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IndividualAnnualReport

Index

INTRODUCTION 1Brisa 2007 2Brisa Profile 3Corporate Strategy 5Chairman’s Statement 7Macroeconomic Overview 8

DOMESTIC CONCESSIONS 11Brisa Concession 12Atlântico Concession 14Brisal Concession 15Douro Litoral Concession 16New Motorway Concessions 17

TRAFFIC AND MOBILITY 19Traffic 20Service Excellence 23Payment Systems 25Road Safety 27

TRANSPORT INFRASTRUCTURES 28TIIC 29Airports 30High-Speed Train 31

INTERNATIONAL BUSINESS 32Road concessions 34Electronic Toll Collection 35Markets and Tenders 36

CORPORATE SUSTAINABILITY 38Human Resources 40Environment 41Accident Prevention 42Innovation 43Social Development 44

FINANCIAL REPORT 45

FINAL NOTE 50

FINANCIAL STATEMENTS AND ANNEXES 53

CORPORATE GOVERNANCE 94

ANNEXES: TRAFFIC STATISTICS 116

During the year which marksthe tenth anniversary of itsentry into the Stock Exchange,Brisa increased significantly itsbusiness base, in Portugal aswell as abroad.

. Annual Report 2007

Introduction

01

JANUARYBrisa establishes TIIC (Transport Infrastructure InvestmentCompany), a vehicle for investment in infrastructure, inpartnership with Millennium Investment Banking andCompagnie Benjamin de Rothschild

FEBRUARYBrisa reinforces its shareholding position from 15% to26% in KTS, an electronic toll collection company in theCzech Republic

MARCHMinistry of Finances approves the acquisition of 40% ofAEA – Auto-Estradas do Atlântico

APRILBrisa pays dividends of 28 cents per share

MAYVia Verde reaches 2 million tags

JUNEBrisa wins the Northwest Parkway concession in theUnited StatesBrisal opens to traffic the first 32 km stretch, linkingLouriçal to Marinha Grande

JULYBrisa opens to traffic the Lezíria Bridge in Carregado andconcludes the A10 motorway

SEPTEMBERBrisa enlarges its Board of Directors and elects two newmembers

OCTOBERBrisa signs a memorandum with Gazprom for theRussian road concession market

NOVEMBERBrisa celebrates 10 years of being listed on the StockExchange

DECEMBERAwarding of the Douro Litoral concession to theconsortium led by Brisa

Brisa 2007

01 INTRODUCTION 2

Principais eventos 2007

3 . Annual Report 2007

Brisa – Auto-estradas de Portugal was created in 1972. In36 years it has become one of the largest tolled motorwayoperators in the world and the largest transportinfrastructure company in Portugal.

Today, Brisa has a market capitalisation around to 6 000million euros and its shares are quoted on EuronextLisbon, where it is part of the main index, the PSI-20. It isalso part of Euronext 100 – an index which includes thelargest companies in France, Holland, Belgium andPortugal – and the FTSE4Good, the reference index forsocial responsibility.

Brisa’s main business area is the construction andoperation of tolled motorways, both through directinvestments in Portugal, as well as through its nationaland international subsidiaries.

The remaining businesses managed by the companycomplement its core business providing servicesassociated to road safety and driving comfort in bothmotorway and urban environments.

Most of Brisa’s international investments are concentratedin Brazil, North America and Spain:

- In Brazil, Brisa holds 18% of the capital of Companhiade Concessões Rodoviárias (CCR), the largestmotorway operator in Latin America;

- In the United States, it holds 90% of the capital of theNorthwest Parkway concession;

- In Spain it holds 1% of Abertis, one of the largestEuropean operators of the sector.

Brisa Profile

“The construction and operation oftolled motorways result in 89% of

operating revenue.”

Brisa is present in various parts of the world:

In Portugal – 4 concessions, 17 motorwaysIn the USA – 1 concession, Northwest Parkway

In Brazil through CCR – 7 concessionsIn the Czech Republic – electronic toll collection

In Holland – electronic toll collectionA total of 3 903 km of motorways

01 INTRODUCTION 4

Innovative technologyVia Verde

With this electronic payment mode which automatically charges the toll directlyfrom the bank account, Brisa has proved its technological superiority and has

definitively contributed to more comfortable, easier and safer mobility.A simple idea, pioneer at an international level, and which has already been

adopted in many other countries which recognise Brisa’s innovative capital

MOTORWAYS INTERNATIONAL SERVICES

MAINCONCESSION

100%

BRISAL - AUTO-ESTRADASDO LITORAL

70%

AUTO-ESTRADASDO ATLÂNTICO

50%

AUTO-ESTRADASDO DOURO-LITORAL

55%

CCR18%

NORTHWESTPARKWAY

90%

ABERTIS1%

KTS26%

MOVENIENCE30%

BEG100%

VIA VERDE75%

BAR100%

MCALL100%

SMA/EFACEC20%

BAER92,5%

CONTROLAUTO60%



Corporate Strategy

In pursuing its objectives, Brisa will continue to develop itsstrategy in accordance with its strategy, based on thefollowing values:

� OPERATIONAL EXCELLENCE

With the objective of moving towards excellence, in 2007Brisa began an internal project of a pluriannual and cross-cutting nature throughout the entire organization, theBest Programme. The main objectives of this programmeare excellence in services provided to the client, continuedimprovement in operational efficiency and sustainablegrowth.

� GLOBAL PRESENCE IN THEMOTORWAY SECTOR

Taking into account the innumerable worldwide businessopportunities in the area of road concessions, Brisa’sinternationalisation strategy has extended to an

international scale, and is based on four fundamentalprinciples:

� DIVERSIFICATION IN TRANSPORTINFRASTRUCTURES

In the national market, Brisa aims at capitalising itscompetences in project management, management andmaintenance of infrastructures and management of longterm concession contracts into other infrastructuresectors. Under this rationale, Brisa has defined the airportinfrastructure as a strategic priority, through the NewLisbon Airport (NLA) project and the privatisation of ANA, S.A., as well as the railroad transport infrastructuresector, participating in the High-Speed Train project.

Diversificationin transport

infrastructures

Global presencein the Motorway

sector

OperationalExcellence

- Maximise the value of current assets- Disseminate best practices to new concessions

- Enlarge the geographical focus- Order the priority of markets- Reinforce key competences, aimed at enhancing- international competitiveness

- Reinforce competences to capture value in other- transport infrastructure sectors (priority to the- airport and railway sectors)

Projects

Positioning

Shareholderstructure

- Strategic even if minority- “Equal to the largest shareholder” - Joint control- Leveraging on Brisa’s skills

- “Establishment of Partnerships”- Flexible according to the characteristicsof each market- Partners with strong local presence- Matching Brisa’s skills

- Focus on motorways- Appropriate balance between the primary market- (construction, followed by operation) and- secondary market (acquisition of shareholding- positions in existing concessions)

Markets

- Attractive economic situation- Acceptable political and economic risk- Growth potential, in the short, medium- and long term

01 INTRODUCTION 6

Chairman’s Statement

2007 was a strong growth year, which allows to face the new strategic cycle with conviction, in both national andinternational markets.

During the year which marks the tenth anniversary of its entry into the Stock Exchange, Brisa increased significantly itsbusiness base, in Portugal as well as abroad. Traffic revenue, which represents 89% of Brisa’s revenue, increasedapproximately 13%, supported by a 2.6% like-for-like growth. This trend inversion, in light of the adverse environment ofthese last years, reflects an improvement in the Portuguese economy, as well as the dilution of the impact on traffic of thenew toll-free motorways (SCUT).

On 8th July, Brisa recorded an historical moment with the opening to traffic of Lezíria Bridge on the A10, which links the twosides of the Tagus River, between the A1, at Carregado, and the A13, at Benavente, thus finalizing the construction of itsmain network, with 11 motorways, along a total length of 1 089 kilometres.

Apart from the main concession, 2007 conveys the reinforcement of business involving three other concessions, Brisal, Auto--Estradas do Atlântico and Douro Litoral, which will have a decisive impact on Brisa’s growth.

On 3rd June 2007, Brisal, holder of the Litoral Centro concession, opened to traffic the first 32 km out of a total of 92 km,which will be concluded at the end of the first half of 2008.

During 2007, the acquisition of 40% of Auto-Estradas do Atlântico was formalised. This concession comprises twomotorways with a total length of 170 km, which are complementary to the Brisa and Brisal networks. With this acquisition,Brisa has now consolidated 50% of this concession in its accounts.

The awarding of the Douro Litoral concession to the Auto-estradas do Douro Litoral consortium is also particularlynoteworthy. This concession with a total 126 km has reinforced Brisa’s positioning on the national market, due to the areasthis concession crosses, as well as the fact that it ensures the connection of three motorways - A1, A3 and A4.

The Brisal and Douro Litoral concessions demonstrate Brisa’s dynamism and competence confirming it as the reference inthe transport infrastructures sector in Portugal. In three international public tenders launched by the Portuguese State forthe awarding of new tolled motorway concessions, Brisa won two.

The competences, acquired and developed in Portugal, are competitive advantages which Brisa has decided to fully usethrough the implementation of an internalisation strategy, which begun in Brazil.

The acquisition of the Northwest Parkway concession, formalised in last November, is the most important fact of the yearin the international arena. The concession has high potential due to its strategic positioning in the United States and in theState of Colorado, apart from its appropriate size for a first operation. The overall supervision of business in this market ismade from Brisa’s recently opened office in Atlanta, Georgia.

The opening of Brisa representations abroad, enabling closer supervision, was completed with the Vienna Office in Austria,aimed at the markets of Central and Eastern Europe, Russia and Turkey.


Electronic toll collection is another vector for Brisa’s international expansion, which is already being implemented in theCzech Republic, through the KTS partnership, for the collection of tolls from heavy vehicles, and in Holland, throughMovenience, for toll collection on the Westerschelde Tunnel, the only road infrastructure with tolls in that country.

2007 is, therefore, also a turning point in the international area, with business sustained by the start-up of variousoperations, in the road concession sector as well as in the electronic toll collection sector, in Portugal, Europe and NorthAmerica.

Sustainable growthSustained business growth includes the search for equilibrium between the company’s economic activities and theirrespective social and environmental impacts.

Therefore Brisa has continued to develop projects started during previous years, as well as having raised its levels of effortdedicated to new projects and new initiatives. Brisa’s enrolment in the World Business Council for Sustainable Developmentand UN Global Compact are institutional expressions of its commitments.

The projects which the fundamental guidelines are excellence in client service, continued improvement of operations andsustainable growth, developed within the context of Brisa’s sustainability strategy, deserve to be highlighted in the currentdocument.

The company has invested constantly in new developments to its risk management and quality management systems, inthe new generation of its technological innovation model, and in enhancing the management of client relations.

At an environmental level, a special note should be made to the adoption of a specific policy for the conservation andpromotion of biodiversity, and the signing of the Brisa commitment to Biodiversity. This initiative, which involves variousstakeholders and five projects, with differentiated scopes and impacts, will be implemented over the next five years.

A new strategic cycle2007 was very demanding for Brisa and the results of the work developed were recognised by the markets, as can benoticed by the appreciation of 6.4% in the value of Brisa’s shares in 2007, which added to the dividend corresponds to atotal return of 9.4%.

Brisa is now entering into a new strategic cycle, operating various concessions in different geographical areas, positioned asone of the world leaders in the transport infrastructures sector.

Productivity and operational efficiency, innovation and technology, and engineering and management capacities are keycompetences which the company has developed over the years, and which distinguish it amongst the leading companiesin the concession sector, on a global scale. These competences are very substantial advantages of which Brisa is making fulluse to implement its growth strategy.

Meanwhile, Brisa will continue to be a partner for the development of Portugal, a partner for the State and companies inthe sector, in the major challenges for the Country, such as the implementation of the National Road Plan, development ofthe New Lisbon Airport and the High-Speed Train project.

