438 9 465 4,62% 8 312 391 8 703 4,49% 8,61% 11,92% 8,76% traffic) Tornada - Alfeizerão 7,565 2X3 9 960 458 10 418 4,40% 9 202 411 9 613 4,27% 8,23% 11,64% 8,38% Alfeizerão - Valado de Frades 12,097 2X3 9 747 510 10 257 4,97% 9 038 467 9 504 4,91% 7,85% 9,22% 7,92% Valado de Frades - Pataias 7,030 2X3 9 373 473 9 846 4,80% 8 703 434 9 137 4,75% 7,70% 9,01% 7,76% Pataias - South 9,515 2X3 9 301 502 9 804 5,12% 8 627 450 9 078 4,96% 7,82% 11,55% 8,00% Marinha Grande South - A17 3,105 2X3 9 586 621 10 207 6,08% 8 831 561 9 392 5,98% 8,56% 10,55% 8,68% Marinha Grande South - Marinha 0,737 2x2 5 280 302 5 582 5,41% 4 803 272 5 074 5,35% 9,94% 11,19% 10,01% Grande East A17 - Marinha Grande East 1,348 2x2 6 066 379 6 445 5,87% 5 513 341 5 854 5,83% 10,04% 10,98% 10,09% Marinha Grande East - Leiria South 4,349 2x2 5 520 287 5 808 4,95% 4 898 236 5 134 4,60% 12,71% 21,65% 13,12% Total A8 North 49,258 9 430 490 9 920 4,94% 8 714 442 9 156 4,82% 8,22% 10,91% 8,35% A8 North - Paying Traffic 49,258 9 038 471 9 509 4,95% 8 346 424 8 770 4,84% 8,30% 10,99% 8,43% A8 North - Non-Paying Traffic 3,512 5 496 270 5 766 4,68% 5 167 247 5 414 4,56% 6,37% 9,16% 6,50%

Arnoia - A dos Negros (local) 4,009 2x2 2 155 230 2 385 9,63% 1 928 201 2 129 9,43% 11,76% 14,41% 12,01% Arnoia - A dos Negros (total) 4,009 2x2 5 319 554 5 873 9,44% 4 895 497 5 392 9,21% 8,65% 11,62% 8,93% Arnoia - A dos Negros (paying traffic) 4,009 2x2 3 164 325 3 488 9,31% 2 967 296 3 263 9,07% 6,63% 9,72% 6,91% A dos Negros - A dos Francos 8,904 2x2 3 948 372 4 320 8,61% 3 740 337 4 077 8,27% 5,59% 10,32% 5,98% A dos Francos - Rio Maior West 5,742 2x2 3 139 345 3 484 9,91% 2 983 321 3 304 9,71% 5,23% 7,64% 5,47% Rio Maior West - Rio Maior East 3,346 2x2 2 971 410 3 380 12,12% 2 817 403 3 220 12,53% 5,47% 1,57% 4,98% Rio Maior East - Malaqueijo 7,454 2x2 4 008 432 4 439 9,73% 3 808 410 4 219 9,73% 5,23% 5,24% 5,23% Malaqueijo - Interchange A1/A15 10,773 2x2 4 043 437 4 480 9,74% 3 841 411 4 252 9,68% 5,27% 6,11% 5,35% Total A15 40,228 3 924 418 4 342 9,62% 3 710 390 4 099 9,50% 5,79% 7,23% 5,92% A15 - Paying Traffic 40,228 3 710 395 4 105 9,62% 3 518 370 3 887 9,51% 5,46% 6,84% 5,59% A15 - Non-Paying Traffic 4,009 2 155 230 2 385 9,63% 1 928 201 2 129 9,43% 11,76% 14,41% 12,01%

Total A8 129,816 19 702 690 20 392 3,38% 18 526 637 19 162 3,32% 6,35% 8,33% 6,42% A8 - Paying Traffic 103,821 17 046 585 17 631 3,32% 15 994 541 16 536 3,27% 6,57% 8,00% 6,62% A8 - Non-Paying Traffic 35,367 22 277 816 23 093 3,53% 21 047 748 21 795 3,43% 5,85% 9,01% 5,96%

Total AEA 170,044 15 969 625 16 595 3,77% 15 021 578 15 599 3,71% 6,32% 8,15% 6,39% AEA - Paying Traffic 144,049 13 322 532 13 853 3,84% 12 510 493 13 004 3,79% 6,49% 7,76% 6,54% AEA - Non-Paying Traffic 39,376 20 229 756 20 985 3,60% 19 100 692 19 793 3,50% 5,91% 9,17% 6,02%

P.16

Auto-Estradas do Atlântico, SA - Annual Report 2015

Traffic by Toll Barrier in 2015 and 2014

0,1%

1,2% 1,2% 0,7% 1,5% 0,9% 0,0% 0,3% 0,0% 1,4% 1,3% 0,1% 0,4% 2,0% 0,9% 1,4% 1,4% 2,1% 0,7% 0,4% 2,0% 0,6% 0,7% 1,1%

-

% Via Verde

1,9% 2,7% 3,3% 0,4% 5,8% 0,8% 7,2% 2,6% 0,8%

2,0% 3,2% 0,7% 0,3% 1,5% 5,6% 9,2% 3,3% 2,1%

------

12,9% 10,6% 13,9% 12,1% 26,8% 14,2%

Vehicles

% Heavy of ∆ 2015/2014

6,8% 3,1% 5,9% 7,3% 9,4% 8,2% 2,6% 6,4% 8,8% 4,1% 7,2% 3,9% 8,3% 7,3% 2,9% 7,0% 2,9% 3,8% 4,0% 7,0%

6,3%

AADT

11,6% 10,1% 12,3%

70,0% 75,5% 72,8% 68,6% 69,8% 67,2% 68,6% 72,1% 69,6% 72,8% 69,9% 71,8% 66,3% 72,3% 76,0% 76,6% 74,0% 64,6% 55,2% 58,6% 74,6% 65,6% 67,5% 70,3%

% Via Verde

2014

2,0% 3,1% 2,6% 3,1% 2,9% 3,0% 6,1% 9,8% 3,7% 4,4% 1,7% 5,3% 2,8% 8,0% 7,8% 4,8% 9,2% 4,3% 6,7% 8,2% 8,1% 3,9%

11,2% 27,3%

Vehicles

% Heavy of

584 466 865 488 855 430 557 667 822 228

3 3 989 1 180 3 913 3 200 3 004 6 762 4 308 1 841 1 242 2 728 1 656

2 896

20 967 20 649 63

AADT

76,4% 73,3% 69,7% 70,4% 67,2% 68,9% 72,0% 70,5% 73,7% 70,0% 72,1% 67,6% 73,0% 77,0% 77,6% 75,5% 65,1% 55,4% 59,8% 74,6% 66,0% 68,0% 71,1%

70,8%

% Via Verde

2015

2,0% 3,5% 2,5% 3,0% 3,0% 2,9% 6,1% 9,8% 3,7% 4,4% 1,9% 5,0% 3,2% 7,9% 8,2% 5,2% 9,5% 4,8% 8,4% 8,1% 9,2% 4,0%

10,4% 26,6%

Vehicles

% Heavy of

600 485 927 508 927 443 596 686 854 237

3 3 092 4 113 1 250 4 199 3 502 3 252 7 192 4 689 2 055 1 368 3 064 1 777

22 289 22 103 68

AADT

2 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1

26

VV

2 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4

ML

3 2 2 2 3 3 3 2 3 4 2 2 3 2 2 2 2 3 2 2 2 2 2

Exit Lanes

55

etoll

2 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1

26

VV

Profile

3 2 2 1 2 2 2 1 2 2 1 1 2 1 1 1 2 2 1 1 1 1 1

35

ML

EntryLane

7 6 5 7 7 7 5 8 5 5 7 5 5 5 8 7 5 5 5 5 5

12 10

146

Total Lanes

ExitBarrier

A15

-

A8 A8 North

South A8

Traffic

TornadaMotorway TornadaInterchange Alfeizerão Pataias Marinha GrandeSouth SouthLeiria MaiorRio East

Loures Lousa do Venda Pinheiro Enxara Torre SouthVedras VedrasTorres North Ramalhal Campelos Bombarral ValadoFradesde MarinhaGrande East Negrosdos A Motorway Negrosdos A Interchange Francosdos A MaiorRio West Malaqueijo Total

P.17

Auto-Estradas do Atlântico, SA - Annual Report 2015

9 696 9 884 3 dez/15 dez/15 929 28 953 20

9 256 9 909 3 nov/15 nov/15 28 284 28 941 19

9 620 9 960 3 out/15 out/15 28 917 28 342 20

set/15 set/15 577 4 30 428 30 153 23 747 10

6 398 6 ago/15 ago/15 31 971 31 980 25 196 14

2015 - jul/15 jul/15 5 491 5 31 747 31 429 24 637 11

jun/15 jun/15 9 862 9 820 4

207 29 373 21

9 729 9 156 4 mai/15 mai/15 28 951 28 974 20

Evolution in Total ADT by Subsystem Subsystem by ADT TotalEvolutionin

abr/15 abr/15 9 582 9 971 3 28 361 28 642 20

8 655 8 820 3 mar/15 mar/15 115 27 228 19

fev/15 fev/15 8 062 8 561 3

114 26 183 18

jan/15 jan/15 7 808 7 482 3 25 167 25 629 17

0

5 000 5

35 000 35 000 30 000 25 000 20 000 15 000 10

A8 South A8 Centre A8 North A8 A15

vehicles/day - AADT

P.18

Auto-Estradas do Atlântico, SA - Annual Report 2015

Rate of accidents with slight slight with of accidents Rate

Total accidents with bodily bodily with accidents Total

Injury rate Injury Severity

No. of No. of persons injured of severely No. rate Fatality

No. of accidents with with accidents of No. severe with accidents of No. damages with accidents of No.

No. of accidents with slight slight with accidents No. of

Rate of accidents with with accidents Rate of

No. of accidents with stoppage stoppage with accidents No. of

Rate of accidents with bodily bodily with accidents Rate of

Total acci- Total

Rate of accidents with severe severe with accidents Rate of

-

-

No. of slightly injured injured slightly No. of

- -

- -

- rate Accident

- - -

-

-

- -

-

-

-

-

A fatalities A injuries C injuries A only E of vehicle F dents F1 injuries G fatalities H I persons J K fatalities L injuries M injuries N O P injuries Q indicator

Q

3,00 9,00 3,00 6,00 3,00 0,00 3,00 6,00 0,00 0,00 3,00 3,00 6,00 0,00 0,00

18,00 18,00 15,00 27,00 36,00 15,00 16,00 15,00 16,00 54,00 18,00 25,00 53,00 12,00 21,00 10,00

102,00 109,00 110,00 735,00

P

0,00 0,00 0,00 0,00 0,00

44,71 37,38 25,07 77,49 71,49 91,27 97,39 34,76 86,45 71,22 56,77 98,06

128,08 124,10 138,92 156,76 100,52 121,75 147,84 247,03 225,87 108,39 157,60 102,90 110,40 118,74 176,22 108,47 116,36 165,58

O

0,00 0,00 0,00 0,00 0,00

67,07 62,29 25,07 96,86 71,49 64,93 34,76 82,79 56,77

153,70 206,83 197,41 235,15 172,31 182,62 136,90 271,04 247,03 271,04 162,59 472,81 102,90 287,04 158,33 205,59 172,89 108,47 116,36 142,44 143,69

N

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,94

54,20 82,79

M

0,00 0,00 0,00 0,00 0,00 0,00 0,00

44,71 37,38 25,07 60,87 77,49 47,66 91,27 73,92 54,20 78,80 97,39 34,76 88,32 86,45 71,22 85,44

128,08 124,10 124,29 156,76 100,52 247,03 225,87 102,90 118,74 176,22 108,47 116,36

L

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

14,62 60,87 23,83 73,92 78,80 22,08 82,79 56,77 10,68

ACCIDENT RATE ACCIDENT

K

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,94

54,20 82,79

J

0,00 0,00 0,00

51,22

281,78 178,85 620,48 394,82 522,55 358,99 124,59 100,29 243,50 174,35 285,97 365,06 394,23 988,10 406,56 270,98 315,21 259,70 514,52 312,87 264,96 474,98 469,92 605,12 665,94 433,87 349,08 213,66 331,17 340,62 307,77

I

6 6 5 9 5 1 2 5 2 3 8 1 6 3 5 2 1 0 1 4 7 2 0 0 1 1 2 0 0 0 0

24 12 11

135

0 0 0 3 0 0 0 0 1 0 1 0 3 0 0 0 1 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 1 1