Brisa has an ambitious vision, of which the objective is the achievement of sustained growth with the creation of value,reconciling growth with profitability, reinforcing current businesses and assuring an appropriate return on new investments.

Chairman of the Board of Directors

Vasco de Mello


01 8INTRODUCTION

Macroeconomic Overview

In 2007, the world economies were hit by a variety ofshocks – the subprime crisis in the United States ofAmerica, instability of financial markets and increase inthe price of raw materials, primarily oil – which led to anunexpected but controlled economic slowing down.

� RECOVERY IN THE EURO AREA

Economic growth >> 2.4 a 2.8%1

Inflation rate >> 3.2%2

The economic recovery in the Euro Area observed in 2006(+2.9%) and during the first half of 2007 recorded a slowdown during the second half of 2007, as a consequenceof the shocks referred to above, albeit maintaining robusteconomic growth.

The increase in interest rates, difficult access to credit andthe appreciation of the Euro limited GDP growth in 2007in the Euro Area. Inflation remained above the 2% barrier,due to the rapid increase in energy and food prices, whichcontributed to the ECB continuing its policy of increasingits reference rate, which rose from 3.5% at the beginningof the year to 4% by the year end. In the labour market,in 2007, both the trend for stable expansion in terms ofemployment creation was maintained, as well as thereduction in the unemployment rate (to 6.8%), althoughthe pace of its reduction had gradually fallen over theyear.

1 According to the Monthly Bulletin of December 2007 of the European Central Bank.2 Provisional value, measured through the European Consumer Price Index.

GDP GROWTH RATE (%)

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.0

-0.5

-1.0

2003 2004 2005 2006 2007

EUA

Euro Area

Portugal


GROWTH RATE OF SALES OF LIGHT VEHICLES (%)

6%

Portugal4%

3%

0%

-2%

-4%

-6%

2004 2005 2006 2007

EU15

� THE PORTUGUESE ECONOMY

In Portuguese economy the budget constraints were keptbut economic growth increased:

Economic growth >> 1.9%3

Inflation rate >> 2.4%4

3 According to the Economic Bulletin of the Bank of Portugal, Winter 2007 (estimate).4 Estimate of the Economic Bulletin of the Bank of Portugal, Winter 2007 (estimate).

The growth of 1.9%, although modest, is significantwhen compared with the 1.2% observed in 2006. Thisevolution in GDP was sustained by the growth in exports(7%), private consumption (1.2%) and, especiallyrelevant, in private investment (2.6%). The inflation ratefell to 2.4% (3% in 2006), being closer to the levelregistered in the Euro Area. The unemployment rateremained high (7.7%) and has not followed thedecreasing trend observed in the Euro Area.

GDP GROWTH RATE IN PORTUGAL, %

2001

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%

-0.50%

-1.00%

2002 2003 2004 2005 2006 2007

2.00%

0.80%

-0.80%

1.50%

0.90%

1.20%

1. 90%

01 INTRODUCTION 10

One of the factors with most influence on road traffic,sales of new vehicles, registered a positive development(+4.3%) with the sale of light vehicles increasing 4.3%and that of heavy vehicles increasing 6.4%. With theseresults sales returned to the levels of 2005, after havingregistered a reduction of 4.8% in 2006. 270 thousandlight vehicles and 6 thousand heavy vehicles were sold inPortugal in 2007.

� SLOWDOWN IN THE USA

In the USA, the economic slowdown observed in 2007,evident in the reduction in the GDP growth rate to 2.2%(2.9% in 2006), forced the Federal Reserve to reconsiderthe restrictive monetary policy it had been following, ofsuccessive increases in interest rates, and to lower thereference rate by 100 base points to 4.25%. Inflationremained under control below 3%, in spite of theinflationary pressures exercised by the energy prices,especially of oil.

� HIKE IN OIL PRICES

The average price of Brent from January to December 2007stood at USD73 - 11.4% above the average for 2006 and33.3% in relation to 2005. However, this strong increasewas eased by the depreciation of the Dollar against theEuro throughout 2007, which resulted in an increase in theaverage price of Brent, in euros, of 2% in 2007.

In the second half of 2007, the instability in the MiddleEast and reduction in American reserves contributed to

the successive all-time records by the oil barrel in the lasttwo months of the previous year. On 31st December 2007oil closed the year above USD 90 per barrel.

As a consequence, it was not long before the price of fuelincreased, especially that of petrol and diesel.

� ROAD FUEL

As a consequence of the evolution in the price of theBrent and increase in the tax burden on oil products, theprices of petrol and diesel recorded average increases of3.5% and 3.3%, respectively, in 2007 in comparison tothe previous year. The average price of fuel grewthroughout the year, with retail prices having risen 16%between January and December.

Between January and November 2007, sales of fuelincreased by 0.4%, with the volume of diesel increasing2.3% and petrol falling 5%. Thus, maintaining the trendfor the decreasing market share of petrol in comparison todiesel, which in 2007 was 25% and 75%, respectively.

� STOCK EXCHANGES INSTABILITY

The subprime crisis which burst during the second half of2007 caused a wide instability in financial markets. In spiteof this widespread and prolonged effect, the stockexchanges closed the year with gains, especially the stockexchanges of São Paulo (+45%), Frankfurt (+21%), NewYork (+6%) and London (+3%). In Portugal, the PSI-20closed the year with gains close to 16%.

EVOLUTION IN AVERAGE CAR FUEL RETAIL PRICES

1.50

1.40

1.30

1.20

1.10

1.00

0.90

0.80

2006

Petrol

Diesel

Average

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007


DomesticConcessions

02

The Portuguese road concessions market currently has14 concessions and over 2600 km under concession.Relative to the number of km under concession, Brisa holdsa market share close to 50%, through four roadconcessions:

1. 100% of the Brisa concession, a network whichincludes 11 motorways, with a total of 1 106 km,according to the Concession Agreement, ending in2032;

2. 70% of Brisal, which holds the A17 - Litoral Centromotorway, with 92 km an a variable term between 22 and 30 years;

3. 50% of Auto-estradas do Atlântico, which holds theconcession of two motorways, with a total of 170 km.Expires in 2028;

4. 55% of Auto-estradas do Douro-Litoral, aconcession of three motorways which comprises a totalof 129 km, under concession for 27 years.

The Brisa concession covers the country from North toSouth and West to East, being the main national roadaxis. This concession is ruled by the contract signed withthe Portuguese State, which covers the direct operation of11 motorways distributed over 1 089 km.

CONCLUSION OF THE MOTORWAYNETWORK

The conclusion of the Brisa network was accomplishedthrough the opening to traffic of the Lezíria Bridge, a newlink between the north and south of Portugal. Thisstretch, the last on the A10, corresponds to an investmentclose to 243 million euros, of which 80% are financed byBrisa and 20% by the Portuguese State. This work, inaddition to linking the north and the south of the countryis also a symbol of Portuguese engineering, since it wasplanned and executed by Portuguese companies.

Brisa Concession

02 DOMESTIC CONCESSIONS 12

Economic indicators Total sales: 573.0 million euros

EBITDA: 425.8 million euros

EBITDA margin: 74.3%

Number of workers: 1 603

CHARACTERISTICS OF THE BRISA CONCESSION

Motorways Extension (km)

Tolled Toll-free Total 2x2 lanes 2x3 lanes 2x4 lanes

A1 – Auto-estrada do Norte 277.8 17.4 295.2 202 85.9 7.3

A2 – Auto-estrada do Sul 225.2 9.0 234.2 216.3 17.9

A3 – Auto-estrada Porto-Valença 99.7 8.4 108.1 105.0 3.1

A4 – Auto-estrada Porto-Amarante 48.3 3.0 51.3 51.3

A5 – Auto-estrada da Costa do Estoril 16.9 8.1 25.0 3.8 21.2

A6 – Auto-estrada Marateca-Elvas 139.0 18.8 157.9 157.9

A9 – Circular Regional Externa de Lisboa 34.4 34.4 34.4

A10 – Auto-estrada Bucelas-Carregado-IC3 39.8 39.8 7.4 32.4

A12 – Auto-estrada Setúbal-Montijo 24.2 24.2 5.2 19.0

A13 – Auto-estrada Almeirim-Marateca 78.7 78.7 78.7

A14 – Auto-estrada Figueira da Foz-Coimbra Norte 27.9 12.1 39.9 39.9

Total 1 011.9 76.8 1 088.7 862.3 216.0 10.4

With its conclusion, the Brisa network can be considereda mature network, requiring only the conclusion of thelink to the new Lisbon airport, a link included in Brisa’sconcession Agreement and which will serve the newairport, once it is fully built.

� WIDENING, EXPANSION ANDMAINTENANCE

The main concession agreement establishes the wideningof the number of lanes of a motorway whenever itsAverage Daily Traffic (ADT) reaches a pre-established limit,so as to ensure the smoothness and quality of traffic flow.According to these limits, whenever the ADT is greaterthan 35 000 vehicles, the motorway should be widenedfrom 2 to 3 lanes in each direction. If the ADT is greaterthan 60 000 vehicles the number of lanes should beincreased from 3 to 4 lanes.

These constructions should be carried out within twoyears, albeit being dependent upon the necessarytechnical and environmental approvals, including theissuing of the Environmental Impact Declaration, by thecompetent authorities.

Currently, widening is in progress along approximately57 km of motorways, mainly on the Auto-Estrada doNorte (A1).

WIDENING UNDER CONSTRUCTION IN 2007

Motorways Extension (km) Type

A1 - Auto-estrada do Norte

Santarém / Torres Novas stretch 26.9 2x3 lanes

Condeixa / Coimbra (Sul) stretch 7.7 2x3 lanes

Estarreja / Feira stretch 16.8 2x3 lanes

A3 - Auto-estrada Porto / Valença

Águas Santas (A3/A4) / Maia stretch 5.3 2x4 lanes

In addition to the widening works mentioned above, variousother interventions have occurred on the network, both interms of major repairs as well as in terms of expansion. Thefollowing works are particularly noteworthy:

- A1 – AE do Norte: Beginning of the Construction ofInterchange II of Vila Franca de Xira – 2nd phase, on theAlverca / Vila Franca de Xira stretch;

- A13 – AE Almeirim/Marateca: Renewal of theInterchange on the IC10 with the EN 118, on theAlmeirim/Salvaterra de Magos stretch.

During 2007, in terms of conservation on the mainconcession, various improvement and road surfacereinforcement works were undertaken, alongapproximately 85 km.

IMPROVEMENT AND ROAD SURFACEREINFORCEMENT

Motorway Stretches

A1 Torres Novas / Fátima

A1 Mealhada / Aveiro Sul (works have begun)

A3 Cruz / Braga Sul / Braga Oeste

A3 Branches of the concession on Famalicão interchange

A4 Campo / Baltar / Paredes

A5 Estádio Nacional / Linda-a-Velha (complexity of

execution due to the heavy traffic)

A9 Estádio Nacional / Túnel de Carenque

A14 A14 – sub-stretch of the Vila Verde / Sta Olaia stretch

A2-A6-A13 Alcácer do Sal and Grândola Sul/Grândola Norte

Under road improvements, the annual road surfaceinspection campaign should also be highlighted. In thiscampaign functional parameters are evaluated, namely,attrition, texture, longitudinal regularity and structuralcapacity. This information is introduced into the RoadSurface Management system and supports theimprovement and reinforcement studies.

�TOTAL INVESTMENT IN THE NETWORK

During 2007, the value of the investment in the Brisanetwork was approximately 200 million euros. A largepart of this investment – 110.6 million euros – was aimedat the construction of new stretches. Since approximately20% of this amount is financed by the Portuguese State,the amount effectively spent by Brisa was approximately88.5 million euros.


DIRECT INVESTMENT IN THE MAIN CONCESSION

Type of investment 2003 2004 2005 2006 2007

New stretches 114.0 175.5 154.3 200.9 110.6

Major repairs 10.8 4.1 11.1 11.4 17.9

Complementary projects 17.9 41.5 64.2 56.8 54.5

Others 8.3 10.0 39.6 31.5 17.9

Total 151.0 231.1 269.2 300.1 200.9

The Auto-Estradas do Atlântico concession, covering atotal of 170 km, is distributed in two motorways, the A8and A15. This concession is fully built but is still far frombeing considered at a mature phase. Registering strongorganic growth, this concession will have additionalgrowth of traffic through the traffic induced by theopening of Brisal.

During 2007, the investment made at the level of themodernisation of toll equipment was particularlyimportant since it implied the total renewal at all tollplazas. The interventions were carried out along the 25Vias Verde entrances, 25 Vias Verde exits, 35 manual entrylanes and 63 manual exit lanes.

Atlântico Concession




EBITDA margin: 66.3%

Number of workers: 311

CHARACTERISTICS OF THE ATLÂNTICO CONCESSION

Motorway Extension (km)

Total Toll-free Tolled 2x2 lanes 2x3 lanes

A8 – Auto-estrada Lisboa / Leiria 129.8 26.0 103.8 88.1 41.4

A15 - Auto-estrada Caldas da Rainha / Santarém 40.2 0 40.2 40.2 0

Totals 170.0 26.0 144.0 128.6 41.4


The Brisal concession operates the Auto-estrada LitoralCentro (A17), along a total of 92 km linking the A8 atMarinha Grande to Costa da Prata in Mira. In 2007, thefirst stretches were opened, along an extension of 32 kmbetween Marinha Grande and Louriçal.

The remaining 60 km will be opened to traffic at theend of the first half of 2008. It should be noted that theinitial opening was delayed by four months, due tosetbacks in the environmental approval process by thePortuguese State.

After this opening, the Brisal concession will benefit from

traffic induced by the Atlântico concession and,

consequently reinforce the traffic increase on the

Atlântico network.

Brisal Concession


EBITDA: -4.6 million euros

EBITDA margin: N/A

Number of workers: 2

CHARACTERISTICS OF THE BRISAL CONCESSION

Extension (km)

Total Toll-free Tolled Planned Under In

Motorway construction operation

IIC8 – Louriçal – Pombal (given to the State in December 2006) 12.5 12.5 - - 12.5

A17 – Marinha Grande – Louriçal 32.3 - 32.3 - - 32.3

A17 – Louriçal – Mira 60.4 - 60.4 - 60.4 -

The Douro Litoral concession includes a total of 129 km,

of which 76.2 km are tolled, and was awarded to the

consortium led by Brisa at the end of December 2007, for

a period of 27 years.

This concession, close to the city of Porto will serve the

surrounding urban area, with a high population density, in

which various industrial activities are developed. This

concession is even more important since it links three Brisa

network motorways, the A1 (Auto-Estrada do Norte), the

A3 (Auto-estrada Porto / Valença) and the A4 (Auto-

-estrada Porto-Amarante).

The estimated investment of this concession reaches

almost one thousand million euros, of which 207 million

correspond to a payment to the Grantor, made at the time

of the signature of the Concession Agreement.

The studies and plans will be initiated during 2008, and

construction will take place over the following years. The

operation of the non-tolled stretches, totalling 52.7 km is

scheduled to start by March 2008.

This concession is expected to be fully open to traffic

during 2011.

Douro Litoral Concession


CHARACTERISTICS OF THE DOURO LITORAL CONCESSION

Extension (km)

Total Toll-free Tolled Planned Under In

Motorway construction operation

A43 – Gondomar / Aguiar de Sousa (IC24) 8.5 - 8.5 8.5 - -

A41 – Picoto (IC2) / Nó da Ermida (IC25) 33.0 - 33.0 33.0 - -

A32 – Oliveira de Azeméis / IP1 (S.Lourenço) 34.7 - 34.7 34.7 - -

N14 - Ameal (IC23) / Leça do Balio (IP4) 4.0 4.0 4.0

A1 / IC1 - Coimbrões (IC23) / Ponte da Arrábida (Norte) 4.3 4.3 4.3

A1 / IC2 - Nó de Sto Ovídio (IC2) / Coimbrões (IC1) 2.6 2.6 2.6

A20 / IP1 - Carvalhos (IC2) / VCI (IP1) 8.1 8.1 8.1

A20 / IC23 - Nó de Franco (IC1) / Nó VCI (IP1) 8.7 8.7 8.7

A28 / IC1 - Ponte da Arrábida (Norte) / Sendim (IP4) 6.1 6.1 6.1

A41 / IC24 - Espinho (IC1) / Picoto(IC2) 5.6 5.6 5.6

A43 / IC29 - Ponte do Freixo (Norte) / Gondomar 8.1 8.1 8.1

A44 / IC23 - Coimbrões (IC2) / Ponte do Freixo (Sul) 5.1 5.1 5.1

128.8 52.7 76.2 76.2 52.7

This concession is expected to be fully open to traffic by 2011.


The conclusion and awarding of important concessionsand the launching of new projects strongly stimulated theroad sector in 2007. In addition to the Túnel do Marãoproject, in which Brisa is currently short-listed, thePortuguese State has defined seven new concessionswhich will be tendered and whose initial proposals areexpected during 2008. Acting within the context of itsstrategy for the national market, Brisa will carefullyanalyse these public tenders and take a position, alwaystaking into account the creation of value for theshareholder.

� TÚNEL DO MARÃO MOTORWAY

The Túnel do Marão motorway, with a total extension of29 km, is currently in the short-list phase, with the AEdMconsortium led by Brisa, included in the list of 2

competitive bidders who will present a final proposal inearly 2008. The decision is planned to be made at the endof the first half of 2008.

In this context it is important to highlight that, once theMarão Tunnel concession is concluded and open to traffic,it will serve as an extension of the Auto-estrada A4 (Auto--estrada Porto-Amarante), between Amarante and VilaReal, which will reinforce the traffic flow on this Brisa’snetwork.

� NATIONAL ROAD PLAN

In addition to the processes which have already begunand those soon to be announced, are almost 1 500 km ofnew concessions, covering over 900 km of new roads:

New Motorway Concessions

- Auto-estrada Transmontana, between Vila Real andBragança (frontier), with the proposals to be handed inat the end of February 2008;

- Douro Interior, 261 km of new roads to be developed inTrás-os-Montes and Beira Interior;

- Baixo Alentejo, a concession in the districts of Beja,Évora and Setúbal, with the proposals planned for mid-March 2008;

- Baixo Tejo, 70 km in Setúbal Peninsula (32 km of newconstruction and 38 km already in operation), with theproposals planned for mid-April 2008;

- Auto-estradas do Centro, between Coimbra, Aveiro andViseu, a concession of which the tender should begin inMarch 2008;

- Litoral Oeste, almost 100 km in the region ofLeiria/Tomar (80 km of new construction), to betendered in March 2008;

- Alto Alentejo, 110 km of new lanes in the district ofPortalegre.


NEW ROAD CONCESSIONS

Construction of new motorways MaintenanceMotorway Without Total of lanes in Lanes for

profile motorway operation construction andConcessions profile (km) maintenance (km)

Transmontana 130 0 130 47 177

Douro Interior 18 243 261 11 272

Baixo Alentejo 124 0 124 220 344

Baixo Tejo 22 10 32 38 70

AE Centro 168 23 191 153 344

Litoral Oeste 19 61 80 19 99

Alto Alentejo 0 110 110 29 139

Total 481 447 928 517 1 445


Trafic andMobility

03

TRAFFIC FLOW ON THE TOLLED NETWORK

Decomposition Evolution 2007

Equivalent traffic flow 2.6%

Total traffic flow 3.2%

This evolution is a consequence of the improvedperformance of the Portuguese economy, especiallyduring the last half year, as well as the full absorption ofthe competitive effects of the Costa da Prata and NorteLitoral SCUT concessions on the A1 – Auto-estrada doNorte and A3 – Auto-estrada Porto/Valença. Theopening of the new sub-stretches of the A10, betweenArruda dos Vinhos and Benavente, which increased theextension of the concession and introduced new trafficon the network, contributed to an increase of 0.6% inthe traffic flow. However, even so, some factorsinhibiting growth still remained, such as the increase inthe price of fuel and continued competitive effect of theGrande Porto Concession on Grande Porto on the A4 –Auto-estrada Porto/Amarante, whose negative effectwill be eliminated in 2008.

In 2007, the traffic definitively confirmed the currentperiod of sustained expansion, after a period of weakeconomic growth and the occasional impact of thecompetition, as can be seen in the graph below:

Traffic and Mobility

03 TARFFIC AND MOBILITY 20

GROWTH IN QUARTERLY TRAFFIC 2004- 2007

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

1 T-

04

2 T-

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3 T-

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4 T-

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2 T-

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3 T-

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4 T-

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During 2007, there was a notable increase in traffic,although the different concessions have shown differentlevels of traffic flow and growth according to theirmaturity. Hence what is most noticeable is the inversion ofthe negative trend of the past few years in the equivalentnetwork.

GROWTH OF TRAFFIC IN MOTORWAYCONCESSIONS

Concession Growth

in ADT Comments

Brisa 2.6% Mature concession

Atlântico 8.1% Non-mature concession

Brisal - 32 km opened in June 2007

Douro Litoral - Project phase

� TRAFFIC ON THE BRISA CONCESSION

The total traffic flow on the Brisa network of tolledmotorways corresponded to 77.8 x 108 vehicles x km in2007, which is equivalent to an increase of 3.2% incomparison to the traffic flow registered during theprevious year.

� ANALYSIS BY MOTORWAY

The evolution in traffic flows has changed the relative

importance of each motorway in Brisa’s tolled network.

Hence, the A13 and A4 motorways now indicate the

greatest gains and losses, respectively, with significant

variations being observed in comparison to 2006.

As a result of their growth or representativeness, the

following Brisa network motorways deserve particular

mention:

The A1 (Auto-estrada do Norte), which in spite of the

traffic lost to the new sub-stretches of the A10, benefited

from the favourable performance of the economy and the

end of the competition from the Costa de Prata SCUT,

which resulted in positive variations in traffic flows as of

the end of the fourth quarter of 2006.

On the A2 (Auto-estrada do Sul), 2007 was characterised

by a very positive recovery in growth rates, with traffic

flows increasing by 4.7%.


TRAFFIC FLOW AND RELATIVE IMPORTANCE OF EACH MOTORWAY

Vehic. km Relative VariationMotorway (108) importance 2006-2007

A1 - Auto-estrada do Norte 37.3 47.9% 2.5%

A2 - Auto-estrada do Sul 14.1 18.2% 4.7%

A3 - Auto-estrada Porto / Valença 6.6 8.5% 2.7%

A4 - Auto-estrada Porto / Amarante 4.5 5.7% -8.6%

A5 - Auto-estrada da Costa do Estoril 4.2 5.3% 1.0%

A6 - Auto-estrada Marateca / Caia 2.9 3.7% 3.3%

A9 - CREL - Circular Regional Exterior de Lisboa 3.5 4.5% 5.2%

A10 - Auto-estrada Bucelas / Carregado / IC3 0.8 1.0% 594.6%

A12 - Auto-estrada Setúbal / Montijo 2.0 2.5% 1.0%

A13 - Auto-estrada Almeirim / Marateca 1.5 1.9% 9.5%

A14 - Auto-estrada Figueira da Foz / Coimbra (Norte) 0.6 0.7% 3.6%

TOTAL 77.8 100.0% 3.2%

QUARTERLY GROWTH RATE IN TRAFFIC FLOWS ON THE A1 2004 – 2007

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

-8.8%

-10.0%

-12.0%

4.3%3.9%

0.4%

-2.3%

-4.7%

-9.4% -9.4%

-7.4%

-4.9%

-0.9% -0.8%

2.2%

1.4%1.8%

4.1%

2.3%

1 T-

04

2 T-

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3 T-

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4 T-

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2 T-

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3 T-

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The A3 (Auto-estrada Porto/Valença), during 2007 nolonger felt the competitive effects of the Norte LitoralSCUT. Strong growth was observed as of the middle of2007, particularly on the stretches north of Ponte de Lima.