H

13

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 2

G

CASUALTIES

5 4 3 6 7 3 1 2 4 3 2 6 1 5 2 2 3 1 0 1 5 3 6 1 0 0 1 1 1 0 0 2 1

F1

19

101

F

4 4 9 8 4 9 5 4 8 5 1 9 7 1 0 4 3 3 0 0 4 6

11 16 15 54 20 25 10 12 16 12 12 16

317

E

6 7 3 2 5 9 6 3 4 3 2 5 4 1 8 7 9 6 1 0 3 2 2 0 0 2 5

12 12 35 14 18 10 10

216

0

D

ACCIDENTS

5 4 3 6 7 3 1 1 4 2 2 3 1 5 1 1 3 1 0 1 4 3 6 1 0 0 1 1 1 0 0 0 0

C

17 88

B

0 0 0 2 0 0 0 0 1 0 1 0 3 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1

11

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 2

A

VxKM

0,0390 0,0895 0,0242 0,1368 0,0383 0,0696 0,0803 0,0399 0,0164 0,0516 0,0420 0,0219 0,0406 0,0040 0,0221 0,0185 0,0127 0,0308 0,0097 0,0195 0,0288 0,0453 0,0253 0,0340 0,0116 0,0015 0,0032 0,0092 0,0086 0,0140 0,0073 0,0041 0,0121 0,0176 1,0300

AADT

9 846 9 804 9 582 5 445 6 808 5 873 5 320 4 484 3 380 3 439 4 480 4

50 50 929 79 968 44 155 48 282 44 133 24 305 23 143 18 648 20 319 14 817 14 454 17 149 19 555 20 577 24 250 24 684 24 781 22 482 19 044 15 231 10 418 10 257 10 207

KM

2,100 3,065 1,500 7,761 2,376 7,850 9,502 5,860 2,215 9,545 7,954 3,501 5,686 0,539 2,501 2,048 1,403 3,754 1,398 3,512 7,565 7,030 9,515 3,105 0,737 1,348 4,349 4,009 8,904 5,742 3,346 7,454

12,097 10,773 170,04

MARINHA G. EAST EAST G. MARINHA

INTERCHANGE INTERCHANGE

-

-

FRANCOS

-

2015

INTERCHANGE WITH THE A17 A17 THE WITH INTERCHANGE

PATAIAS

-

-

LEIRIA SOUTH LEIRIA

TORNADA

-

TOTAL AMC (DETV ) (DETV AMC TOTAL

DOS

RIO MAIOR EAST MAIOR RIO

-

-

-

RIO MAIOR WEST MAIOR RIO

MALAQUEIJO

-

Accidents

A

-

NEGROS

-

-

-

INTERCHANGE A1/A15 INTERCHANGE

DELGADA

-

DE FRADES VALADO -

CAMPELOS

- 6 IP

BOMBARRAL

RAMALHAL

T.V.NORTH

-

ENXARA

DOS

ALFEIZERÃO

- Z.INDUSTRIAL

-

S.MAMEDE

-

- -

LOURES

-

-

C.RAINHA -

- SOUTH GRANDE MARINHA

T.V.SUL -

- GAEIRAS A

CREL ARNOIA

-

-

-

MALVEIRA

- -

-

-

-

FRANCOS FRANCOS

LOUSA

-

P. FRIELAS P.

ÓBIDOS

-

-

-

DOS NEGROS NEGROS DOS DOS

- -

ACCIDENTS ACCIDENTS

SUBSTRETCHES A 8 CRIL P.FRIELAS LOURES CREL LOUSA MALVEIRA ENXARA T.V.SOUTH T.V.NORTH RAMALHAL CAMPELOS BOMBARRAL DELGADA S.MAMEDE 6IP ÓBIDOS ARNOIA GAEIRAS C.RAINHA INDUSTRIAL ZONA TORNADA ALFEIZERÃO DE FRADES VALADO PATAIAS SOUTH G. MARINHA (SOUTH) (SOUTH) A17 THE WITH INTERCHANGE (NORTH) A17 WITH THE (NORTH) A17 THE WITH INTERCHANGE EAST G. MARINHA A 15 ARNOIA A A WEST MAIOR RIO EAST MAIOR RIO MALAQUEIJO

AccidentTable Evolutionin Rate the of Bodily Injuries in 2015

SCHEDULE II

1. 2.

P.19

Auto-Estradas do Atlântico, SA - Annual Report 2015

Dec 95,63 140,28 184,45

Nov 91,98 200,51 185,68

Oct 126,49 119,97 139,04

Sep 59,87 96,35 150,81

Aug 34,54 76,60 41,93

Jul 121,14 119,04 110,92

Jun 85,94 48,57 56,21

May 0,00 98,14 101,59

Apr 26,62 137,60 105,36

Mar 65,89 74,44

174,78

2015and 2014 2013,in Injuries Bodilywith Accidents ofRate the ofComparison

Feb 122,67 307,11 100,85

Jan 42,72 94,28 171,81

0

50

2013 2014 2015 350 300 250 200 150 100 Rate

P.20

Auto-Estradas do Atlântico, SA - Annual Report 2015

B) TECHNICAL DIVISION

CONSERVATION AND MAINTENANCE

In respect of conservation and maintenance works, the following should be highlighted:

 Routine inspections of the structures of AEA's network were performed.  The annual pavement inspection campaign (deflection, attrition, texture and IRI) along the entire length of the network under concession, including interchanges with the road network, was successfully completed. On the basis of the results of this campaign, works to improve the pavement on various stretches of the A8 and the A15 were executed, including reinforcement of the pavement structure, surface treatment with cold double-layer bituminous mixture and application of traditional bituminous mixtures on the branches of some interchanges.

The main pavement structural reinforcement works were carried out on the Enxara/Torres Vedras South substretch and in the Bombarral toll plaza lanes.

Various sealing works on the rigid pavement, minor isolated repairs and increase in attrition through shot blasting were carried out.

 Horizontal signage was repainted on the A15, the Cril/Loures and Malveira/Enxara stretches on the A8, as well as in the connection of the Marinha Grande South Interchange to the EN 242.  The works to replace the vertical signage on the A8 (road signs and information boards), which had commenced in 2014, were completed during the second half of 2015.  In the light of the weather conditions prevailing during the 2014/2015 winter, it was necessary to repair several drainage devices and rebuild/repair some motorway slopes. Among these, the slopes at km 4+300, 4+800 and 6+150 on the A15 stand out.  The plat bands of the toll plazas on the A8 and the A15 were painted.  The Concessionaire continues to pay particular attention to the monitoring of motorway slopes with signs of instability, using appropriate equipment. Accordingly, the agreements executed with an external consultant to monitor and follow up on these cases remained in effect.

ENVIRONMENT

The works relating to the first year of environmental monitoring (air, water and noise) were performed on the CRIL/ Loures and Loures/Malveira stretches. The contract has a duration of two years, ending at the end of 2016.

P.21

Auto-Estradas do Atlântico, SA - Annual Report 2015

The works to prepare the action plans and review the strategic noise tables, as laid down in Decree-Law no. 146/2006, were completed.

C) INFORMATION SYSTEMS

Networks and systems

In the field of networks and systems, in addition to current maintenance, the following activities stand out:

Virtualisation of servers

2015 was marked by the restructuring and technological consolidation of the server infrastructure. AEA implemented a server virtualisation solution based on two technologies: Microsoft (Hyper-v) and Oracle (OVM). This solution yielded the following benefits:

 consolidation of servers, significantly reducing the number of machines and accordingly physical space occupied in the Data Centre;  greater availability of the applications;  greater ease in the installation of new servers;  simplified maintenance;  lower costs.

This project has also made it possible to install several software updates which were not supported by our old infrastructure. The following upgrades were carried out:

 operating systems of all servers;  electronic mail solution;  anti-virus solution;  domain server;  backup solution.

Applications and databases

In respect of applications, in addition to the current maintenance of all existing applications and databases, the following activities should be highlighted:

Project XI (Traceability of Via Verde transactions)

Project XI was completed in 2015. This software provided AEA with a traceability tool for Via Verde transactions so as to cross-check and control their entire collection process with the various entities involved: SIBS, Via Verde and

P.22

Auto-Estradas do Atlântico, SA - Annual Report 2015

the Portuguese Tax and Customs Authority.

SiDE and AtlanTIS systems

 Updating of tolling software: during 2015, a new software version of the Toll Management and Monitoring System (TMMS) was installed in AEA's network. Accordingly, the necessary developments were made in the SiDE and AtlanTIS applications, in order to accommodate the changes made to the tolling software.  Files exchanged with third parties: Changes were made to the format of some files we exchange with third parties, such as Via Verde Portugal, Unicre and other concessionaires.

Data warehouse / BI

 We continued the work done in preceding years to optimise the monthly traffic and income calculation processes, as well as the dashboards used to extract data.  IMS and SiDE dashboards: on the basis of information registered in the Incident Management System (IMS) module of the Atlas application used by the Traffic Control Centre (TCC) and SiDE, dashboards with relevant indicators concerning accidents were created.

Intranet

 Migration of the portal: AEA's portal is based on Microsoft's Sharepoint technology. Upon implementation of the virtualisation project, the portal was migrated to the most recent version, Microsoft Sharepoint 2013.  Employee area: proceeding with our strategy to digitalise and streamline processes, two more modules were developed in AEA's portal. These modules enable faster, easier and more structured interactions with the Human Resources and Administrative Division (HRAD) in terms of both communication of changes to personal data relevant to payroll processing and preparation of requests and requests for clarifications.  Insurance repair procedure: changes were made to the procedure existing between the Technical Division and the Operation Division to make repairs (accidents/incidents) notified to insurers.

Telematics and tolling equipment

In telematics and tolling equipment, in addition to current maintenance, the following activities stand out:

Videowall

The videowall of AEA's Traffic Control Centre was renovated, nine 55’ LCD monitors with LED technology having

P.23

Auto-Estradas do Atlântico, SA - Annual Report 2015

been installed. The entire management and control of the videowall, as well as control of the cameras, were integrated in the Atlas application. The flexibility enabled by this solution should be highlighted, notably the possibility of subdividing each monitor into up to nine images.

This solution has significantly reduced maintenance costs.

Renovation of equipment

In 2015, several items of telematics and tolling equipment which had been presenting some maintenance and operability problems were renovated. The following items of equipment were purchased:

 10 DOME cameras, installed between Torres Vedras and the commencement of the concession;  a variable information board, installed on the A8 North;  6 traffic counters, installed between Bombarral and Caldas da Rainha;  6 manual lane displays;  5 toll servers;  etoll machines: in 13 etoll lanes, a new system to access the safe of the machines was installed, thus increasing their security and control. ______¹TN: Sic.

Quality Management System

In the context of AEA's Quality Management System (QMS), the Information Systems Department (ISD) carried out the following activities:

 development of new functionality in AEA's portal to respond to the needs identified by the Quality Management area,  maintenance of dashboards with the indicators defined in the processes of the Operation Division (OD) and the ISD;

P.24

Auto-Estradas do Atlântico, SA - Annual Report 2015

 participation in several internal audits, both as audited and auditor.

MDados activities

In the context of activities performed within the MDados central procurement facility, the following actions stand out:

 Fixed and mobile communications: participation in the preparation of the tender specification and analysis of the bids for the new 2016-2019 agreement.  Microsoft: participation in the negotiation and definition of the new agreement to be entered into with Microsoft for the 2016-2018 three-year period.

APCAP activities

In the context of the activities of the work group of APCAP's SC3, the following activities carried out in 2015 should be highlighted:

 due support was given to IMT in the context of the MedTIS and Atlantic Programmes with regard to decisions and actions in the European Community to defend Portugal’s interests.

D) ECONOMIC AND FINANCIAL ANALYSIS

Net results

At year-end, the Concessionaire had made net profits of 25,918,9 thousand euros. This result reflects a strong variation compared to 2014, chiefly as a result of the compensation amounting to 28.9 million euros that the Portuguese State had to pay under the arbitration proceedings brought by the Company in respect of the introduction of tolls in the former A29 and A25 shadow-toll concessions. However, it should it be mentioned that, should no compensation have been paid, the net profits for the year would have amounted to 4,983.4 thousand euros, which would correspond to an increase of approximately 1,323.1 thousand euros compared to the preceding year (3,660.3 euros). In fact, the impact of the aforementioned compensation on net profits is approximately 20,935.4 thousand euros.