On the A4 (Auto-estrada Porto/Amarante) the negativeeffects of the competition induced by the stretches of theGrande Porto SCUT remained throughout 2007, and willonly diminish over 2008.

The A5 (Auto-estrada da Costa do Estoril) registered only1% growth in comparison to 2006, since its capacity isclose to saturation.

On the A9 (CREL), the opening to traffic of the newstretches of the A10, permitted new links between the A1and the entire region south of the Tagus river to thewestern zone of Grande Lisboa, which sustained growthabove 5%.

Lastly, the A10 – Motorways Bucelas / Carregado / IC3and A13 – Almeirim / Marateca deserve special mention,in which the strong growth reflects the alternative of newroutes and attraction of new clients who did notpreviously use the network (attraction of traffic previouslyusing Marechal Carmona Bridge and the surroundingnetwork).

� ANALYSIS BY CLASS OF VEHICLE

The distribution of traffic in different classes did notchange significantly, which is particularly positive, takinginto consideration that during 2007 the discounts whichhad up to this date been given to heavy vehicles ended.

According to the data in the table below, it can be seenthat class 1 grew to at the cost of class 2, whose relativeweight fell approximately 1% between 2005 and 2007.Classes 3 and 4, more related to economic activities haveshown greater stability in their evolution, maintainingtheir relative weight.

TRAFFIC STRUCTURE BY CLASS OF VEHICLE

Class 2005 2006 2007

1 80.0% 80.8% 80.9%

2 14.3% 13.6% 13.3%

3 0.9% 0.8% 0.8%

4 4.8% 4.8% 4.9%

� TRAFFIC ON THE ATLÂNTICOCONCESSION

During 2007, the Atlântico concession registered anincrease of 8% in traffic, since average daily trafficincreased from 15 089 to 16 303 vehicles. Growth duringthe past year reflects the non maturity of this concessionand potential it presents. In addition to this fact, thecomplete opening of Brisal will also have a positive effecton the traffic on this concession over the next few years.

Atlântico TMD % change

A8 20 488 8.2%

A15 5 497 6.2%

Atlântico concession 16 303 8.0%

� TRAFFIC ON THE BRISAL CONCESSION

2007 witnessed the opening to the traffic of Brisal’s firstsegment between Marinha Grande and Louriçal, on 3rd

June. On this 32.3 km segment, average daily trafficregistered was 4 528 vehicles. However, it is still notpossible to infer the traffic level on this concession fromthis value, since this is a single segment which has onlybeen open for just over 6 months.

Brisal ADT

A17 4 528


As has been previously mentioned, Brisa is currentlydeveloping the BEST Project, which defines the company’smajor guidelines. Excellence is one of the fundamentalvalues chosen in this Project and, as such, Excellence ofService reinforces a structural element in the company’sstrategy, thus explaining the enhanced development ofthis area during the last few years.

� ACTIVE MANAGEMENT OF TRAFFIC

Aimed at the provision of high quality services inassistance, emergency care, patrolling, protection andinformation to clients, the management and coordinationof operations on motorways is ensured by the OperationalCoordination Centre (OCC), located at Brisa’s head office,in Carcavelos, and which coordinates all the resourcesrequired for the active management of traffic.

The OCC is responsible for the active management oftraffic in strict collaboration with 12 Operational Centres,distributed all over the country and along the entirenetwork of Brisa and Brisal motorways, and is prepared toinclude future networks, such as for example, the DouroLitoral concession network. The management andcoordination of resources by this Centre cover the variousaspects of day-to-day activity, especially collaboration inthe issuing of opinions and implementation of TrafficManagement plans.

Regarding the patrolling carried out by Brisa AssistênciaRodoviária (BAR), the OCC promotes the respectiveinspection, in collaboration with the Managers of theOperational Centres, so as to maximise service standards(through the minimisation of response time), quality andtype of services provided.

OCC activity is supported by the road telematic equipmentinstalled on the motorway network, consisting of a total ofapproximately 170 electronic notice boards, allowing theprovision of dynamic information in real time to clients, andof approximately 500 cameras, allowing network coverageof 78.5%. It should be noted that the latter contribute toapproximately 8% of detection of incidences.

The fact that the OCC possesses a database on all of theincidences occurring on the network, allows the statisticalprocessing and analysis of the data relevant to theoperation, enabling the construction of managementindicators, as well as the possibility of the continuedimprovement of the system.

� INFORMATION AND CLIENTSATISFACTION

The information of operational nature managed by OCC,essential to ensure the management of operations, iscomplemented by external information, aimed atensuring that the client is appropriately, usefully andcompletely clear about the use of the motorway network.

This information is provided to the client through variouschannels of communication:

•• Telephone:• Brisa Blue Number - 808 508 508 – permanent

contact number, 24 hours a day, 365 days a year;• Via Verde Client Helpline – 707 500 900 – contact

number for Via Verde clients.

•• Electronic mail:• e-mail for Brisa client support: [email protected];• e-mail for Brisa investors: [email protected];• e-mail for VVP investors: [email protected];• e-mail for Brisa client support:

[email protected].

•• Internet site – www.brisa.pt and www.viaverde.pt

•• 15 Attendance posts along the motorway network andin the main urban centres ensuring attendance to allBrisa and Via Verde clients;

•• 33 Information posts situated in Brisa Service Areas,Shops and Operational Centres providing Access to theBrisa and Via Verde Internet sites and telephonehelplines.

Service Excellence


Brisa has been giving increasing importance to clientsatisfaction levels through the quality of the servicesprovided. As of early 2007, the satisfaction indicatorsadopted by Brisa for the evaluation of the quality of theservices provided are integrated in the MIS (ManagementInformation System).

In addition to inspecting client satisfaction levels, theClient Support Service has centralised, since 2005, thereception and management of all of the presentations,containing suggestions, complaints and requests forinformation sent by Brisa clients, aimed at ensuringgreater control of the quality of the attendance providedand faster management and conclusion of cases. 20 744presentations were processed by the Client SupportService in 2007, corresponding to an increase of 9% incomparison to 2006. This increase, far lower than the71% observed in 2006 in comparison to 2005,demonstrates the stabilisation of the service provided.

In 2007, a new platform was built for the processing ofobservations, aimed at adding increased flexibility andresponse to client observations.The new platform allows,in an easy manner accessible to all company employeesand departments, ensuring compliance with internalprocedures as well as having the capacity to effectivelymanage and control complaints directed at Brisa, takinginto account all the stages in the life cycle.

� NETWORK OF SHOPS AND SERVICEAREAS

Brisa, in partnership with Via Verde, has developed anetwork of 8 shops for client attendance aimed atpromoting greater proximity with clients. The shops arebased on the concepts of accessibility and proximity, andcomplete the client attendance available by telephoneand Internet, through greater physical presence.Strategically placed along the client’s route, the shopsprovide a full service to Brisa and/or Via Verde clients –based on the one-stop-shop concept – ensuring thesolving of all problems in one go.

The 25 service areas along the motorways ensure fullcoverage of the network, with an average distancebetween them of approximately 40 kilometres. All theBrisa network service areas consist in two half areas, onein each direction.

Base elements in the service areas

• parking zones for light and heavy vehicles;• fuel, oil and lubricant supply zone;• sales zone for vehicle material;• service station/wash zone;• shop/mini-market zone;• restaurant zone;• rest zone;• children’s park;• sanitary facilities.

01 2403 TARFFIC AND MOBILITY

In spite of being under sub-concession to third parties,Brisa exercises strict management of the quality of theservice areas. During 2007, Brisa’s inspections to theservice areas under sub-concession were restructured, butstill maintaining a common base identical to the previoussystem. The entire system continues to maintain theobjective of verifying compliance with the contractestablished with the concessionaires as well as being away to evaluate the level of service provided in each unit.

The system developed consists of:

• daily inspection carried out by Brisa AssistênciaRodoviária – evaluation of a set of 13 indicators;

• “Mystery Client” inspections carried out by anindependent company (SGS Portugal, S.A.) – carriedout twelve times a year, approximately on a monthlybasis;

• Brisa inspections for the evaluation of infrastructure(flooring, buildings, etc), on an annual basis;

• inspections within the area of Food Quality andHygiene, carried out by an independent company(currently SGS Portugal, S.A.).

During 2007, 32 595 824 vehicles entered into Brisanetwork Service Areas, representing an average of665 221 vehicles for each half service area.



During 2007, the most popular form of payment,measured by the value of the transactions carried out,was the Via Verde system. The transactions carried outunder this system achieved a penetration of 57%.

FORMS OF PAYMENT (VALUE OF THETRANSACTIONS CARRIED OUT)

Analysing only the Brisa concession, we find that a totalof 223 631 382 transactions were carried out, with60.3% being through the Via Verde system.

Brisa continued to make efforts towards the automisationof toll collection, aimed at increasing service quality and

economic rationalisation. In 2007, of particular relevancewas the introduction of the free-flow system, on the A10(Auto-estrada Bucelas / Carregado / IC3), a new tollcollection system for Via Verde clients, eliminating thephysical toll barrier on the lane.

This new toll collection system functions through a porticoon the motorway, in which antennas scanning theidentifiers are located. Comfort and traffic flow are thusguaranteed, since the drivers possessing Via Verde do notneed to slow down, as would be the case if they had topass through a traditional toll barrier.

Also aimed at the automatisation of toll collection, thework and tests carried out during 2007 should also beparticularly noted, with the objective of introducing amanual lane of automatic character. The so-calledautomatic lane should be implemented in the near future,representing not only improved standard of service in tolllocations but also enabling potential gains in efficiency,since it will substitute manual lanes.

Payment in cash 23%

Bank Card 20%

Via Verde 57%

57%20%

23%

Payment Systems

Road Safety


During 2007, Brisa continued efforts towards reducingthe rate of occurrence of accidents, and it is of particularinterest that the accident rate indicators decreased inrelation to those registered in 2006.

In spite of this positive evolution, Brisa, considering theimportant role played by road signs in motorway usersafety, will continue to invest in this area, aimed at thesafety and comfort of driving.

� ACCIDENT OCCURRENCE RATE

The rate of occurrence of accidents, which in 2006 hadregistered an increase of 8% in relation to 2005, showeda positive evolution, since during 2007 this indicator fellby 19% in relation to 2006.

The other road safety indicators also present a positiveevolution, especially those related to the severity of theaccidents:

• 16.3% in the rate of accidents resulting in severe injury • -5.1% in the rate of accidents resulting in death• -13.4% in the rate of accidents resulting in light injury

� ROAD ACCIDENT PREVENTION

In addition to the road accident prevention campaignsdeveloped, Brisa continuously reinforces the characteristicsof safety on its network. The following actions in this areashould be highlighted:

• Installation of six crash cushions for protection againstdivergences considered dangerous.

• Use of high quality materials, such as highlyretroreflective panels to improve drivers’ night vision;

• Installation of luminous green markers on Vias VerdePlena Via tolls to better guide drivers’ Access to thoselanes.

• Analysis of accident concentration zones, withinterventions on the A3 and A4 through the installationof active signs for the luminous delineation of specificlocations and localised improvement of road surfaces.

• Removal of vegetation close to buildings next tomotorways and thinning trees and bushes to reducecombustible mass, in accordance with the legislationon the prevention of forest fires.

Accident occurrence rate

of 54.32 acidentesfor each 100 million kilometres travelled

to approximately 44.02 accidentsfor each 100 million kilometres travelled.

(10^8 vehicle x km)

This indicator decreased by 19.0% during the last yearin spite of the increase in total traffic flow registered

on the Brisa network in 2006.


Transportinfrastructures

04


Transport InvestmentInfrastructure

Company (TIIC)

Brisa, jointly with two financial partners (MillenniumInvestment Banking and Compagnie Benjamin deRothschild), has constituted an investment fund intransport infrastructure. This fund aims at exploringinvestment opportunities complementary to thosedeveloped by the actual promoters, in the markets of theEuropean Union, North America and Latin America.

This fund, complementary to Brisa’s business, is

distinguished from the others in that it seeks to createvalue in its subsidiaries in both financial and operationalareas. The combination of operational and financialpartners constitutes this factor of differentiation.

The target capitalisation will be 500 million euros, ofwhich 50 million will be underwritten by Brisa. Theinvestment period, during which the funds provided bythe shareholders will be applied, will be 5 years.

This diversification has arisen with the objective of gainingprofits in other transport sectors. Therefore, the definitionof priorities favours the railway and airport transportinfrastructure sectors. Aimed at entry into the latter sector,through the New Lisbon Airport Project (NLA) andprivatisation of ANA, it should particularly be noted that,at the end of 2007, Brisa, in conjunction with otherpartners, has represented the only consortium announcedto date (Asterion).

The core business of Brisa Engenharia e Gestão (BEG) isthe management of transport infrastructures, essentiallythose pertaining to roads and railways, especially in theareas of project coordination, management ofexpropriative processes, supervision and management ofconstruction work and coordination of safety.

Main clients:

• BRISA – Auto-Estradas de Portugal• BRISAL, Auto-Estradas do Litoral• Estradas de Portugal, S.A., • Autarquias • REFER

By the end of 2007, BEG, 100% held by Brisa, employed252 highly qualified and experienced workers in theiractivity areas.

Regarding quality, BEG has maintained the accreditationof its Laboratory, with head office at Maia, through NormNP EN IS0/IEC 17025:2000, kept its General Manager ofQuality certification attributed by the Laboratório Nacionalde Engenharia Civil (LNEC), and obtained the certificationof the system of Integrated Management of Quality andthe Environment, in accordance with the norms,respectively, NP EN IS0 9001:2000 and ISO 14001:2004.


01 30

Airports

04 TRANSPORT INFRASTRUCTURES


High-Speed Train

Brisa, jointly with two financial partners (MillenniumInvestment Banking and Compagnie Benjamin deRothschild), has constituted an investment fund intransport infrastructure. This fund aims at exploringinvestment opportunities complementary to those

developed by the actual promoters, in the markets of theEuropean Union, North America and Latin America.

This fund, complementary to Brisa’s business, isdistinguished from the others in that it seeks to create


InternationalBusiness

05


Brisa’s growth has also been developed through itsinternational business. Present in various countries, Brisahas based its international expansion on the vastexperience accumulated over its 36 years of activity andon key competences in the development of roadconcessions and solutions in integration and electronic tollcollection systems. It should be noted that in 2007, aimedat increasing global coverage, Brisa enlarged its

geographical focus, for example to Russia, Turkey andAustralia.

Partnerships with local companies or companies which arealready established in the different markets comprise thepreferred method for possible entry into these newmarkets.

International Business

“Brisa expects that within five to ten years 50% of the company’s value will come frombusiness in the international market.”

� BRAZIL: CCR - COMPANHIA DECONCESSÕES RODOVIÁRIAS

18% held by Brisa, CCR is responsible for themanagement of 1 452 km of motorways through thefollowing concessions: AutoBAn and ViaOeste, in SãoPaulo; NovaDutra, Ponte Rio-Niterói and ViaLagos, in Riode Janeiro; and RodoNorte, in Paraná. In addition to itsroad concession business, CCR is also responsible for theconstruction and operation of Line 4 of the Metro of SãoPaulo, a railway infrastructure.

The transfer of technology from Brisa to CCR, both interms of management s well as related to the operationof infrastructures, has stimulated the development andenhanced the reputation of the concessionaire on theBrazilian market and in the international sphere.

This transfer is also reinforced through the exchange ofexperiences and synergies to consolidate and expandbusiness in progress and develop new opportunities inBrazil and other countries.

� UNITED STATES OF AMERICA:NORTHWEST PARKWAY

This concession is 18 km long, of which 14 have alreadybeen built and are in operation, and is part of the roadbelt of Denver, Colorado, one of the States with highestexpected growth in the United States. It has a 99 yearmaturity and involves an investment in the order of 375 million euros.

Brisa is the controlling shareholder, holding 90% of thisconcession, with the remaining 10% being held by CCR.

This was the first concession won by Brisa in the NorthAmerican market and constitutes an important milestone inBrisa’s process of creation of value and internationalisation.

Road Concessions

05 INTERNATIONAL BUSINESS 34



EBITDA margin: 60.5%% Economic indicators Total sales: 604.4 thousand euros

EBITDA: -18.0 thousand euros

EBITDA margin: -3%


� CZECH REPUBLIC: KTS

KTS was the company chosen to supply and operate theelectronic toll collection system for heavy vehicles. Theconsortium, 26% held by Brisa, was constituted inpartnership with Kapsch, an Austrian company holdingthe remaining capital, to participate in electronic tollcollection tenders launched in Central Europe.

The Czech Republic offered Brisa’s first opportunity in thecountries of Central Europe, where economic growthrates have been very significant.

� HOLLAND: MOVENIENCE

Created in 2007, Movenience is responsible for electronictoll collection in the Westerschelde Tunnel.

30% held by Brisa International, 60% held by WST(Westershelde Tunnel) and 10% held by NedMobiel,Movenience is in an extremely favourable position torespond to current trends in the management of mobility,using electronic toll collection systems on road services inBenelux.

Brisa has three international offices - in Atlanta, in theUSA, Vienna in Austria and São Paulo in Brazil – and ispresent in various regions.

� LATIN AMERICA

Brisa is present in the Latin American market throughCCR, of which its holds 18%. Potential opportunities,especially in terms of tenders for motorway concessionsand related businesses, make Brazil a very attractivemarket. Mexico and Chile also present very attractivepotential growth in the private concessions area.

In 2007, Brisa’s international activity focused on thefollowing projects:

During last year, activity in Latin America concentrated onthe following projects:

2nd phase of the Federal Concessions, Brazil: Thetender for the 2nd phase of concession of federalmotorways in Brazil took place in October 2007, involving7 lots of roads, with a total of 2 700 km, in the South andSoutheast of Brazil. CCR participated in the tender but didnot win any of these lots. However, the winning bids wereconsidered too aggressive for the projects in question.

FARAC, Mexico: In October 2007, the FARAC tender wasopened, the first package of federal motorways inMexico. The project consisted in the operation andmaintenance of 4 roads, over a total length ofapproximately 558 km. In July, Brisa took part in thetender, in consortium with CCR and the Mexicancompany Hermes, bidding against 6 other consortiums.

� EUROPE

The countries with strongest growth such as Poland,Hungary, the Czech Republic, Slovakia, Romania andBulgaria are the preferred markets in Central and EasternEurope. The privatisation of state operators currentlyrepresents the most promising area. Recently, and in orderto capture opportunities in the medium/long term, Brisa

has expanded its sphere of action to Russia and Turkey,countries presenting enormous potential for projectsplaced totally within the context of Brisa’s strategy.

In Europe, Brisa focused on the following projects in2007:

- A1 and A2, Poland: Two tenders for the constructionof the A1 road (Strykow – Pyrzowice Section) of 180kilometres and A2 road (Strykow – Konotopa Section) of95 kilometres, in consortium with the English companyBilfinger Berger. The roads are valued at 1170 millioneuros and 617.5 million euros, respectively. The Brisaconsortium was pre-qualified for the final phase of thetender in December 2006. This project is currentlyawaiting evolutions in the process in 2008.

- M6 Phase II, Hungary: Tender for a motorway of 80 km, with the tolls being paid to the concessionairethrough the stamp system currently in force in thecountry. The tender was opened in April 2007, with“Letters of Interest” having been submitted by 5consortiums, amongst which is Brisa, jointly with Alpine.Brisa was not selected.

- Electronic Toll Collection, Slovakia: Tender forelectronic toll collection, along 2700 km of roadsthroughout the country. 8 consortiums participated,amongst which was Brisa through KTS, in which it holds26%, jointly with the Austrian Kapsch, holding 74% ofthe capital. Brisa is amongst the pre-qualifyingconsortiums. The value attributed to the project is 400 million euros.

� USA

The enormous size of this market and major need forinvestment in infrastructures underlie Brisa’s interest.Potential investment is currently focused on the states ofFlorida, Texas, Georgia and South Carolina. In spite of this,the pace of launching of projects has been lower thanexpected.

Markets and Tenders

05 INTERNATIONAL BUSINESS 36


In 2007, activity on the American market concentrated onthe following projects:

- Northwest Parkway, Colorado: The process ofattribution of projects began in 2006, with Brisa (90%)and CCR (10%), already having been pre-qualifiedduring this year. In April 2007, the consortium wasconsidered the preferred bidder and the concession wasattributed.

- North Tarrant Express, Texas: In March 2007, Brisa, inconsortium with Balfour Beatty Capital, presented aproposal, having been pre-qualified in August. Theproject is estimated to be worth approximately1.5 million euros. Brisa is currently waiting for theresponse from the Department of Transport of Texas.

OTHER MARKETS

The Southeast Asian market, stimulated by ambitiousmotorway investment plans, and the Australian marketare also under the attentive eye of Brisa, which hasdecided to widen its geographical and time horizons.

During 2007, Brisa’s business in these marketsconcentrated on the following projects:

- Brisbane Airport Link, Australia: Invited by Babcock &Brown, in November 2007, Brisa took part in an alreadypre-qualified consortium for this tender. Apart from Brisaand Babcock & Brown, the group also includes BilfingerBerger. The project involves the construction andoperation of a tolled tunnel, over approximately 6 km, inthe city of Melbourne, with an investment in the orderof 1.9 mil million euros.

- Dakar-Diamniadio Toll Road, Senegal: The Dakar-Diamniadio motorway is a greenfield project 34 kmlong, 12 km of which are financed by the State and theremaining 22 km through a public-private partnership.The private investment is estimated at 63.9 millioneuros. Brisa, jointly with MSF, Mota-Engil and BESconstituted a consortium, already pre-qualified,competing against Autoroute du Maroc and Eiffage.

CorporateSustainability


Business Sustainability


Social responsibility at Brisa is assumed in a long termperspective, aimed at creating value for the shareholdersand community through economic growth, allied to socialprogress and environmental quality. Its positioning as asustainable development partner is more than a meredeclaration of good intentions, it is part of the company’sstrategic guideline on risk management and creation ofnew opportunities.

The company has published, since 2003, an AnnualSustainability Report, providing information on its policyand analysis of its performance, in 3 key areas –economic, environmental and social – in an integratedmanner. The 2007 Sustainability Report, available onBrisa’s site (www.brisa.pt), presents the informationdescribed in this document in greater detail and depth, inaccordance with the GRI (Global Reporting Initiative)international norm.

Aware of the impacts of its activity in construction andmanagement of infrastructures, Brisa proposes to quantifyand analyse these impacts, so that they may be fullycompatible with sustainable development.

For this effect, five fundamental vectors were identifiedreflecting the most important areas of influence of thecompany’s activity: Human Resources, Environment, RoadAccident Prevention, Innovation and Quality and SocialDevelopment.

External recognition of is performance and good practicesis visible, at a national and international level, through itsactive participation in reference organisations, inclusion inspecialised indices and classification in sustainabilityrankings. In 2007, of particular importance were:

BCSD Portugal – A member since 2004, Brisa held itspresidency in 2007;WBCSD – World Business Council for SustainableDevelopment – Adhesion in 2007;United Nations Global Compact – Adhesion in 2007;FTSE4Good Index – Renewal of its presence in the Index;S&P Global Infrastructure Index.