The sum granted under the award of the arbitration court of 28 December was calculated by the financial experts as being necessary to restore the Concessionaire's economic and financial balance as a direct result of the loss of income between 2010 and 2013 as a direct consequence of the introduction of the aforementioned tolls.

The following headings also contributed to the increase in results from operations, which is even more significant if we consider that the 2014 results already included the extraordinary income concerning the works on the Torres Vedras/Bombarral stretch:

P.25

Auto-Estradas do Atlântico, SA - Annual Report 2015

i) Operating profits

Income from services totalled 59.3 million euros, which corresponds to an increase of approximately 3.6 million euros compared to 2014. Overall, this increase was due to the behaviour of paying traffic, which grew by approximately 6.4% and led to a similar increase in toll income. Other income and gains include 474.5 thousand euros received from the Grantor in respect of completion of the works on the Torres Vedras/Bombarral stretch which the State was convicted to pay under the arbitration award concerning these proceedings.

In respect of operating costs, these fell by approximately 876.6 thousand euros compared to the preceding year. This decrease is chiefly due to the overall containment of operating costs, in particular third-party supplies and services (755 thousand euros less). The reduction in staff costs by approximately 139 thousand euros (-2.2%) should also be highlighted.

______

²TN: Sic.

The behaviour of income and costs, combined with the amount of compensation received under the arbitration proceedings, led to operating profits of 73.3 million euros, which represents an improvement of approximately 30.9 million euros compared to the preceding year.

ii) Profits from operations

Depreciation costs fell by approximately 64.6 thousand euros as a result of the combined increase in fully depreciated assets.

As to the changes in provisions, associated with the major repair plan (IFRIC 12), it should be noted that they increased by approximately 3,109 thousand euros (considering the financial effect, 753 thousand euros, and less write-backs). The sum booked under write-back of provisions (0.851 million euros) chiefly refers to the impossibility of performing all the works foreseen for the Malveira/Enxara, Ramalhal/Campelos, Campelos/ Bombarral and Rio Maior West/Rio Maior East substretches in 2015.

This increase, greater than that in 2014 (1,706 thousand euros), led, in spite of the aforementioned reduction in operating costs, to a slight increase in running costs when compared to the preceding year (209.5 thousand euros, +0.5%).

With regard to the provision for impairment losses, it should be noted that the recovery of overdue claims proceeded, chiefly as a result of the intervention of the Portuguese Tax and Customs Authority in collection proceedings, which explains why the increase in this provision (111.9 thousand euros), which had a balance of around 2,445.3 thousand euros, was substantially lower than in the years preceding this intervention.

The behaviour of these accounts, combined with that observed in the income accounts, made it possible to make

P.26

Auto-Estradas do Atlântico, SA - Annual Report 2015

profits from operations amounting to 20.2 million euros, approximately 0.823 million euros more than in 2014.

iii) Financial results

A reduction in remunerated liabilities by approximately 27.7 million euros made it possible to improve the financial results by 1,175.7 thousand euros (1.3 million euros, disregarding the financial impact of IFRIC 12 on the two financial years) compared to 2014.

iv) Income tax

The Company calculates its income tax on the basis of its taxable profits and, naturally, takes deferred taxation into account. The sum calculated for the year, amounting to 9,683.9 thousand euros, results, on the one hand, from the operations in deferred tax assets amounting to 804.1 thousand euros and, on the other, the sum calculated for current taxation, amounting to 8,879.8 thousand euros.

Evolution in the main indicators:

P.27

Auto-Estradas do Atlântico, SA - Annual Report 2015

It should be mentioned that:

- in addition to the aforementioned compensation received from the State, the sum booked under other income and gains chiefly results from fines and recovery of overdue claims (default by clients – 1,168.4 thousand euros), compensation received from insurers for infrastructure repair costs resulting from accidents (around 431.5 thousand euros), compensation for damage caused to the motorway by third parties (433.2 thousand euros) and sums received from various entities for using AEA's infrastructure, approximately 70 thousand euros (Portugal Telecom and others’ road technical gallery).

Assets

Net fixed assets fell by 20,915.7 thousand euros, as a result of depreciation and amortisation for the year (21,718.9 thousand euros) and an increase of 803 thousand euros in gross assets.

The evolution in net fixed assets clearly reflects the strong capital expenditure incurred until completion of the entire network under concession in 2002 and its natural reduction in subsequent years.

The Company had cash and bank deposits amounting to 32,617.9 thousand euros, chiefly as a result of a term deposit amounting to 2 million euros and the balances in the reserve accounts foreseen under the Finance Agreements. As at 31 December 2015, these reserve accounts presented the following balances:

- Bank Debt Service Reserve Account: 9,822,973 euros - EIB Debt Service Reserve Account: 9,995,385 euros - Investment Reserve Account: ,348,450 euros - Others: 895 euros

The sum booked under other accounts receivable, amounting to 29,630 thousand euros, chiefly corresponds to the aforementioned 28.9 million euros received under the arbitration proceedings and sundry debts of various entities, among which L.M.N.S., SA (320 thousand euros) and the balance of joint operations (Brisa, LusoLisboa and EP - 296 thousand euros) stand out.

Finally, a word concerning deferred tax assets, which stood at 3,694.1 thousand euros and currently only concern taxes resulting from the allowance for works (IFRIC 12), given that the profits for the year made it possible to fully absorb the losses made in preceding years.

Shareholders' equity and liabilities

The results achieved in the year – 25,918.9 thousand euros – enabled an improvement in shareholders' equity, from minus 49,656.1 thousand euros as at 31 December 2014 to minus 23,709.3 thousand euros as at 31 December 2015.

P.28

Auto-Estradas do Atlântico, SA - Annual Report 2015

At year-end, liabilities stood at 358,558.6 thousand euros, of which 325,152.4 thousand euros (90.7%) corresponds to remunerated liabilities, which evolved as follows during the year:

In the table above, short-term bank loans are as follows:

- EIB: 14,215.3 thousand euros; - Commercial Banks: 29,049.0 thousand euros.

The following should be noted in respect of the facilities evidenced in the table above: - The Stand-By Facility matures in December 2019, and has a maximum limit of 46.2 million euros to be used to: i) support financial costs resulting from the extension in question; ii) accommodate any excess used under the Subordinated Debt Facility; iii) provide for unexpected fluctuations in the interest rate (EURIBOR).

- The Commercial Banks' Facility matures on 31 December 2016. - The Subordinated Debt Facility matures on 31 December 2018.

The current scheme of – irrevocable and unconditional – shareholders' guarantees created in the context of the aforementioned facility is maintained.

In the terms of the Equity Subscription Agreement, interest capitalised under shareholders’ loans during the year totalled 1,999.9 thousand euros.

Of the 3,636.5 thousand euros booked under other accounts payable, the following headings stand out: suppliers of fixed assets (933.2 thousand euros), creditors for accrued costs (2,210.9 thousand euros), in which accrued technical costs (subcontracts and specialist works – 1,519.6 thousand euros) stand out, sums payable to staff (691.3 thousand euros), almost entirely corresponding to wages and holiday allowances concerning 2015 and payable in 2016, and the adjustments resulting from joint operations payable to Brisal (483.4 thousand euros).

P.29

Auto-Estradas do Atlântico, SA - Annual Report 2015

The sum under deferrals, totalling 3,746.6 thousand euros, broken down into current and non-current, chiefly concerns the sums received in the context of subconcession of all the service areas.

Capital expenditure

Capital expenditure on facilities and plant made by the Company in 2015 stood at around 803 thousand euros and was primarily directed towards replacement of vertical signage (401 thousand euros) and sundry operational equipment (320 thousand euros: tolling equipment, signage boards, etc.).

E) HUMAN RESOURCES AND ADMINISTRATIVE DIVISION

A. Human resource management

At the end of 2015, AEA's permanent staff stood at 182 employees, two employees fewer than at the end of 2014.

Evolution in staff

2013 2014 2015 Men 126 126 125

Women 59 58 57

Total as at 31 Dec. 185 184 182

Average staff 185 185 184

Evolution in staff

The overall breakdown of AEA’s human resources by functional area has remained virtually unchanged in the last three years.

P.30

Auto-Estradas do Atlântico, SA - Annual Report 2015

Age structure

2013 2014 2015 25 – 34 23 19 6 35 – 44 112 109 111 45 – 54 43 46 52 + 55 7 10 13 Total 185 184 182

Average age 41.7 42.8 43.8

Turnover

2013 2014 2015 Permanent staff remained stable in 2015, only two Admissions 0 4 0 employees having left, one from the headquarters and Severances 0 5 2 the other from the AMC. Their employment contracts ended due to expiry and termination by the employee, Admission ratio 0.00 2.17 0.00 respectively.

Severance ratio 0.00 2.71 1.09

Overall ratio 0.00 2.44 0.54

Absenteeism

2013 2014 2015 Absenteeism remained stable, maternity and medical leave having represented more than Short-term absenteeism rate 2.2% 1.8% 1.5% 80% of total absenteeism in 2015. However, the marked reduction in the non-remunerated Long-term absenteeism rate 2.0% 2.7% 2.8% absenteeism rate, which primarily resulted from the significant reduction in days lost due to work accidents, should be noted, the overall Remunerated absenteeism rate 0.5% 0.4% 0.5% absenteeism rate having benefited from this reduction. Non-remunerated absenteeism rate 3.8% 4.2% 3.7%

Overall absenteeism rate 4.3% 4.5% 4.2%

P.31

Auto-Estradas do Atlântico, SA - Annual Report 2015

Labour relations

Following the negotiation process, the annual review of the Collective Labour Agreement entered into by and between AEA and GEIRA and Setaccop – Sindicato da Construção, Obras Públicas e Serviços Afins (the Construction, Public Works and Related Services Union) was successfully completed.

Training

In 2015, 985 hours of professional training were given, among which the following should be highlighted:

- Fire Extinction/Evacuation, with a view to consolidating an internal emergency and evacuation structure, which was attended by 67 employees (from the AMC and tolls), totalling 201 hours.

- Microsoft E-Learning Platform, a free-access tool made available to the Company's employees, which resulted in a total of 39 registrations and 303 hours of training.

- It should also be mentioned that a team composed of AEA's officials participated in the Global Management Challenge, an international strategy and management competition sponsored by SDG - Simuladores e Modelos de Gestão and the newspaper Expresso.

Occupational health

- 187 medical consultations, including regular consultations, consultations following return from medical leave and pursuant to indications by occupational health practitioners.

- 173 sets of laboratory tests, including PSA tests for male employees 45 years of age or over.

- 109 general practice consultations (curative medicine).

- Seasonal anti-flu vaccines were supplied and/or administered to 100 employees.

- Acquisition of equipment – replacement of the electrocardiograph, which was obsolete and malfunctioning.

Safety at work

In 2015, the following work was performed:

- thermal environment and air quality surveys;

- tests on the quality of water in the wells of the Leiria, Ramalhal, Campelos, Marinha Grande East and Torres Vedras North toll plazas;

P.32

Auto-Estradas do Atlântico, SA - Annual Report 2015

- audits of all toll plazas, the headquarters, the Torres Vedras AMC and the Tornada Advanced Station.

Work accidents

The number of accidents fell compared to the preceding year (from 12 to 7 accidents), with a decrease in the number of days lost (from 261 to 45 days of absence), notably in the maintenance area.

B. Fleet management

On 31 December 2015, Autoestradas do Atlântico's fleet was composed of 43 vehicles, 42 under operational leases and one owned by the Company (a heavy vehicle allocated to the AMC’s maintenance area). In 2015, the fleet was renovated by replacing 6 vehicles.

The general standards on vehicles were reviewed, particularly focusing on reducing autonomous taxation costs.

C. Purchases / Administrative management

The procurement of goods and services necessary for the Company's activity, as well as the management of a set of agreements, from cleaning of the facilities to supply of electricity, were ensured. These purchases and agreements caused 1,910 accounting documents to be checked by the HRAD.

Mail: the agreement with CTT provided for the dispatch of 12,452 letters/packages, AEA having received 8,904 letters/packages.

In the context of management of the facilities, energy certification was obtained for AEA's headquarters.