Up to the expectation of other reference analysts andbenchmarks: Triodos, Dow Jones Sustainability Index,Heidrick & Struggles, amongst others.

Clients

Public opinion

Shareholders

Competitors

Financial markets

State

Earth

Suppliers

Partners

Innovationand quality

Environment

Safety

Humanressources

Socialdevelopment

Employees

Local communities

In 2007, the Department of Human Resources carried outa series of innovative initiatives of enormous impact in theorganisation.

At the end of the year the preparatory activities wereinitiated for launching the Group’s Code of Ethics and theSolidarity project was put into operation, in which theGroup’s employees are called upon to donate, on amonthly basis, at least 1 € of their salary to a solidarityinstitution, to which the Company will add a significantcontribution at the end of the year. The Learning to be anEntrepreneur project, which takes the fostering of socialresponsibility values and entrepreneurship to schools, andof which Brisa is a founding member, had theparticipation of 25 company volunteers.

Aware of its responsibility and role in SustainableDevelopment, Brisa took the initiative of promotingawareness-creating activities for its Senior Managementon the concepts of Social Responsibility and SustainableDevelopment. For this effect, 16 sessions were heldinvolving 1 976 hours of training and 257 participations.

The objective of the implementation of the ColomboProject was to attract innovative ideas which, onceimplemented, could lead to improvements at both theoperational level as well as in terms of client satisfaction.435 Employees participated in this project, contributingwith 1 231 ideas.

An Employee Portal was placed in operation, in order topermit the optimisation and effectiveness of informationflows associated to human resource routines and therespective personal data, accessible in all locationsthrough the intranet. In the area of improved access toinformation, the foundations for a new Company intranetwere developed, with a more user-friendly structure andbroader range of services and accesses.

In 2007, investment in training reached 500 thousandeuros, having involved 2 725 employees, 10 801participations and 52 704 hours of training.

EMPLOYEES BY COMPANY

2007

Company Total

BRISA ACCESS ELECTRÓNICA RODOVIÁRIA 49

BRISA ASSISTÊNCIA RODOVIÁRIA 289

BRISA AUTO-ESTRADAS 1 603

BRISA ENGENHARIA E GESTÃO 252

BRISA INTERNACIONAL 1

BRISAL 2

CONTROLAUTO 366

MCALL 47

VIA VERDE PORTUGAL 117

ATLÂNTICO (50%) 156

BRISA PARTICIPAÇÕES E EMPREENDIMENTOS 4

NORTHWEST PARKWAY 7

BRISA NORTH AMÉRICA 2

Total Geral 2 895

Human Resources

06 CORPORATE SUSTAINABILITY 40


Brisa has defined a new Biodiversity strategy, based on 6strategic partnerships, covering the development ofresearch and education, integrated in company business.Total investment comes to 2.5 million euros, applied overa 5 year period.

1. Business & Biodiversity Protocol – During thePortuguese Presidency of the European Union, a protocolwas signed in which Brisa assumed a commitment to thepromotion of Biodiversity. In this protocol, Brisa’s strategywas delineated in this matter, with specific reference tothe various partnerships to be developed.

2. Quercus Protocol – Actions are planned to promotebiodiversity in the International Tagus National Park and inthe Special Protection Zone for Birds of the InternationalTagus, Rivers Erges and Ponsul. Intervention will have apositive effect on the various habitats, cork and oak areas,securinega buxifolia shrubland, riverside galleries, wetlandsin general, and on innumerable groups of fauna; and topromote areas for visits and environmental education.

3. APENA (Associação Portuguesa de Engenharia Natural)– Establishment of a biannual prize to award NaturalEngineering projects; support to the organisation oftraining courses, information and demonstration sessionsand to the publication of manuals and other works of atechnical nature in the area of Natural Engineering;contracting of specific studies in the area of NaturalEngineering, so as to ensure the creation andincorporation of specialised know-how by Brisa.

4. BCSD Portugal – Promote, jointly with BCSD Portugal,the dissemination of the principles and best practices ofthe companies-biodiversity relationship, particularlythrough support to the editing of publications, holding ofevents and development of case studies on the subject.

5. Foundation of the Faculty of Sciences of LisbonUniversity – Development of projects, jointly with theFoundation of the Faculty of Sciences of the Faculty ofSciences of Lisbon University, in order to learn more aboutthe characterisation of the impacts caused by motorwayson ecosystems.

6. Companhia das Lezírias - Development of the “EVOAProjects – Areas for visits and the observation of birds ofPonta da Erva/Salinas de Saragoça”. This project, inaddition to its strong environmental awareness-creatingand leisure components, aims at serving as a base forresearch projects on the bird species of the estuary.

Development of the “Biodiversity in Forest andShrubland” Project – This project is aimed at the corkareas, seeking to increase their productivity, ensuring thesubstitution of trees which reach the end of theirproductive life and die, and to ensure the compatibility oftheir conservation with extensive cattle husbandry.

Total investment in the environment reached 5.9 millioneuros.

Environment

NEW ENVIRONMENT PROGRAMME

6. Companhia das LezíriasEVOASustainability of trees and shrublands

Integration of 6 areas of action

1. ICNBProtocol Business& Biodeversity

3. APENABiannual prizeSpecific studies

5. FCULProtocol

4. WBCSDPublication:Companies andbiodiversity

2. QuercusTrainingprogrammes

BrisaBiodiversity

Project

Brisa was the first national company to sign the EuropeanCharter on Road Safety, having received this organisationat its head office in Carcavelos in 2007, so as todemonstrate compliance with its commitments andfurther the benefits resulting from this partnership.

Amongst the various initiatives making Brisa the largestPortuguese private investor in road accident prevention,of particular importance is the Safety First Programme,developed since 2005. This Programme is divided intotwo components: one directed at drivers, throughawareness-creating campaigns, the other aimed atstudents of the 1st Cycle of Basic Education througheducational programmes.

In 2007, in the information to drivers component, inaddition to the usual Summer and Christmas campaigns,an institutional campaign was carried out on safety. Allthe campaigns were supported by outdoor advertisingand radio spots, as well as a television spot.

By the end of 2007, the educational component of theSafety First programme had involved a total de 254 studyvisits, 29 781 students and 11 804 educational staff,including parents and teachers. The number of childrencovered increased by 94% from 2006 to 2007, with thenumber of visits having increased from 111 to 143.

Road Accident Prevention


SAFETY FIRST PROGRAMME

25 000

20 000

15 000

10 000

5 000

0

Children Educational Staff

10 119

19 662

7 313

4 492

2006

2007


Based on the key concept of the Innovation Network,Brisa works as a catalyst for innovation with its partners,with approximately 60 researchers collaborating in itsexploratory projects, with a total of 18 articles publishedin 2007.

This phase is complemented by development andinvestment phases, with a total number of approximately100 projects in progress. The budget of investment intechnology developed in the network reached 27 millioneuros, in 2007.

Brisa is a company of intermediate technological intensityin the area of Research & Development (R&D), beingabove the average of Portuguese companies. The R&DCosts/GVA ratio at Brisa is 0.9%

According to a study by the European Commission“Towards a European Research Area in Science,Technology and Innovation - Key Figures 2007”, presentedin greater detail in the Sustainability Report, the averageR&D Costs/GVA ratio with respect to Portuguesecompanies was 0.26% for 2005.

Brisa has contributed to the country’s wealth bysubstituting imports, stimulating knowledge and nationalindustry. The company has developed a strategy ofinternationalisation of technology so as to providesustainability and continuity to the network which hasbeen created, and for this purpose is creating a networkof partnerships with global companies and competing invarious markets. Brisa is currently present in the CzechRepublic (KTS) and Holland (Movenience).

Also noteworthy is Brisa’s participation in the developmentof the VII Programme - Vehicle-Infrastructure Integrationwithin the OmniAir consortium. This project aims at theinteroperability of electronic toll collections systemsbetween motorways in the United States, also with themore ambitious objective of transmission of informationbetween vehicles and road infrastructure, thus reducingthe rate of occurrence of accidents.

By entering into these markets, supplying technology,Brisa will foster the internationalisation of the companieswhich are part of the network of national partnerships.

Innovation

2003 2004 2005 2006 2007

Total R&D Costs (euros) 2 039 226 2 741 504 5 358 911 6 804 288 4 669 838

GVA 491 240 942 417 429 344 784 112 746 858 632 076 498 001 621

R&D Costs/ / GVA (%) 0.42% 0.66% 0.68% 0.79% 0.9%

The economic and social development of the Country isclosely interlinked to the existence of transportinfrastructures. Investment in these infrastructures holds acrucial role in fostering economic growth. Theseinvestments provide positive externalities, both to familiesas well as to companies. In the case of families, itcontributes to increased well-being. Regardingcompanies, it allows obtaining productivity gains, alsocontributing to the promotion of both employment andprivate investment. The impact of these investments alsoresults in a larger tax base and therefore also to future taxrevenue for the State.

In 2007, Brisa appointed a university researcher to carryout a scientific analysis of the economic and social impactsof the implantation of its motorway network. Through thisindependent study it is possible to conclude that Brisa’sinvestment generates significant benefits for thePortuguese economy in terms of employment, privateinvestment and product, therefore representing animportant source of promotion of long term development.

INVESTMENT BY REGIONS

In addition to the positive indirect impacts of thecompany’s business in the country’s economic and socialdevelopment, Brisa has followed an increasinglyimportant policy of donations and philanthropic activity. In2007, total investment in this area reached 864 thousandeuros.

Complete and detailed information on each area of thecompany’s sustainability strategy can be found in the2007 Sustainability Report, available on the internet(www.brisa.pt). This report follows the norm of the GRI –Global Reporting Initiative and presents a significantevolution in comparison to previous years, including 60externally audited indicators.

Alentejo 1 278

Algarve 418

North 1 620

Centre 1 912

Lisboa and Tagus Valley 1 107

Million euros

Social Development



IndividualFinancial

Report

07

FThe present economic-financial analysis is based onthe individual financial statements of Brisa Auto-estradas de Portugal SA.

In 2007, Brisa’s net operational income continued toshow signs of an upturn, due to the gradual recovery oftraffic, which corresponded in annual terms, to anincrease in toll revenue of 6.2% in comparison to 2006,having reached 542 million euros. In turn, EBITDAreached 431 million euros (+5.6%) and EBIT came to264 million euros (-0.2%).

As a result, net income reached 253 million euros(+44.2%), including the positive effect of tax efficiencyin terms of income tax.

The negative evolution in the results of operationsreflects the combined effect of the rise in interest ratesand average outstanding debt, as well as theregistration of Brisal’s negative assets through theequity method (whose entry into operation took placein 2007) and the Via Oeste (whose participation in AEAincreased to 50% in 2007). Finally, the increase inextraordinary net income is mainly the result of thelosses in ONI which occurred in 2006.

NET INCOME AND MARGINS

Milhões de euros 2006 2007 Var.

EBITDA 408.2 431.2 5.6%

EBITDA Margin 74.7% 74.5% -0.2 pp

EBIT 264.5 264.0 -0.2%

EBIT Margin 48.4% 45.6% -2.0 pp

Net Income 175.5 253.0 44.2%

� OPERATIONAL INCOME

During the financial year in question, operationalincome reached 579 million euros, representing anincrease of 6% in comparison to the previous year.

OPERATIONAL INCOME

Million euros 2006 2007 Var.

Toll Revenue 510.2 541.7 6.2%

Service Areas 10.8 11.0 1.9%

Own work 12.0 7.1 -40.8%

Other Income 13.4 19.2 43.3%

Total Operational Revenue 54.4 579.0 6.0%

Financial Report

07 INDIVIDUAL FINANCIAL REPORT 46

Toll revenue, which represents approximately 93.5% oftotal operational income, registered an increase of6.2% in 2007, with the composition presented in thetable below.

DECOMPOSITION OF GROWTHIN TOLL REVENUE

Growth Factors Contribution

Equivalent TMD Network 2.6%

Mix of Traffic Effect 0.2%

Increase in Fare Rates 2.7%

New Stretches 0.7%

Total Growth 6.2%

� OPERATIONAL COSTS

Operational costs grew by 11.8% in 2007, havingreached a volume of 315 million euros. Theamortizations item is particularly important in Brisa’scost structure, with a relative weight of 53%, withexternal supplies and services and personnel costsfollowing immediately next, with relative weights of28% and 17.2%, respectively.

OPERATIONAL COST STRUCTURE

Million Euros 2006 2007 Var %

External Supplies and Services 77.0 88.2 14.5%

Personnel Costs 58.5 54.2 -7.3%

Other Costs 2.7 5.6 107.7%

Sub-Total 138.1 147.9 7.1%

Amortizations & Provisions 143.8 167.2 16.3%

Total Operational Costs 281.9 315.1 11.8%

� RESULTS OF OPERATIONS

At the end of 2007, the results of operations reached anegative value of -73.7 million euros, representing adeterioration of 32.3 million euros in comparison to thesame period of the previous year. As referred to above,this evolution resulted from the combined effect of therise in interest rates and average outstanding debt, aswell as the registration of Brisal’s negative assetsthrough the equity method (whose entry into operationtook place in 2007) and the Via Oeste (whoseparticipation in AEA increased to 50% in 2007).

Financial income reached 62.6 million euros in 2007,representing an increase of 3.2 million euros in relationto 2006. In turn, financial costs registered a value of136.3 million euros in 2007, corresponding to adeterioration of 35.5 million in comparison to theprevious year.


07 INDIVIDUAL FINANCIAL REPORT 48

� TAXES

Taxes registered a decrease of 96.1 million euros incomparison to the previous year, reflecting the positiveeffect of tax efficiency achieved.

EARNINGS BEFORE TAXES AND TAXES

Million Euros 2006 2007 Var %

Earnings Before Tax 236.2 217.6 -7.9%

Taxes 60.8 -35.4 n.a

Net Income of the Financial Year 175.5 253.0 44.2%

� BALANCE SHEET - ASSETS

At the end of 2007, total net assets reached 4 943million euros, corresponding to an increase of 6% incomparison to the previous year, resulting fromreversible investment (+66.1 million euros), financialinvestments (+158.4 million euros), affiliated companies(+56.8 million euros) and assets due to deferred taxes(+53.2 million euros)

.� BALANCE SHEET – LIABILITIES AND EQUITY

Total liabilities registered an increase of approximately203 million euros, reaching 3 444.0 million euros at theend of 2007. In turn, equity capital increased by 75.4million euros, reaching 1 499.4 million euros.

� FINANCIAL DEBT

At the end of 2007, the net financial debt reached 2 345 million euros, representing an increase of 12.2%in comparison to the previous year, resulting essentiallyfrom the investment effort towards the strengtheningof shares in AEA, acquisition of Northwest Parkway andpayment of dividends.

After depreciation and provisions deemed to beadequate, the net income account shows, for 2007, abalance of 252 950 522.69 euros.

As provided by the law and the Company’s statutes andconsidering the provisions of Art. 27 in the statutes, thefollowing appropriation of net income is proposed:

- 5% of net income to the legal reserve

- dividends of 31 cents per share to the shareholders

- the remain to free reserves

Proposed Appropriation of Net Income


Final Note


51

2007 was characterised by the recovery of economicactivity in Portugal, which decisively contributed to thenotable growth in traffic flow in the different concessions,despite the hike in fuel prices.

In the Annual General Assembly in March, some statutoryamendments were introduced, amongst which weconsider of particular importance the fact that, as of thisdate, each share now corresponds to one vote.

Aimed at encouraging greater involvement on the part ofreference shareholders who, with their vision andexperience may contribute to reinforcing BRISA’scompetitive capacity, on 12th September a GeneralAssembly was held in which the enlargement of the Boardof Directors was deliberated, from 11 to 13 members andthe subsequent election of two new non-executivedirectors to represent two reference shareholders. MartinRey was elected for Babcock & Brown and Pedro BordaloSilva was elected for Cinveste, SGPS.

The effort, competence and professionalism of all of theemployees, as well as the cooperation and support lent bythe public and governmental entities and the trust of theshareholders were indispensible factors in theimplementation of the company’s strategy. We would liketo express our recognition and greatest thanks toeveryone.

Under the terms of sub-paragraph c) of number 1 ofarticle 245 of the Securities Code

In fulfilment of the legal and statutory provisions, theBoard of Directors submits the Annual Report andFinancial Statements relative to 2007 for the assessmentof the shareholders, in the firm conviction that, as far as iswithin our knowledge, the information contained in itwas prepared in conformity with the applicableaccounting norms, providing a true and appropriatereflection of the company’s assets and liabilities, itsfinancial situation and net income and of the companiesincluded in the consolidation perimeter, faithfullyexposing the evolution of the businesses, performanceand position of the company and the companies includedin the consolidation perimeter, and that it contains adescription of the main risks and uncertainties faced.

São Domingos de Rana, 26th February 2008

Final note


08 FINAL NOTE 52

THE BOARD OF DIRECTORS

Vasco de Mello

Pedro Rocha e Melo

Daniel Amaral

João Azevedo Coutinho

João Bento

António de Sousa

António Nogueira Leite

Isídro Fainé Casas

Luís Manuel de Carvalho Telles de Abreu

António Ressano Garcia Lamas

João Vieira de Almeida

Martin Rey

Pedro Bordalo Silva


IndividualFinancial

Statements

09

09 INDIVIDUAL FINANCIAL STATEMENTS 54

BALANCE SHEETS AS OF 31 DECEMBER 2007 AND 2006(Translation of balance sheets orinaly issued in Portuguese)

(Amounts expressed in thousand of Euros)2007 2006

Amort. Deprec.Assets Notes Gross and adjustments Net Net

FIXED ASSETSIntangible assets:Industrial property and other rights 8 e 10 241 150 (43 243) 197 907 205 285

Goodwill 10 3 947 (2 368) 1 579 2 368Intangible fixed assets in progress 10 273 - 273 158

245 370 (45 611) 199 759 207 811

Tangible assets:Land and natural resources 10 1 641 - 1 641 1 282Buildings and other constructions 10 8 840 (2 413) 6 427 6 573Machinery and equipment 10 7 482 (4 625) 2 857 3 389Transport equipment 10 2 581 (1 062) 1 519 1 649Tools and utensils 10 47 (45) 2 3Administrative equipment 10 18 863 (15 117) 3 746 5 038Tangible fixed assets in progress 10 2 885 - 2 885 2 453Advances on account of fixed assets - - - 12

42 339 (23 262) 19 077 20 399

Revertible tangible fixed assets:Stretches of motorway 10 e 13 4 853 067 (1 449 039) 3 404 028 3 228 944Operating machinery and equipment 10 90 872 (39 654) 51 218 61 727Service areas, monuments and sculptures 10 11 090 (3 293) 7 797 8 109Revertible tangible fixed assets in progress 10 108 204 - 108 204 206 477Advances on account of fixed assets 10 238 - 238 154

14 5 063 471 (1 491 986) 3 571 485 3 505 411

Investments:Investments in group companies 10 e 16 308 785 - 308 785 276 971Loans to group companies 10 e 16 320 724 - 320 724 194 091Investments in other companies 10 11 - 11 10

629 520 - 629 520 471 072

CURRENT ASSETS:Inventories:

Raw, subsidiary and consumable materials 401 - 401 663Merchandise 1 003 - 1 003 -

1 404 - 1 404 663

Receivables:Clients, current accounts 24 476 - 24 476 19 482Clients, doubtful accounts 21 e 23 14 934 (14 934) - -Group Companies 16 56 849 - 56 849 -Advances to suppliers 200 - 200 178State and other public entities 48 1 529 - 1 529 14 315Other debtors 21, 23 e 49 112 566 (94) 112 472 88 638

210 554 (15 028) 195 526 122 613

Cash at banks and on hand:Cash at banks 56 64 065 64 065 127 443Cash on hand 56 352 352 348

64 417 64 417 127 791

ACCRUALS AND DEFERRALS:Accrued income 50 167 167 115Deferred costs 50 79 655 79 655 79 934Deferred tax assets 6 182 408 182 408 129 191

262 230 262 230 209 240

Total amortisation and depreciation (1 560 859)Total adjustments (15 028)Total assets 6 519 305 (1 575 887) 4 943 418 4 665 000

The accompanying notes form an integral part of the balance sheet as of 31 December 2007.

THE ACCOUNTANT Nº 1351 THE BOARD OF DIRECTORS


BALANCE SHEETS AS OF 31 DECEMBER 2007 AND 2006(Translation of balance sheets orinaly issued in Portuguese)

(Amounts expressed in thousand of Euros)

Shareholders' equity and liabilities Notes 2007 2006SHAREHOLDERS' EQUITY:

Capital 36, 37 and 40 600 000 600 000Treasury stock - nominal value 40 (13 442) (11 421)Treasury stock - discounts and premiums 40 (95 478) (78 548)Adjustments in equity participations 40 (20 916) (26 565)Legal reserve 40 83 039 74 266Other reserves 40 278 954 276 521Retained earnings 40 414 255 414 255Net profit for the year 40 252 951 175 464Total shareholders' equity 1 499 363 1 423 972

LIABILITIES:PROVISIONS 34 24 266 9 163

MEDIUM AND LONG TERM LIABILITIES:Bonds 51 600 000 624 950Securitization of future receivables 51 320 000 -Bank loans 51 1 283 395 1 284 238

2 203 395 1 909 188

CURRENT LIABILITIES:Bonds 51 24 950 24 950Securitization of future receivables 51 80 000 -Bank loans 51 101 262 283 344Suppliers current accounts 19 775 17 106Suppliers - invoices to be confirmed 595 660Shareholders 672 652Suppliers of fixed assets, current accounts 32 925 63 118State and other public entities 48 23 137 4 242Other creditors 52 2 873 6 338

286 189 400 410

ACCRUALS AND DEFERRALS:Accrued costs 50 133 266 113 444Deferred income 50 796 939 808 823

930 205 922 267

Total liabilities 3 444 055 3 241 028Total shareholders' equity and liabilities 4 943 418 4 665 000

The accompanying notes form an integral part of the balance sheet as of 31 December 2007.



STATEMENTS OF PROFIT AND LOSS BY NATURE FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006(Translation of statements originally issued in Portuguese)

(Valores expressos em milhares de euros)

Expenses Notas 2007 2006

Cost of merchandise sold and materials consumed:

Merchandise 834 -

Supplies and services 88 176 77 001

Personnel costs:

Remuneration 36 189 32 567

Social charges:

Pensions 31 414 386

Others 17 572 25 500

54 175 58 453

Amortisation and depreciation 10 165 181 142 776

Adjustments 21 1 874 1 002

Provisions 34 99 -

167 154 143 778

Taxes 346 167

Other operating costs 4 374 2 507

(A) 315 059 281 906

Loss on group and associated companies 45 27 479 962

Interest and similar expenses 45 108 809 99 790

136 288 100 752

(C) 451 347 382 658

Extraordinary expenses 46 2 277 16 828

(E) 453 624 399 486

Income tax 6 (35 357) 60 775

(G) 418 267 460 261

Net profit for the year 252 951 175 464

671 218 635 725

The accompanying notes form an integral part of the statement of profit and loss by nature for the year ended 31 December 2007.