P.33

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.34

Auto-Estradas do Atlântico, SA - Annual Report 2015

BALANCE SHEETS AS OF DECEMBER 31, 2015 AND 2014

(Amounts expressed in Euros)

(Translated from the Portuguese original – Note 27)

ASSETS Notes 31.12.2015 31.12.2014

NON-CURRENT ASSETS: Tangible fixed assets 7 9 846 143,53 10 996 146,49 Intangible assets 8 255 301 045,64 275 067 005,48 Finantial investments 301,07 - Deferred tax assets 10 3 694 078,49 4 498 212,02 Total non-current 268 841 568,73 290 561 363,99 assets

CURRENT ASSETS: Trade receivables 13 3 433 826,23 2 833 521,23 State and other public entities 14 - 95 284,45 Other receivables 11 29 630 022,67 1 950 005,48 Deferrals 12 325 919,92 301 031,20 Cash and bank deposits 4 32 617 922,45 33 143 348,24 Total current assets 66 007 691,27 38 323 190,60 Total assets 334 849 260,00 328 884 554,59

SHAREHOLDERS' EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY: Share capital 15 55 000 000,00 55 000 000,00 Legal reserve 15 82 301,65 82 301,65 Other reserves 17 408,06 17 408,06 Retained earnings/(losses) (104 762 256,34) (108 422 559,10) Other changes in shareholders' equity 15 34 394,98 6 444,15 (49 628 151,65) (53 316 405,24)

Net profit for the year 25 918 858,09 3 660 302,76 Total shareholders' (23 709 293,56) (49 656 102,48) equity

LIABILITIES: NON-CURRENT LIABILITIES: Provisions 16 12 493 444,42 12 184 420,00 Loans 18 281 595 088,68 319 895 513,04 Deferrals 12 2 670 114,69 3 526 537,45 Total non-current 296 758 647,79 335 606 470,49 liabilities

CURRENT LIABILITIES: Provisions 16 1 594 217,03 1 356 299,00 Suppliers 1 863 491,26 1 609 115,87 State and other public entities 14 10 071 945,48 1 809 604,63 Loans 18 43 557 329,40 32 975 943,07 Other payables 19 3 636 459,00 4 308 575,13 Deferrals 12 1 076 463,60 874 648,88

Total current liabilities 61 799 905,77 42 934 186,58

Total liabilities 358 558 553,56 378 540 657,07 Total shareholders' 334 849 260,00 328 884 554,59 equity and liabilities

The accompanying notes form an integral part of the balance sheet as of December 31, 2015.

P.35

Auto-Estradas do Atlântico, SA - Annual Report 2015

FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

(Amounts expressed in Euros)

(Translated from the Portuguese original – Note 27)

EARNINGS AND LOSSES Notes 31.12.2015 31.12.2014

Sales and services rendered 20 59 295 948,86 55 656 587,89

Supplies and services 21 (11 164 721,98) (11 920 182,72)

Payroll expenses 22 (6 159 199,70) (6 298 482,72)

Impairment in accounts receivable 13 (102 639,37) (88 634,54)

Provisions (increase/decrease) 16 (2 355 920,27) (1 117 569,11)

Other operating income 24 31 551 234,12 5 155 801,07

Other operating expenses 25 (198 030,89) (179 891,09) Net profit before depreciation, amortization, financial

expenses and income taxes 70 866 670,77 41 207 628,78

Amortization and depreciation 7 and 8 (21 718 878,70) (21 783 537,05) Operating profit (before financial expenses and income

taxes) 49 147 792,07 19 424 091,73

Financial income 23 176 475,10 368 304,18

Financial expenses 23 (13 721 482,04) (15 088 983,60) Net profit before tax 35 602 785,13 4 703 412,31

Corporate income tax for the year 10 (9 683 927,04) (1 043 109,55)

Net profit for the year 25 918 858,09 3 660 302,76

Net profit per share 26 2,36 0,33

The accompanying notes form an integral part of the statement of profit and loss by nature

for the year ended December 31, 2015

P.36

Auto-Estradas do Atlântico, SA - Annual Report 2015

- -

(465,84)

27 950,83 27

Total

3 3 660 302,76

25 918 25 858,09

(53 (53 315 939,40) (49 656 102,48) (23 709 293,56)

- -

year

78 787,27 78

(78 (78 787,27)

Net profit Net /

3 3 660 302,76 3 660 302,76

(loss)for the

25 918 25 858,09 918 25 858,09

(3 660(3 302,76)

- - - -

(465,84)

6 6 909,99 6 444,15

2015.

27 950,83 27 394,98 34

equity

31,

Other changesOther

in shareholders' in

- - - -

78 787,27 78

3 3 660 302,76

Retained

(108 501(108 346,37) 422(108 559,10) 762(104 256,34)

earnings/(losses)

------

Note 27)

Other

17 408,06 17 408,06 17 408,06 17

reserves

------

Legal

reserve

82 301,65 82 301,65 82

301,65 82

(Amountsexpressed in Euros)

------

(Translatedfrom Portuguesethe original

STATEMENTSOF CHANGES IN SHAREHOLDERS' EQUITY

FOR THEFOR YEARS ENDED DECEMBER 31, 2015 AND 2014

Share

capital

55 000 55 000,00 000 55 000,00 000 55 000,00

15 15 15 15 15

Notes

The accompanying notes part accompanying form integral an the of statement The for equity shareholders' December the changes of year in ended

Transfer retainedto earnings/(losses) Transfer retainedto earnings/(losses)

Amortisationsubsidies of Amortisationsubsidies of

Appropriation of 2013 results: Changes ocurredinthe year: profit Net for yearthe Appropriation of 2014 results: Changes ocurredinthe year: profit Net for yearthe

Balance asBalance December of 31, 2013 asBalance December of 31, 2014 asBalance December of 31, 2015

P.37

Auto-Estradas do Atlântico, SA - Annual Report 2015

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

(Amounts expressed in Euros)

(Translated from the Portuguese original – Note 27)

Notes 31.12.2015 31.12.2014

OPERATING ACTIVITIES:

Received from clients 73 041 356,35 67 816 414,29

Paid to suppliers (16 835 083,11) (15 601 848,76)

Paid to employees (5 217 129,53) (5 277 064,01) Net cash from operations 50 989 143,71 46 937 501,52

Income tax received / (paid) (217 034,50) 793 306,05

Other payments relating to operating activities (10 219 512,44) (6 541 368,00) Net cash provided by operating activities (1) 40 552 596,77 41 189 439,57

INVESTMENT ACTIVITIES:

Receipts relating to: Interest and similar income 185 412,51 376 977,71

Payments relating to:

Term deposit constitution with maturity over three months (2 000 000,00) -

Intangible and tangible assets (589 731,90) (1 728,00)

Net cash provided by/(used in) investing activities (2) (2 404 319,39) 375 249,71

FINANCING ACTIVITIES:

Payments relating to:

Loans (33 188 689,90) (32 309 860,28) Interest and similar income (5 474 126,92) (6 543 756,23)

Bank guarantees comissions (1 358 093,66) (1 522 376,11)

Other financial expenses (376 986,92) (375 960,04) Expenses with lease contracts (275 805,77) (261 876,78)

(40 673 703,17) (41 013 829,44) Net cash used by financing activities (3) (40 673 703,17) (41 013 829,44)

Variation in reserve accounts (4) 4 (1 462 161,35) (1 111 684,00) Variation of cash and cash equivalents (5) = (1) + (2) + (3) - (4) (1 063 264,44) 1 662 543,84

Cash and cash equivalents at the beginning of the year 4 3 513 483,78 1 850 940,47

Cash and cash equivalents at the end of the year 4 2 450 219,34 3 513 483,78

The accompanying notes form an integral part of the statement of cash flows for the year ended December 31, 2015.

P.38

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.39

Auto-Estradas do Atlântico, SA - Annual Report 2015

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2015

(Amouts expressed in Euros - Translation of Notes originaly issued in Portuguese - Notes 27)

1. INTRODUCTORY NOTE

Auto-Estradas do Atlântico – Concessões Rodoviárias de Portugal, S.A. (”the Company” or “the Concessionaire”) was founded on 4 November 1998, has its head office in Torres Vedras and its corporate object consists on the conception, construction, financing, operation and maintenance of motorways and other roads in western Portugal. In accordance with its articles of association the Company will exist during the period of its concession.

The bases of the Company’s concession for the stretches of motorway and related roads in western Portugal were approved by Decree-Law 393-A/98 of 4 December and the Company signed a concession contract with the Portuguese State on December 21, 1998. The concession is in force from midnight, December 21, 1998 to midnight, December 21, 2028 and establishes the form and conditions for early expiry of the contract, as well as the guarantees that remain in force afterwards.

On the beginning date of the contract the stretches of motorway and related equipment and installations, among others, as well as personnel and guarantees relating to the stretches already constructed were transferred to the Company. For such transfer the Company paid 88,536,626.73 Euros (Note 8).

On October 9, 2001 the A8 motorway stretch between Caldas da Rainha and Marinha Grande (East) and the whole – Caldas da Rainha/Santarém began operating. The last stretch of motorway (Marinha Grande (East)/Leiria) began operating on March 28, 2002, thus been completed all the stretches included in the concession.

Powers to monitor the Company’s compliance with the obligations arising from the concession contract have been given to the Ministry of Finance in the financial area and to the Ministry of Equipment, Planning and Administration of the Territory in the remaining areas.

These financial statements were approved by the Board of Directors on the meeting of February 22, 2016.

It is the Board of Directors understanding that these financial statements present a true and fair view of the financial position of the Company and the results of its operations, its changes in shareholders’ equity and its cash flows.

P.40

Auto-Estradas do Atlântico, SA - Annual Report 2015

2. ACCOUNTING REFERENCE FOR THE PREPARATION OF FINANCIAL STATEMENTS

The accompanying financial statements have been prepared in compliance with the provisions in force in Portugal, in accordance with Decree-Law 158/2009 of 13 July, and the conceptual structure, accounting and financial reporting standards (Normas Contabilísticas e de Relato Financeiro - “NCRF”) and related interpretation standards (“IS”) consigned, in Notices 15652/2009, 15655/2009 and 15653/2009 of 27 August 2009, which together make up the Portuguese Accounting Standards System (“Sistema de Normalização Contabilística” or “SNC”). These standards and interpretations are hereinafter referred to generally as “NCRF”.

The SNC establishes that whenever the NCRF do not cover the needs of users in terms of the accounting treatment of certain situations, they must use the IFRS as endorsed by the European Union and, subsequently, other IFRS not adopted by the European Union.

In this respect, in the case of the concession of public services in general and in the case of the Company in particular, the interpretation of the International Accounting Standards Board – (“IASB”) relating to this matter, included in IFRIC 12 – Public Service Concession Contracts, is deemed applicable (“IFRIC 12”).

3. BASES OF PRESENTATION

The main accounting policies used in the preparation of the financial statements are as follows:

3.1. Bases of presentation

The financial statements were prepared on a going concern basis as from the Company’s accounting records, in accordance with the principles defined in the SNC, completed by International Financial Reporting Standards.

3.2. Reversible tangible fixed assets

In accordance with the current concession contract, assets directly related to the conceded activity revert, with no compensation, to the State at the end of the concession contract. These assets are subject to the public domain regime and relate to the activity, being freely managed, within this scope, but not to what concerns private legal commerce.

P.41

Auto-Estradas do Atlântico, SA - Annual Report 2015

Revertible tangible fixed assets are originally recorded at construction or acquisition cost, including related indirect expenses incurred during the construction period.

Revertible tangible fixed assets are depreciated using the straight-line method over its estimated useful life, as follows, limited by the period of the concession contract:

Years of useful life

Buildings and other constructions 10 - 28 Transport equipment 4 Tools and utensils 4 - 8 Administrative equipment 3 – 10

Costs of maintenance and repair (subsequent expenditure) that are not likely to generate future economic benefits are recorded as expenses in the period they are incurred.

The gain (or loss) on disposal or write-off of a tangible fixed asset is determined as the difference between the amount received in the transaction and the net accounting value of the asset and is recognized in the period in which the sale occurs.

3.3. Non-reversible tangible fixed assets

Non-reversible tangible fixed assets are recorded at acquisition cost including indirect expenses related to their acquisition.

Depreciations are recognised on a straight-line basis over an estimated useful life, as in the case of reversible tangible fixed assets.

3.4. Intangible assets

Intangible assets include costs incurred with specific projects of future economic value, and are recorded at cost less accumulated amortization and impairment losses.

Amortizations are recognised on a straight-line basis during their estimated useful lives.

P.42

Auto-Estradas do Atlântico, SA - Annual Report 2015

In particular, concerning the concession right, that corresponds to amounts paid to the grantor, plus expenses incurred directly with the infrastructure construction, its amortization is made until the end of the concession contract.

3.5. Impairment of non-current assets

Impairment assessments are made as of the balance sheet date and whenever an event or change in circumstances is identified that indicates that the book value of an asset may not be recovered. Where such indications exist, the Company determines the recoverable value of the asset, so as to determine the possible extent of the impairment loss. In situations in which the individual asset does not generate cash flows independently of other assets, the estimated recoverable value is determined for the smaller cash generating unit to which the asset belongs.

The recoverable amount is the highest between (i) the fair value less costs to sell and (ii) the value in use of the asset. In determining value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflect market expectations as to the time value of money and the asset specific risks or cash-generating unit for which estimates of future cash flows have not been adjusted.

Whenever the book value of an asset exceeds its recoverable amount, an impairment loss is recognised. The impairment loss is immediately booked in the statement of profit and loss.

Impairment losses recognised in prior years are reversed when there is evidence that such losses no longer exist or have decreased. Impairment losses are reversed through the statement of profit and loss. However, impairment losses are reversed only up to the amount that would have been recognised (net of amortization and depreciation) if the impairment loss had not been recorded before.

3.6. Leases

Lease contracts are classified as: (i) financial leases, if through them, substantially all the risks and benefits relating to their ownership are transferred; and (ii) operational leases, if through them, substantially all the risks and benefits relating to their ownership are not transferred.

Classification of financial and operational leases is made based on the substance and not on the form of the contract.

Fixed assets acquired under financial lease contracts and the corresponding liabilities are recognised in

P.43

Auto-Estradas do Atlântico, SA - Annual Report 2015

accordance with the financial method, booking the tangible fixed assets, its accumulated depreciation and the liabilities pending settlement being recognized in accordance with the contractual financial plan. In addition, interest included in the lease instalments and depreciation of the tangible fixed assets are recognized as costs in the statement of profit and loss for the period to which they relate.

In the case of leases considered as operational, the lease instalments are recognized as costs in the statement of profit and loss on a straight-line basis over the period of the lease contract.

Contingent lease instalments are recognised as losses in the period that they occur.

3.7. Subsidies

State subsidies are recognized at their fair value when there is reasonable certainty that they will be received and the Company will comply with the conditions required for their concession.

Investment subsidies relating to the acquisition of tangible fixed assets are considered as equity and amortized on a consistent basis with the depreciation of the respective assets acquired.

3.8. Provisions, contingent liabilities and assets

Provisions are recognised only when the Company has a legal or implicit obligation resulting from a past event, under which it is probable that an outflow of resources to solve the obligation will occur, and the amount of the obligation can be reasonably estimated.

The recognised provision is the best estimate of the present value, at each balance sheet date, of the needed resources to solve the obligation. Such estimate is determined considering the risks and uncertainties related with the obligation.

In particular, provisions are recognised to ensure the contractual obligation to maintain or restore the infrastructure to a specified service level based on the upcoming related repaving plans.

The present obligations resulting from onerous contracts are recognised and measured as provisions. There is an onerous contract when the Company is part of an agreement, where costs that cannot be avoided exceed the economic benefits to be obtained with it.

P.44

Auto-Estradas do Atlântico, SA - Annual Report 2015

At each balance sheet date, provisions are reviewed and adjusted to reflect the best estimate as of that date.

Contingent liabilities are not recognised in the financial statements, being disclosed whenever the possibility of an outflow of resources covering economic benefits is not remote. Contingent assets are not recognized in the financial statements, being disclosed when it is probable that a future economic inflow will occur.

3.9. Financial assets and liabilities

Financial assets and liabilities are recognised when the Company becomes part of a contractual relationship.

Financial assets and liabilities at cost or at amortized cost

The financial assets and liabilities are measured at cost or at amortized cost less impairment losses (for financial assets) when:

- The maturity is defined; - They have a fix or determinate repayment; and - Do not constitute or incorporate a financial instrument.

The amortized cost is the amount at which a financial asset or financial liability is measured at initial recognition, less principal repayments and plus or minus a cumulative amortization, using the effective interest method, of any difference between the original amount and the amount at maturity. The effective interest rate is the rate that discounts the estimated cash flows in the financial instrument booked net carrying amount.

The assets and liabilities at cost or at amortized cost losses include:

- Trade receivables; - Other receivables; - Suppliers; - Other payables; - Loans.

P.45

Auto-Estradas do Atlântico, SA - Annual Report 2015

Cash and cash equivalents

The caption “Cash and cash equivalents” includes cash, bank deposits, term deposits and other treasury applications which mature in less than three months and can be demanded immediately with insignificant risk of change in its amount.

Impairment of financial assets

Financial assets classified in the category "at cost or amortized cost" are tested for impairment at each reporting date and always that evidence indicates they might be impaired. Such financial assets are impaired when there is objective evidence that, as a result of one or more events after initial recognition, their estimated future cash flows are affected negatively.

For financial assets measured at amortized cost, the impairment loss recognised correspond to the difference between the assets’ carrying amount and the present value of estimated future cash flows discounted at the respective original effective interest rate.

For financial assets measured at cost, the impairment loss recognised corresponds to the difference between the asset's carrying amount and the best estimate of the fair value of the asset.

Impairment losses are recognized in the statement of profit and loss in the period in which they are determined.

Subsequently, if the amount of the impairment loss decreases and such a reduction can be objectively related to an event that took place after the recognition of the loss, it must be reversed through results. The reversal shall be effected within the limits of the amount that would be recognized (amortized cost) if the loss had not been initially registered. Reversal of impairment losses are recognized in the statement of profit and loss.

Derecognition of financial assets and liabilities

The Company derecognizes financial assets only when the contractual rights to receive the cash flows expire, or when the financial assets and the risks and rewards of its ownership are transferred to other entity. The Company derecognizes the financial assets transferred when the transfer of control occurs, even if some significant risks and rewards were not transferred.

P.46

Auto-Estradas do Atlântico, SA - Annual Report 2015

The Company derecognizes financial liabilities only when the corresponding obligation is either settled, cancelled or expires.

3.10. Revenue and accrual basis

Revenue from services rendered is recognized in the statement of profit and loss based on the stage of completion of the services as of the date of the balance sheet.

For construction contracts where the outcome can be estimated reliably, revenue and costs are recognized by reference to the stage of completion of the contract at the end of the reporting period. The stage of completion is measured based on the stage of realization of the construction work in the infrastructure. When the outcome of a construction contract cannot be reliably estimated, revenue is recognized to the extent of contract costs incurred that are probable to be recovered. Contracts costs are recognized as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately.

Interest and financial income are recognized on an accrual basis in accordance with the applicable effective interest rate.

Costs and income are recognized in the period to which they relate, independently of the date they are paid or received. Costs and income, for which the actual amount is not known, are estimated.

Costs and income applicable to the current period, for which the costs and income will only be paid or received in future periods, as well as costs and income which have already occurred, but correspond to future periods and will be allocated to the results of each of those periods by the corresponding amounts, are recorded as assets or liabilities.

3.11. Income tax

Income tax for the period is calculated based on the Company’s taxable results, considering deferred tax.

Current income tax for the period is calculated based on the taxable results (which differ from the accounting results) of the Company in accordance with the tax rules in force.

P.47

Auto-Estradas do Atlântico, SA - Annual Report 2015

Deferred taxes correspond to the temporary differences between the amounts of assets and liabilities for accounting and for tax purposes, as well as those resulting from tax benefits obtained and temporary differences between the tax and accounting results.

Deferred tax assets and liabilities are calculated and periodically assessed using the tax rates expected to be in force on the date the temporary differences reverse.

Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recorded only when there is reasonable expectation of sufficient future taxable income to use them. Temporary differences underlying deferred tax assets are reviewed at each reporting date in order to recognise or adjust them based on the current expectation of their future recovery.

3.12. Financing costs

Loans related costs are recognised in the statement of profit and loss for the period to which they relate.

Financing costs directly related to assets that take a substantial period of time to be completed (including intangible and tangible fixed assets), are capitalised as part of the assets’ cost.

3.13. Critical judgements/estimates in applying the accounting standards

Preparing the financial statements involves making judgements, estimates and assumptions that can affect the value of assets and liabilities, as well as of earnings and losses.

These estimates are based on the best knowledge available at the time and on the actions planned. Changes in the facts and circumstances can result in a prospective revision of such estimates, and so the actual future results of such transactions can differ from such estimates.

The main judgements and estimates made by the Board of Directors when preparing the financial statements were as follows:

- Impairment of non-current assets

The determination of impairment losses can be triggered by several events, including events outside

P.48

Auto-Estradas do Atlântico, SA - Annual Report 2015

the Company’s influence, such as future financing availability, cost of capital or any other internal or external changes. The identification of the impairment indicators and the determination of the assets’ recoverable amounts imply a high degree of judgement by the Board of Directors to what concerns identifying and evaluating those indicators, such as expected cash flows, applicable discount rates, useful lives and transactions’ amounts.

- Useful life of tangible fixed assets

The useful life of an asset is the period during which the Company expects that asset to be available for use and should be revised at the end of each reporting period. The determination of useful lives, the depreciation method and the estimated losses arising due to the replacement of equipment’s before the end of the useful life justified by technologic obsolescence or other reasons, is essential to determine the value of depreciation to recognize on the statement of profit and losses for the year. These parameters are defined according to the best management’s estimate, for the referred assets.

- Recognition of deferred tax assets

Deferred tax assets are recorded only when there is reasonable expectation of sufficient future taxable income to use the temporary differences, or when deferred tax liabilities whose reversion would be expected to be used in the same period exist. The assessment of deferred tax assets is performed by the Board of Directors at each reporting period, considering future performance expectations.

- Provisions

Provisions, in particular the ones related with a contractual obligation in maintaining or replacing the infrastructure at a specific level, are based on programmed intervention plans. The moment and cost of those estimated interventions incorporate a level of uncertainty. The change on considered assumptions and the occurrence of certain events may lead to significant adjustments in the provision.

3.14. Subsequent events

Events that occur after the balance sheet date that provide additional information on conditions that existed as of that date (“adjustable events”) are reflected in the financial statements. Events that occur after the balance sheet date that provide information on conditions that exist after that date

P.49

Auto-Estradas do Atlântico, SA - Annual Report 2015

(“non-adjustable events”), if material, are disclosed in the notes to the financial statements.

4. CASH FLOWS

The caption “Cash and cash equivalents” includes cash, bank deposits immediately available and other short- term debt equivalents.

As of December 31, 2015 and 2014, this caption was made up as follows:

31/12/2015 31/12/2014

Cash 322 675,00 322 675,00 Demand deposits 2 127 544,34 3 190 808,78 Cash and cash equivalents 2 450 219,34 3 513 483,78 Term deposits 2 000 000,00 - 4 450 219,34 3 513 483,78

Reserve accounts Demand deposits 115 503,11 94 764,46 Term deposits 28,052,200.00 29,535,100.00 28,167,703.11 29,629,864.46 Cash and bank deposits 32,617,922.45 33,143,348.24

Bank deposits in BPI bank, bear interests at normal market rates for similar operations.

Bank deposits related to reserve accounts are required under the financing contracts terms, which establish that sufficient funds must be kept in bank deposits to cover the next debt service maturity (Note 18) and the investment obligations and bear interests at normal market values.

These reserve accounts, include the following amounts:

31/12/2015 31/12/2014 Demand Term Demand Term deposits deposits Total deposits deposits Total

Debt service reserve - Commercial Bank 172,79 9 822 800,00 9 822 972,79 206,47 9 854 000,00 9 854 206,47 Debt service reserve - EIB 185,14 9 995 200,00 9 995 385,14 230,18 10 160 600,00 10 160 830,18 Investment reserve 114 250,53 8 234 200,00 8 348 450,53 93 370,76 9 520 500,00 9 613 870,76 Other 894,65 - 894,65 957,05 - 957,05

115 503,11 28 052 200,00 28 167 703,11 94 764,46 29 535 100,00 29 629 864,46

5. ACCOUNTING POLICIES, CHANGES IN ESTIMATES AND ERRORS

During the year ended December 31, 2015 there were no changes in accounting policies and estimates, in

P.50

Auto-Estradas do Atlântico, SA - Annual Report 2015

relation to those used in the preparation of the financial information for 2014, presented for comparative purposes, nor were material errors identified related to previous years.

6. RELATED PARTIES

Related parts identification

As of December 31, 2015 and 2014, the Company’s fully subscribed and paid up capital was made up of 11,000,000 shares with nominal value of 5 Euros each, held by Auto-Estradas do Oeste, S.A. and Via Oeste, SGPS, S.A., with 50% each.

Balances and transactions

Balances as of December 31, 2015 and transactions occurred during the year then ended with group and other related parties were as follows:

BALANCES TRANSACTIONS Acquisition Other receiva- Supplies and Financial Entity Loans Other payables of fixed Payroll Suppliers bles Paving works services expenses (Note (Notes 9, 18) (Note 19) tangible expenses (Note 11) (Note 21) 23) assets

Lena Engenharia e Construções, S.A. 226 307,39 - 33 306,90 - - 2 063 029,27 1 102 144,08 147 000,00 - Lena Concessões e Serviços, S.A. 2 537,50 ------30 000,00 - MSF, Concessões, SGPS, S.A. 12 433,75 ------30 000,00 - MSF-SGPS, S.A. 2 537,50 ------147 000,00 - Brisa - Auto-Estradas de Portugal, S.A. - - 177 000,00 - - - - 354 000,00 - Brisa Concessão Rodoviária, S.A. - - - 94 653,81 - - - - - Brisa - O & M, S.A. 314 081,03 - 80,00 - - - 1 539 280,37 - - Brisa Inovação e Tecnologia, S.A. 74 018,04 601 573,11 453 870,90 - 256 876,99 - 1 034 036,35 - 39 021,83 Brisa Eng. e Gestão, S.A. - - 9 830,00 - - - 58 980,00 - - Brisal, S.A. - - 483 401,19 ------Via Verde, S.A. 46 804,03 - 2 008,91 2 021,94 - - 1 494 413,22 - - Controlauto - - - 207,85 - - 235,81 - - Viamarca, S.A. 67 496,12 - 97 826,89 - 401 302,38 - 265 114,73 - - LMNS Atlantico S.A. (Alarg. Loures/Malv) 147 656,55 - 436 440,01 320 442,79 - - - - - Via Oeste, SGPS, S.A. - 55 790 433,40 ------999 926,75 Autoestrada do Oeste, S.A. - 55 790 433,41 ------999 926,75 TOTAL 893 871,91 112 182 439,92 1 693 764,80 417 326,39 658 179,37 2 063 029,27 5 494 204,56 708 000,00 2 038 875,33

P.51

Auto-Estradas do Atlântico, SA - Annual Report 2015

Balances as of December 31, 2014 and transactions occurred during the year then ended with group and related parties were as follows:

BALANCES TRANSACTIONS Supplies and Entity Loans Other payables Other receivables Financial expen- Suppliers services Payroll expenses (Notes 9, 18) (Note 19) (Note 11) ses (Note 23) (Note 21)

Lena Engenharia e Construções, S.A. 350 685,84 - - - 232 600,00 147 000,00 - Lena Concessões e Serviços, S.A. 2 537,50 - - - - 30 000,00 - MSF, Concessões, SGPS, S.A. 12 433,75 - - - - 147 000,00 - MSF-SGPS, S.A. 2 537,50 - - - - 30 000,00 - Brisa - Auto-Estradas de Portugal, S.A. - - 177 000,00 - - 354 000,00 - Brisa - O & M, S.A. 166 611,12 - 136 525,32 - 1 630 315,59 - - Brisa Inovação e Tecnologia, S.A. 101 020,30 879 771,28 179 809,60 - 1 038 995,96 - 53 071,19 Brisal, S.A. - - 431 970,45 - - - - Brisa Concessão Rodoviária, S.A. - - - 152 679,94 - - - Via Verde, S.A. 72 337,04 - 9 793,82 2 021,94 1 446 648,18 - - Controlauto - - - - 346,55 - - Viamarca, S.A. 46 954,34 - 28 893,30 - 359 135,90 - - LMNS Atlantico S.A. (Alarg. Loures/Malv) 147 656,55 - 436 440,01 320 442,79 - - - Geira, S.A. - - - 32 466,97 - 72 472,16 - Via Oeste, SGPS, S.A. - 54 790 506,66 - - - - 1 103 272,68 Autoestrada do Oeste, S.A. - 54 790 506,65 - - - - 1 103 272,68 TOTAL 902 773,94 110 460 784,59 1 400 432,50 507 611,64 4 708 042,18 780 472,16 2 259 616,55

Remuneration of governing bodies

The remuneration of the governing bodies in the years ended December 31, 2014 and 2013 were as follows (Note 22):

31/12/2015 31/12/2014

Board of Directors 708 000,00 684 000,00 Supervisory board 36 400,00 36 400,00 Chairman of the Shareholders's General Meeting 2 000,00 - 746 400,00 720 400,00

7. TANGIBLE FIXED ASSETS

Tangible fixed assets are divided between reversible and non-reversible, based on whether or not they revert to the State at the end of the concession, without compensation.

In accordance with the current concession contract, assets directly related to the conceded activity revert, with no compensation, to the State at the end of the concession contract (reversible assets). These assets are subject to the public domain regime and relate to the activity, being freely managed, within this scope, but

P.52

Auto-Estradas do Atlântico, SA - Annual Report 2015

not to what concerns private legal commerce.

The changes in reversible tangible fixed assets during the years ended December 31, 2015 and 2014 were as follows:

2015 Beginning Transfers/ Ending balance Additions Decreases reclassifications balance

Reversible tangible fixed assets Gross assets Buildings and other constructions 17 392 843,24 - - 17 392 843,24 Basic equipment 23 521 279,95 695 215,89 (1,016,797.27) - 23 199 698,57 Transport equipment 66 160,00 - - - 66 160,00 Administrative equipment 1 289 871,72 6 191,25 (1,610.30) (72,243.40) 1 222 209,27 Other tangible assets 370 720,02 3 729,84 (1,291.29) - 373 158,57 Total 42 640 874,93 705 136,98 (1,019,698.86) (72,243.40) 42 254 069,65

Accumulated depreciation Buildings and other constructions 10 812 285,89 633 188,99 - - 11 445 474,88 Basic equipment 19 156 996,86 1 263 926,69 (1,016,797.27) - 19 404 126,28 Transport equipment 66 160,00 - - - 66 160,00 Administrative equipment 1 256 193,93 34 670,54 (1,610.30) (74,221.93) 1 215 032,24 Other tangible assets 361 365,41 6 166,67 (1,291.29) - 366 240,79 Total 31 653 002,09 1 937 952,89 (1,019,698.86) (74,221.93) 32 497 034,19

Net reversible tangible fixed assets 10 987 872,84 9 757 035,46

2014 Beginning Transfers / re- Ending balance Additions Decreases classifications balance

Reversible tangible fixed assets Gross assets Buildings and other constructions 17 392 843,24 - - - 17 392 843,24 Basic equipment 23 516 928,95 4 351,00 - - 23 521 279,95 Transport equipment 66 160,00 - - - 66 160,00 Administrative equipment 1 291 940,59 722,99 (2 006,86) (785,00) 1 289 871,72 Other tangible assets 371 710,81 - (990,79) - 370 720,02 Total 42 639 583,59 5 073,99 (2 997,65) (785,00) 42 640 874,93

Accumulated depreciation Buildings and other constructions 10 142 053,76 670 232,13 - - 10 812 285,89 Basic equipment 17 860 974,37 1 296 022,49 - - 19 156 996,86 Transport equipment 66 160,00 - - - 66 160,00 Administrative equipment 1 225 171,91 33 813,88 (2 006,86) (785,00) 1 256 193,93 Other tangible assets 354 109,60 8 246,60 (990,79) - 361 365,41 Total 29 648 469,64 2 008 315,10 (2 997,65) (785,00) 31 653 002,09

Net reversible tangible fixed assets 12 991 113,95 10 987 872,84

P.53

Auto-Estradas do Atlântico, SA - Annual Report 2015

The basic equipment reversible as of December 31, 2015 and 2014 was composed of the following items at acquisition cost:

2015 2014

Signalling and safety equipment 8 387 385,18 8 040 270,22 Telecommunications equipment 1 743 743,89 1 743 743,89 Electrical installations and lighting 971 296,54 956 351,59 Tolls equipment 8 280 531,83 8 199 998,46 Operations support equipment 2 061 837,32 2 826 011,98 Accessory works and other infrastructures 1 754 903,81 1 754 903,81

23 199 698,57 23 521 279,95

The changes in non-reversible tangible fixed assets during the years ended December 31, 2015 and 2014 were as follows:

2015 Beginning Transfers/ Ending balance Additions Decreases reclassifications balance

Non-reversible tangible fixed assets Gross assets Administrative equipment 1 160 633,71 42 054,97 (9,359.71) 72,243.40 1 265 572,37 Other tangible assets 64 902,92 850,50 - - 65 753,42 Tangible assets in progress - 54 873,45 - 54 873,45 Total 1 224 900,00 97 778,92 (9,359.71) 72,243.40 1 386 199,24

Accumulated depreciation Administrative equipment 1 157 217,10 9 258,43 (9,359.71) 74,221.93 1 231 337,75 Other tangible assets 60 045,88 5 707,54 - - 65 753,42 Total Total 1 210 204,00 14 965,97 (9,359.71) 74,221.93 1 297 091,17

Net non-reversible tangible fixed assets 14 696,00 89 108,07

2014 Beginning Transfers / Ending balance Additions Decreases reclassifications balance

Non-reversible tangible fixed assets Gross assets Administrative equipment 1 159 997,74 2 840,00 (2 989,03) 785,00 1 160 633,71 Other tangible assets 64 902,92 - - - 64 902,92 Total 1 224 900,00 2 840,00 (2 989,03) 785,00 1 225 536,63

Accumulated depreciation Administrative equipment 1 155 016,19 4 404,94 (2 989,03) 785,00 1 157 217,10 Other tangible assets 55 188,85 4 857,03 - - 60 045,88 To- tal Total 1 210 204,00 9 261,97 (2 989,03) 785,00 1 217 262,98

Net non-reversible tangible fixed assets 14 696,00 8 273,65

P.54

Auto-Estradas do Atlântico, SA - Annual Report 2015

8. INTANGIBLE ASSETS

The changes in intangible assets during the years ended December 31, 2015 and 2014 were as follows:

2015 Beginning Ending balance Additions balance

Reversible tangible fixed assets Gross assets Buildings and other constructions 17 392 843,24 - 17 392 843,24 Basic equipment 23 521 279,95 695 215,89 23 199 698,57 Transport equipment 66 160,00 - 66 160,00 Administrative equipment 1 289 871,72 6 191,25 1 222 209,27 Other tangible assets 370 720,02 3 729,84 373 158,57 Total 42 640 874,93 705 136,98 42 254 069,65

Accumulated depreciation Buildings and other constructions 10 812 285,89 633 188,99 11 445 474,88 Basic equipment 19 156 996,86 1 263 926,69 19 404 126,28 Transport equipment 66 160,00 - 66 160,00 Administrative equipment 1 256 193,93 34 670,54 1 215 032,24 Other tangible assets 361 365,41 6 166,67 366 240,79 Total 31 653 002,09 1 937 952,89 32 497 034,19

Net reversible tangible fixed assets 10 987 872,84 9 757 035,46

2014 Beginning Ending balance Additions balance

Intangible assets Gross assets Computer software 795 776,09 - 795 776,09 Contractual right 529 326 032,29 - 529 326 032,29 Total 530 121 808,07 - 530 121 808,38 Intangible assets in progress - - - 530 121 808,07 - 530 121 808,38

Accumulated amortization Computer software 795 776,09 - 795 776,09 Contractual right 234 493 066,83 19 765 959,98 254 259 026,81 Total 235 288 843,20 19 765 959,98 255 054 802,90

Net intangible assets 294 832 964,87 275 067 005,48

As explained in the Introductory Note, when the concession started, a group of motorway stretches, equipment and installations relating to the stretches already built were transferred to the Company, to which the amount of 88,536,627.73 Euros was attributed, and are referred to as initial infrastructure and are part of the contractual right.

As of December 31, 2015 and 2014, the gross value of the intangible assets related to the contractual right was as follows:

P.55

Auto-Estradas do Atlântico, SA - Annual Report 2015

2015 2014

Floors and respective equipment 236 484 812,26 236 484 812,26 Bridges and tunnels 171 436 783,63 171 436 783,63 Initial infraestructure (Note 1) 88 536 626,73 88 536 626,73 Accessory works and other infrastructures 15 117 721,49 15 117 721,49 Telecommunications equipment 3 853 765,05 3 853 765,05 Electrical installations and lighting 3 243 794,37 3 243 794,37 Signalling equipment 10 652 528,76 10 652 528,76 529 326 032,29 529 326 032,29

9. FINANCIAL LEASES

As of December 31, 2015 and 2014, the Company had the following assets under financial lease:

31/12/2015 31/12/2014 Accumulated depre- Cost ciation Net value Net value Operations support equipment 2 471 100,00 2 201 407,56 269 692,44 404 538,24

As of December 31, 2015 and 2014, the Company’s liabilities with financial leases instalments not yet due, amounted to 601,573.11 Euros and 879,711.28 Euros, respectively (Notes 6 and 18), and are payable as follows:

2015 2014

2015 - 278 198,17 2016 292 994,75 292 994,75 2017 308 578,36 308 578,36 601 573,11 879 771,28

10. CORPORATE INCOME TAX

The Company is subject to Corporate Income Tax at the rate of 21%. This rate can be increased up to a maximum of 1.5% of taxable income regarding Municipal Surcharge.

For 2015, the nominal rate of income tax can vary between 22.5% and 29.5%, depending on the amount of taxable profit (TP), on which the following rates apply:

- Corporate Income Tax rate: 21% on TP; - Municipal Surcharge: 1,5% on TP; - State Surcharge: 3% on TP if 1,500,000 Euros < TP <= 7,500,000 Euros, 5% on TP if 7,500,000 Euros 35,000,000 Euros.

P.56

Auto-Estradas do Atlântico, SA - Annual Report 2015

In accordance with article 88 of the Portuguese Corporate Income Tax Code, the Company is also subject to autonomous taxation of certain expenses at the rates mentioned therein.

In accordance with the applicable Portuguese legislation, income tax returns are subject to review and correction by the tax authorities for a period of four years (five years for social security) except where there are tax losses, tax benefits have been granted or there is litigation in progress where, depending on the circumstances, the period can be extended or suspended. Accordingly, the Company’s tax returns for the years 2012 to 2015 are still subject to review. The Company’s Board of Directors believes that possible corrections arising from inspections by the tax authorities of those tax returns will not have a significant impact on the financial statements as of December 31, 2015.

The expiracy period of tax losses recorded in tax periods beginning on or after January 2014 is twelve years (this period is five years for tax losses of 2012 and 2013, four years for tax losses of 2010 and 2011 and six years for previous periods).

Deduction of net financing expenses in determining taxable profit is subject each year, gradually until 2017, the higher of the following limits:

- 1,000,000 Euros;

- 30% of income before depreciation, net financing costs and taxes.

After January 1, 2014, the deduction of tax losses is limited to 70% of taxable income, regardless of the tax period they were originated in.

Deferred taxes

Income tax for the years ended December 31, 2015 and 2014, have been adjusted to reflect the effect of deferred taxes. Deferred tax assets are only recognised if there is reasonable expectation that they will be recovered by decreasing future taxable profits.

The detail of deferred tax assets and liabilities as of December 31, 2015 and 2014, in accordance with the respective temporary differences was as follows:

Deferred tax assets 2015 2014

Tax losses carried forward (a) - 926 167,02 Provision for repaving 3 694 078,50 3 572 045,00 3 694 078,50 4 498 212,02

P.57

Auto-Estradas do Atlântico, SA - Annual Report 2015

(a) As of December 31, 2015, the Company recovered the total amount of tax losses of previous years.

a) Changes in deferred tax assets: 2015 2014

Beginning balance 4 498 212,02 5 362 068,90

Changes during the year: Provision for repaving 168 933,35 293 010,00 Utilization of tax losses (926 167,02) (834 809,00) Tax losses carried forward - 651 476,63 Transition adjustments to NCRF - (531 756,13)

(757 233,67) (422 078,50)

Effect of the change in the income tax rate: Provision for repaving (46 899,86) (353 572,00) Tax losses - (88 206,38) (46 899,86) (441 778,38)

Ending balance 3 694 078,49 4 498 212,02

b) Changes in deferred tax liabilities:

2015 2014

Beginning balance - 458 488,00 Transition adjustments to NCRF - (458 488,00)

Ending balance - - c) Reconciliation of the tax rate:

31/12/2015 31/12/2014

Net profit before tax 35 602 785,13 4 703 412,31 Nominal tax rate 22,50% 24,50% Expected tax 8 010 626,65 1 152 336,02

Permanent differences: Quotes (22 760,00) (17 950,00) Other situations, net (106,16) (1 797,74) (22 866,16) (19 747,74) Nominal tax rate 22,50% 23,00% (5 144,89) (4 541,98)

Income tax adjustments (i) 43 536,39 49 323,17 Tax losses carried forward - (651 476,00) Effect of the change in the income tax rate - 441 777,50 State Surcharge 1 633 880,30 121 688,85 Others 1 028,59 (65 998,00) Income tax for the year 9 683 927,04 1 043 109,55

Current income tax (Note 14) 8 879 793,49 637 740,79 Deferred income tax 804 133,55 405 368,76 9 683 927,04 1 043 109,55

(i) This amount corresponds to the portion of corporate income tax resulting from the autonomous taxation of passenger vehicles.

P.58

Auto-Estradas do Atlântico, SA - Annual Report 2015

11. OTHER RECEIVABLES

As of December 31, 2015 and 2014 this caption was made up as follows: 31/12/2015 31/12/2014

Employees 7 302,28 6 570,22 Accrued income (i) 6 471,38 607 429,99 IP- Infraestruturas de Portugal, S.A. - 41 183,91 Other debtors 419 736,93 972 650,50 Grantor State compensation (ii) 28 900 000,00 - Joint operation (ii): Brisa - Concessão Rodoviária, S.A. 94 653,81 152 679,94 LusoLisboa- Auto-estradas da Grande Lisboa, S.A. 116 591,28 69 400,26 IP- Infraestruturas de Portugal, S.A. 85 266,99 100 090,66 29 630 022,67 1 950 005,48

(i) These balances are mainly related to rents of the Company’s Service Areas, which on December 31 and 2014 had not been billed.

(ii) By decision of the Arbitral Court constituted to rule on the complaint submitted by the Company on the introduction of tolls on the highways " Costa de Prata" and "Beira Litoral e Alta", the grantor State was ordered to pay the Auto-Estradas do Atlantico the value above. This decision took place on December 28, 2015.

(iii) The amount related to Joint operation corresponds to revenue collected by other concessionaires.

Other receivables as of December 31, 2015 and 2014, include balances with related parties of 417,326.39 Euros and 507,612,64 Euros, respectively (Note 6).

12. DEFERRALS

Deferred assets as of December 31, 2015 and 2014 were made up as follows:

31/12/2015 31/12/2014

Insurances 282 644,50 252 881,28 Other deferrals 43 275,42 48 149,92

325 919,92 301 031,20

P.59

Auto-Estradas do Atlântico, SA - Annual Report 2015

As of December 31, 2015 and 2014, current and non-current deferred liabilities correspond mainly to rents received from the Motorway Service Areas, which were paid in advance.

13. TRADE RECEIVABLES

The main captions of trade receivables, as of December 31, 2015 and 2014, were: 2015 2014

Tolls 5 459 168,99 5 076 316,99 Customer assistance 54 857,11 53 493,74 Service areas 369 148,98 41 128,57 Others (4 054,96) (4 054,96) 5 879 120,12 5 166 884,34 Impairments (2 445 293,89) (2 333 363,11)

3 433 826,23 2 833 521,23

The impairments presented the following movements during the years ended December 31, 2015 and 2014:

31/12/2015 31/12/2014

Beginning balance 2 333 363,11 2 244 728,57 Reinforcement 111 930,78 88 634,54 2 445 293,89 2 333 363,11 Ending balance

During the year ended December 31, 2015, the Company received some trade receivables balances that were written-off in previous years, amounting to 9,291.41 Euros.

14. STATE AND OTHER PUBLIC ENTITIES

As of December 31, 2015 and 2014, these captions comprised:

31/12/2015 31/12/2014 Assets Corporate Income Tax (a) - 95 284,45

Liabilities Corporate Income Tax (a) 8 109 200,04 - Value Added Tax 1 774 218,06 1 622 870,28 Personal Income Tax 82 528,75 82 696,75 Social Security Contributions 105 998,63 104 036,60 10 071 945,48 1 809 603,63

(a) This caption was made up as follows at December 31, 2015 and 2014:

31/12/2015 31/12/2014

Withholding income tax 515 103,22 345 236,80 Income tax advance payments 107 788,44 387 788,44 Payments on account 147 701,79 - Estimated income tax for the year (Note 10) (8 879 793,49) (637 740,79) (8 109 200,04) 95 284,45

P.60

Auto-Estradas do Atlântico, SA - Annual Report 2015

15. CAPITAL AND RESERVES

Share capital: As of December 31, 2015 the Company’s fully subscribed and paid up capital was made up of 11,000,000 shares with nominal value of 5 Euros each.

The capital was owned by Auto-Estradas do Oeste, S.A. and Via-Oeste, SGPS, S.A. with 50% of share capital each.

Legal reserve: Portuguese legislation establishes that at least 5% of annual net profit must be appropriated to a legal reserve until the reserve equals the statutory minimum requirement of 20% of share capital. This reserve is not available for distribution, except in the case of liquidation of the Company, but may be capitalised or used to absorb losses once other reserves and retained earnings have been used.

Appropriation of 2013 net profit: In accordance with a decision of the Shareholders’ General Meeting held on March 20, 2014 the net profit of 2013 was transferred to retained earnings/(losses).

Appropriation of 2014 net profit: In accordance with a decision of the Shareholders’ General Meeting held on March 24, 2015 the net profit of 2014 was transferred to retained earnings/(losses).

Other changes in equity: The caption other changes in equity consists of government subsidies, which in accordance with the current accounting standards, are initially recognized in shareholders’ equity.

Because of the nature of the Company’s operations as a motorways concessionaire, it has been presenting net losses, in line with its approved business plan. Mechanisms are provided for in the concession contract to maintain the Company’s financial stability so as to ensure its ability to continue on a going concern basis.

16. PROVISIONS

The recorded provision reflects the Company’s contractual obligation of maintaining and replacing the infrastructure at a certain level of service specified in the Concession Contract namely through repaving works.

This provision is recognized over the period between the referred repairs, through an operational loss, based on the present value of the estimated expense to incur at each moment.

P.61

Auto-Estradas do Atlântico, SA - Annual Report 2015

The changes in provisions during the years ended December 31, 2015 and 2014 were as follows:

2015 2014 Current Non current Current Non current

Beginning balance 1 356 299,00 12 184 420,00 973 140,09 11 442 300,00 Transfers 1 072 840,16 (1 072 840,16) 1 519 155,00 (1 519 155,00) Utilization (2 562 001,66) - (580 607,09) - Reversals (850 610,15) - (955 722,00) (5 769,00) Increases 2 577 689,68 1 381 864,58 400 333,00 2 267 044,00 1 594 217,03 12 493 444,42 1 356 299,00 12 184 420,00

In 2015 and 2014, the projections for investment related with these repairs have been revised, supported by the understanding of technical consultants, which resulted in the reversal of the provision previously accounted for.

The provision is subject to financial adjustment in each reporting date, through a financial loss, being the discount rate equal to the contracted financing rate.

Increases have two components, one relating to the cost of the works and others relating to the financial adjustment:

2015 2014

Charge for the period 3 206 530,42 2 079 059,67 Financial adjustments (Note 23) 753 023,81 588 317,18

3 959 554,23 2 667 376,85

As of December 31, 2015, the Company is involved in several lawsuits, amounting to, approximately, 9,545,000 Euros, including a process where AEA is a third party, where is pretended the condemnation of Estradas de Portugal, in a minimum of 3,541,929 Euros. Taking into account (i) the nature of the indemnities requests, (ii) the coverage by insurance companies in some cases and (iii) the primary responsibility of third parties in others, and therefore AEA’s subsidiary responsibilities, the maximum responsibility of the Company is approximately, 333,000 Euros. The Border of Directors considers that from these actions no responsibilities will result for the Company, other than the ones reflected in the financial statements as of December 31, 2015.

17. GUARANTEES GIVEN

As of December 31, 2015 and 2014, the Company had responsibilities under guarantees given in favour of the Portuguese Government, amounting to 5,347,630 Euros and 5,369,709 Euros, respectively.

P.62

Auto-Estradas do Atlântico, SA - Annual Report 2015

18. LOANS

As of December 31, 2015 and 2014, the Company loans were made up as follows:

31/12/2015 31/12/2014 Current Non current Total Current Non current Total Bank loans Capital EIB (a) 14 215 276,58 82 528 106,97 96 743 383,55 13 687 158,82 97 277 560,75 110 964 719,57 Commercial Bank (b) 29 049 058,07 29 049 058,07 19 010 585,98 29 020 765,75 48 031 351,73 Subordinated debt (c) - 47 499 999,93 47 499 999,93 - 47 499 999,93 47 499 999,93 Stand-by (d) - 39 677 536,61 39 677 536,61 - 35 914 600,29 35 914 600,29 43 264 334,65 169 705 643,51 212 969 978,16 32 707 410,80 209 703 260,72 242 410 671,52

Financial leases (Notes 6 and 9) 292 994,75 308 578,36 601 573,11 278 198,17 601 573,11 879 771,28 Shareholders' loan (e) Capital - 69 113 561,32 69 113 561,32 - 69 113 561,32 69 113 561,32 Interests - 42 467 305,49 42 467 305,49 - 40 467 451,99 40 467 451,99 - 111 580 866,81 111 580 866,81 - 109 581 013,31 109 581 013,31

TOTAL 43 557 329,40 281 595 088,68 325 152 418,08 32 975 943,07 319 895 513,04 352 871 456,11

(a) The loan from the European Investment Bank (EIB – Facility Agreement) comprises three parts, which bear interests at the annual rates of 4.94%, 5.07% and 2.361%, respectively. The loan is payable as follows:

Current 14 215 276,58 Non current: 2017 15 302 121,85 2018 15 869 753,86 2019 16 475 294,50 2020 17 103 779,85 2021 17 777 156,90 82 528 106,97

96 743 383,55

As of December 31, 2015 and 2014, the Company’s shareholders requested the presentation of bank guarantees in favour of the EIB, amounting to 97,277,561 Euros and 111,518,241 Euros, respectively.

(b) The “Term Loan Facility”, obtained from a group of banks, bears interests at the six month Euribor rate plus 1.5% and is repayable in 2016.

(c) As of December 31, 2015, the “Subordinated – Debt Facility” loan obtained from Banco BPI, S.A. and Caixa – Banco de Investimento, S.A., bears interests at the six month Euribor rate plus 5.0%. This loan should be paid by December 31, 2018.

(d) As of December 31, 2015, the “Stand-by Facility” loan, obtained from a banks’ group led by Banco BPI, S.A. and Caixa – Banco de Investimento, S.A., bear interest at the one month Euribor rate plus 2.5%.

P.63

Auto-Estradas do Atlântico, SA - Annual Report 2015

This loan matures on December 18, 2019.

(e) The Shareholders' loans were granted in equal parts by each of the shareholders. As of December 31, 2015 and 2014 these loans capital amounted to 69,113,562.32 Euros in both years, plus interests of 42,467,305.49 Euros and 40,467,451.99 Euros, respectively, corresponding to interests at a 12 months Euribor interest rate, plus 1.5%. The Company's expectation is that the reimbursement of such amounts will occur in the long term.

Some of those loans required the maintenance of sufficient funds on bank deposits to cover the next service debt maturity and other investment obligations (Note 4).

As of December 31, 2015, the Company comply with all covenants related to loans contracts, with exception of the Debt Service Coverage Ratio (“DSCR”) ratio, regarding which, in previously years, a consent request to change the calculation formula was delivered, and is still pending the banks approval.

19. OTHER PAYABLES

Other payables as of December 31, 2015 and 2014, were made up as follows:

31/12/2015 31/12/2014

Employees 691 322,75 690 403,02

Investment suppliers 933 211,99 639 712,37

Accrued costs: Financial expenses 39 079,78 58 158,92 Administrative expenses 205 599,11 198 471,35 Tecnichal expenses 1 157 823,90 1 607 608,32 Other expenses 117 068,07 666 353,32 1 519 570,86 2 530 591,91

Joint operation - Brisal - Auto-estradas do Litoral, S.A. 483 401,19 431 970,45

Other creditors 8 952,21 15 897,38

3 636 459,00 4 308 575,13

As of December 31, 2015 and 2014, other payables include balances with related parties amounting to 1,693,764.8 Euros and 1,400,431.5 Euros, respectively (Note 6).

P.64

Auto-Estradas do Atlântico, SA - Annual Report 2015

20. SERVICES RENDERED

Services rendered for the years ended December 31, 2015 and 2014, were made up as follows: 31/12/2015 31/12/2014

Tolls 57 534 989,61 53 949 229,80 Service areas 1 876 120,14 1 829 505,03 Customer assistance 8 450,10 9 824,26 Discounts (123 610,99) (131 971,20) 59 295 948,86 55 656 587,89

21. SUPPLIES AND SERVICES

The detail of supplies and services for the years ended December 31, 2015 and 2014 was as follows:

31/12/2015 31/12/2014

Subcontracts 5 764 131,06 5 696 727,42 Specialized services 3 917 813,13 4 661 430,33 Materials 46 244,84 34 968,69 Energy and fluids 589 162,60 648 176,84 Travel expenses 13 645,13 14 453,16 Other services 833 725,22 864 426,28

11 164 721,98 11 920 182,72

Supplies and services include transactions with related parties, during the years ended December 31, 2015 and 2014, of 5,494,204.56 Euros and 4,708,043 Euros, respectively (Note 6).

22. PAYROLL EXPENSES

The caption “Payroll expenses” during the years ended December 31, 2015 and 2014, was detailed as follows:

31/12/2015 31/12/2014

Remuneration of executive bodies (Note 6) 746 400,00 720 400,00 Staff remuneration 4 282 977,54 4 277 377,85 Indemnities 21 981,55 182 472,16 Social security charges 949 609,15 947 497,14 Work accidents insurance 34 250,85 31 302,29 Social expenses 106 792,69 115 138,20 Other payroll expenses 17 187,92 24 295,08

6 159 199,70 6 298 482,72

P.65

Auto-Estradas do Atlântico, SA - Annual Report 2015

During the years ended December 31, 2015 and 2014, the average number of personnel was 184 and 185, respectively.

23. FINANCIAL INCOME AND EXPENSES

Financial expenses for the years ended December 31, 2015 and 2014 were made up as follows:

31/12/2015 31/12/2014

Financial interests Loans interests 8 862 125,70 10 005 531,52 Shareholders' loans interests 1 999 853,50 2 206 545,36 Other interests 39 021,83 53 071,19 10 901 001,03 12 265 148,07

Financial ajustments - IFRIC 12 provision (Note 16) 753 023,83 588 317,18

Expenses with loan contracts 2 055 528,84 2 223 868,52

Other financial expenses 11 928,34 11 649,83

13 721 482,04 15 088 983,60

Financial expenses include transactions with related parties, during the years ended December 31, 2015 and 2014, of 2,038,875.33 Euros and 2,259,616.55 Euros, respectively (Note 6).

In the years ended December 31, 2015 and 2014, financial income includes, essentially, interests from demand deposits and term deposits amounting to 176,474.67 Euros and 368,285.22 Euros, respectively.

24. OTHER OPERATING INCOME

As of December 31, 2015 and 2014, the caption “Other operating income” was made as follows:

31/12/2015 31/12/2014

Compensations from EP (a) - 3 273 973,90 Additional tolls 1 168 660,20 1 002 406,71 Accidents' compensations 433 201,40 609 694,23 Insurance work's compensations 431 512,32 105 576,93 Compensation of the Grantor State (b) 28 900 000,00 - Other income 617 860,20 164 149,30 31 551 234,12 5 155 801,07

(a) Income of 3,273,973.90 Euros recorded in the year December 31, 2014, corresponds to an amount received from EP – Estradas de Portugal, S.A., as decided by Arbitral Court in April 1, 2014, which

P.66

Auto-Estradas do Atlântico, SA - Annual Report 2015

confirmed, attending to the clauses of the concession contract, the right of the Company to be compensated from incurred costs and recorded in financial statements in previous years, related with maintenance and repairs works in the motorway section of Torres Vedras / Bombarral.

(b) Compensation of the Grantor State decided by the Arbitral Court (see Note 11).

25. OTHER OPERATING COSTS

As of December 31, 2015 and 2014, the caption “Other operating costs” was made up as follows:

31/12/2015 31/12/2014

SIEV's fares 91 260,63 85 166,76 Quotes 35 720,00 34 780,00 Accidents' compensations 34 949,55 55 562,52 Taxes 28 909,80 803,18 Other operating costs 7 190,91 3 578,63 198 030,89 179 891,09

26. EARNINGS PER SHARE

The basic earnings per share of the years ended December 31, 2015 and 2014 were as follow:

2015 2014

Profit for the year 25 918 858,09 3 660 302,76

Number of shares in circulation 11 000 000 11 000 000

Basic earnings per share 2,36 0,33

During the years ended December 31, 2015 and 2014 there were no dilution effects, thus diluted earnings per share are equal to basic earnings per share.

27. NOTE ADDED FOR TRANSLATION

These financial statements are a translation of financial statements originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails.

P.67

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.68

Auto-Estradas do Atlântico, SA - Annual Report 2015

REPORT AND OPINION OF THE SUPERVISOR BOARDER

To the Shareholders,

P.69

Auto-Estradas do Atlântico, SA - Annual Report 2015

P.70

Auto-Estradas do Atlântico, SA - Annual Report 2015

STATUTORY AUDITOR’S REPORT

(Translation of a report originally issued in Portuguese - Note 27)

Introduction

1. We have audited the accompanying financial statements of Auto-Estradas do Atlântico – – Concessões Rodoviárias de Portugal, S.A. (“the Company”), which comprise the balance sheet as of 31 December 2015, that presents a total of 334,849,260 Euros and negative shareholders’ equity of 23,709,294 Euros, including a net profit of 25,918,858 Euros, the statements of profit and loss by nature, changes in shareholders’ equity and cash flows for the year then ended and the corresponding notes.

Responsibilities

2. The preparation of financial statements that present a true and fair view of the financial position of the Company, the results of its operations, the changes in its shareholders’ equity and its cash flows, as well as the adoption of adequate accounting principles and criteria and the maintenance of an appropriate internal control system are the responsibility of the Company’s Board of Directors. Our responsibility is to express a professional and independent opinion on those financial statements based on our audit.

Scope

3. Our audit was performed in accordance with the auditing standards (“Normas Técnicas e as Directrizes de Revisão/Auditoria”) issued by the Portuguese Institute of Statutory Auditors (“Ordem dos Revisores Oficiais de Contas”), which require that the audit be planned and performed with the objective of obtaining reasonable assurance about whether the financial statements are free of material misstatements. The audit included verifying, on a sample basis, evidence supporting the amounts and disclosures in the financial statements and assessing the estimates, based on judgements and criteria defined by the Board of Directors, used in their preparation. The audit also included assessing the adequacy of the accounting principles used and their disclosure, taking into consideration the circumstances, verifying the applicability of the going concern concept and assessing the adequacy of the overall presentation of the financial statements. Our audit also included verifying that the financial information contained in the Board of Directors’ Report is in accordance with the financial statements.

P.71

Auto-Estradas do Atlântico, SA - Annual Report 2015

We believe that our audit provides a reasonable basis for expressing our opinion.

Opinion

4. In our opinion, the financial statements referred to in paragraph 1 above, present fairly, in all material respects, the financial position of Auto-Estradas do Atlântico – Concessões Rodoviárias de Portugal, S.A. as of 31 December 2015 and the results of its operations, the changes in its shareholders’ equity and its cash flows for the year then ended, in accordance with generally accepted accounting principles in Portugal.

Emphasis

5. The financial statements mentioned in paragraph 1 above were prepared on a going concern basis, although, as of 31 December 2015, the Company’s shareholders’ equity is negative by 23,709,294 Euros, which determines the application of articles 35 and 171 of the Commercial Companies Code (“Código das Sociedades Comerciais”). As explained in Note 15 of the financial statements, the concession contract establishes financial support mechanisms for the Company, to the extent necessary to ensure the ability of the Company to continue on a going concern basis, and financing agreements require the maintenance of sufficient deposits to ensure debt service (Note 4). Consequently, the ability of the Company to continue on a going concern basis, the realisation of its assets (which include deferred tax assets of, approximately, 3,694,000 Euros) and the settlement and classification of its liabilities, depend on the future success of its operations and on the financial support to be rendered in the terms of the referred concession contract.

Lisbon, 15 March 2016

______

Deloitte & Associados, SROC S.A.

Represented by Carlos Alberto Ferreira da Cruz

P.72

Auto-Estradas do Atlântico, SA - Annual Report 2015

TECHNICAL SUPPORT

Property

Auto-Estradas do Atlântico

Concessões Rodoviárias de Portugal, S.A.

Catefica - Apartado 327

2560 - 587 Torres Vedras

Portugal

Tel.: +351 261 318 500

Fax.: +351 261 318 501 www.aeatlantico.pt

E-mail: [email protected]

Edition

AEA - Gabinete de Comunicação e Imagem

August 2016

Public Trade Company - Share Capital Social 55.000.000 euros

Registered at Conservatória do Registo Comercial de Torres Vedras,

Com o nº 3830

Contribuinte nº 504 290 592

P.73