STATEMENTS OF PROFIT AND LOSS BY NATURE FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006(Translation of statements originally issued in Portuguese)


Income Notes 2007 2006

Sales:

Merchandise 16 839 -

Services rendered 44 552 823 521 022

553 662 521 022

Own work for the company 53 7 142 12 046

Supplementary income 16 12 008 7 530

Operating subsidies 62 23

Other operating income 50 6 214 5 790

Reversal of amortisation, depreciation and adjustments 21 20 -

(B) 579 108 546 411

Gains on group and associated companies 45 44 676 44 744

Other financial income 45 17 895 14 612

62 571 59 356

(D) 641 679 605 767

Extraordinary income 46 29 539 29 958

(F) 671 218 635 725

Operating profit: (B)-(A) 264 049 264 505

Net financial income/(expenses): (D-B)-(C-A) (73 717) (41 396)

Current profit: (D)-(C) 190 332 223 109

Profit before income tax: (F)-(E) 217 594 236 239

Net profit for the year: (F)-(G) 252 951 175 464

The accompanying notes form an integral part of the statement of profit and loss by nature for the year ended 31 December 2007.



The accompanying notes form an integral part of the statement of profit and loss by functions for the year ended 31 December 2007.


STATEMENTS OF PROFIT AND LOSS BY FUNCTIONS FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006(Translation of statements of profit and loss by functions originally issued in Portuguese)


Notes 2007 2006

Sales and services rendered 44 e 55 (a) 553 662 521 022

Cost of merchandise sold and materials consumed (172 634) (150 847)

Gross profit 381 028 370 175

Other operating income 19 509 17 019

Distribution costs (34 820) (42 956)

Administrative costs 55 (c) (74 396) (58 850)

Other operating costs (6 652) (3 964)

Operating profit 284 669 281 424

Net financial expenses 55 (d) (84 272) (73 597)

Gain on associated companies 10 e 45 17 197 43 782

Loss on other investments - (15 370)

Current profit 217 594 236 239

Income taxes on current profit 6 35 357 (60 775)

Net profit for the year 252 951 175 464

Earnings per share 0.422 0.292


The accompanying notes form an integral part of the statement of cash flows for the year ended 31 December 2007.


STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006(Translation of statements of cash flows originally issued in Portuguese)


Notes 2007 2006

OPERATING ACTIVITIES:

Received from clients 616 298 575 584

Paid to suppliers (106 646) (78 748)

Paid to personnel (43 438) (54 243)

Flows generated by operations 466 214 442 593

Receipts/ (Payment) of income tax 2 612 809

Other receipts/(payments) relating to operating activities (56 795) 22 009

Flows generated before extraordinary items 412 031 465 411

Receipts relating to extraordinary items - 2 702

Payments relating to extraordinary items - (1 225)

Flows generated by operating activities (1) 412 031 466 888

INVESTING ACTIVITIES:

Receipts relating to:

Investments 56 19 404 119 313

Tangible fixed assets 650 268

Subsidies 2 040 43 194

Interest and similar income 9 035 4 221

Dividends 10 34 9 096

31 163 176 092

Payments relating to:

Tangible fixed assets (225 703) (327 497)

Investments 56 (194 114) (153 002)

(419 817) (480 499)

Flows generated by investing activities (2) (388 654) (304 407)

FINANCING ACTIVITIES:

Receipts relating to:

Loans obtained 3 827 950 1 060 972

Treasury shares 1 599 70 501

Financial instruments 13 771 13 771

3 843 320 1 145 244

Payments relating to:

Loans obtained (3 630 885) (1 066 418)

Interest and similar expenses (110 755) (91 342)

Dividends (164 782) (160 656)

Treasury shares 40 (20 229) (126 473)

Financial instruments (622) (2 299)

(3 927 273) (1 447 188)

Flows generated by financing activities (3) (83 953) (301 944)

Variation in cash and cash equivalents (4) = (1) + (2) + (3) (60 576) (139 463)

Cash and cash equivalents at the beginning of the year 56 124 619 264 082

Cash and cash equivalents at the end of the year 56 64 043 124 619

NTRODUCTORY NOTE

Brisa – Auto-Estradas de Portugal, S.A. (“the Company”or “Brisa”) was founded on 28 September 1972 and itsmain activities are the construction, maintenance andoperation of motorways and respective service areas on aconcession basis, as well as the study and implementationof social facilities. The Company may also carry out otheractivities related to its corporate objects, namely tocompete, with government consent, for new concessionsto construct, maintain and operate roads and serviceareas.

The bases for conceding the construction, maintenanceand operation of motorways to Brisa were defined in Decree-Law 467/72 of 22 November. Since then the basesof concession have been revised periodically, with theintroduction of changes, which are reflected in the clausesof the concession contract.

Decree-Laws 249/97 of 24 October, 287/99 of 28 July and314 A/2002 of 26 December approved the concessionbases currently in force, the significant items due to theirimportance and impact on Brisa’s financial situation,being:

- The total extension of motorways conceded was set at 1105.8 kilometres, of which 1 093 are open to traffic, 77kilometres of which are not subject to tolls.

- The concession period ends on 31 December 2032 andthe assets directly related to the concession, which areidentified in the financial statements as revertibletangible fixed assets, revert to the State at the end of theperiod.

- The State co-participates financially in 20% of the costof eligible construction as from 1 July 1997. Amountsreceived from other entities, namely funding by theEuropean Union as co-participation in the cost ofrevertible tangible fixed assets, are deducted from theoverall financial co-participation of the State.

- The amounts corresponding to financial co-participationdue by the State are recorded in a current account usedexclusively for that purpose. The balance in the current

account is verified and settled half yearly, Brisapresenting, to the National Treasury, within 60 days aftereach half year, the balance on the current accountcovered by a written justification, confirmed by anopinion of the Audit Council (Conselho Fiscal), by meansof a prior favourable opinion of the Inspectorate Generalof Finance (Note 49 (a)).

- The significant matters regarding tax benefits are asfollows:

• The Company’s exemption from Stamp Tax andMunicipal Surcharge ended on 31 December 2005.

• As regards Corporate Income Tax on the activitiescarried out under the concession contract, theCompany can deduct from taxable income, up to theamount thereof, 50% of the investment made from1995 to 2002, inclusive, in revertible tangible fixedassets not co-participated in by the State. The abovededuction will be made from taxable income for theyears 1997 to 2007 (Note 6).

- The Company’s capital must be increased when the ratiobetween shareholders’ equity, less profit for the year tobe distributed, and liabilities, less deferred income,based on the most recent approved annual balancesheet, is less than 25%.

- In the last five years of the concession the State can,under certain conditions that ensure financial stability,redeem the contract.

- Monitoring of the concession is the responsibility of theMinistry of Finance on financial matters, and the Ministryresponsible for the road sector on other matters.

The notes which follow are numbered as defined in thePortuguese Official Chart of Accounts. The numbers notincluded relate to notes that are not applicable to theCompany or their presentation is not significant to theaccompanying financial statements.


NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2007 (Amounts expressed in thousands of euros)

(Translation of Notes orinally issued in Portuguese - Note 57

3. BASES OF PRESENTATION ANDPRINCIPAL ACCOUNTING POLICIES

The accompanying financial statements were prepared ona going concern basis from the Company’s accountingrecords maintained in accordance with generally acceptedaccounting principles in Portugal.

These financial statements reflect only the Company’snon-consolidated accounts, prepared in accordance withlegislation. Although investments have been recorded inaccordance with the equity method, which is inaccordance with generally accepted accounting principles,the accompanying financial statements only reflect theeffect of consolidation of the results for the year andequity of the subsidiary and affiliated companies, but notthe effect of a full consolidation of assets, liabilities,income and costs.

As required by current legislation, the Company willprepare and present separate consolidated financialstatements in accordance with International FinancialReporting Standards.

Note 16 includes financial information relating to groupand associated companies.

The principal accounting policies used in preparing thefinancial statements are as follows:

a) Intangible fixed assets:Intangible fixed assets include essentially the amountpaid to the State for the right to collect tolls on theCREL motorway, which is being amortised on a straight-line basis as from January 2003, over the remainingperiod of the concession (Note 8), as well as costsincurred with the founding and organisation of theCompany, capital increases, development studies andprojects, industrial property and other rights, which arerecorded at cost and amortised on a straight-linemonthly basis over three years, as from the month thecosts are incurred.

b) Non revertible tangible fixed assetsNon revertible tangible fixed assets are stated at cost.

Depreciation is provided on a straight-line basis. Assetswhich started operating up to 31 December 2002 aredepreciated on an annual basis and those acquired asfrom 2003 are depreciated on a monthly basis as from themonth they start operating, in accordance with thefollowing estimated periods of useful life:

Years of

useful life

Buildings and other constructions 10 to 50

Machinery and Equipment 3 to10

Transport Equipment 3 to 6

Tools 4

Administrative equipment 3 to 10

c) Tangible fixed assets revertible to the StateIn accordance with the current concession contract, assetsdirectly related to the conceded operation revert, withoutcompensation, to the State on 31 December 2032. Theseassets are subject to the public domain regime and areallocated to the operations of the Company, which canfreely administer them in this area, but not dispose ofthem on a private legal commercial basis.

(i) The revertible tangible fixed assets were originallyrecorded at cost, including indirect costs incurredduring the construction period.

The historical cost of the motorway stretch and sub-stretch infrastructures in operation at 31 December1988 were revalued in 1989, under Order 158/90F-DEof 15 February of the Secretary of State for Finance(Note 12).

(ii) The criteria for allocating indirect costs to revertibletangible fixed assets during the construction period,are as follows:

Technical area costs

Technical area costs relating to stretches, sub-stretchesand service areas under study and in construction areadded to the cost thereof, in proportion to the capitalexpenditure already incurred.


Financial costs

Financial costs, which correspond essentially to the netamount of interest expense and income and exchangedifference, are calculated by application of an averagefinancing cost, to the accumulated amount of directcapital expenditure on stretches, sub-stretches andservice stations under study and construction, lessgrants received from the State and community funds.

The technical area costs and financial costs calculatedand allocated to fixed assets in progress as explainedabove, by corresponding credit to the caption “Ownwork capitalised”, are transferred to revertible tangiblefixed assets when the stretches, sub-stretches andservice areas start operating (Note 53).

Depreciation of revertible tangible fixed assets is providedon cost or revalued amount, as follows:

Stretches and sub-stretches (excluding the wear and tearlayer of the flexible paving), service areas and complementaryprojects in operationOn a straight-line monthly basis over the remaining periodof the concession, as from the month they start operating.

Flexible paving – wear and tear layerOn a straight-line monthly basis over a period of eightyears (estimated period of useful life of the wear and tearlayer of flexible paving), as from the month the stretchesand sub-stretches start operating, being fully depreciatedin any situation by the end of the concession period.

Repair of stretches and sub-stretchesThe cost of repairs and maintenance of stretches and sub-stretches is expensed in the year incurred.

Major repairs and improvements, which consist essentiallyof the substitution of the wear and tear layer, aredepreciated on a straight-line monthly basis over a periodof eight years, being fully depreciated in any situation bythe end of the concession period.

Operating machinery and equipmentOperating machinery and equipment is depreciated on astraight-line monthly basis over its estimated period ofuseful life, as from the year it starts operating, being fullydepreciated in any situation by the end of the concessionperiod.

The depreciation rates used correspond to the followingperiods of estimated useful life:

Years of

useful life

Communications network 10

Toll equipment 5

Complementary equipment 4 to 20

d) InvestmentsInvestments in group and associated companies arerecorded using the equity method of accounting, suchinvestments being initially recorded at cost which isthen increased or reduced by the amountcorresponding to the difference between the cost ofthe investment and the proportion of the book value ofthe equity acquired of these companies as of the dateof acquisition of the investment. Such differences arerecorded in the intangible assets caption “Goodwill”,which is amortised on a monthly basis as from themonth of acquisition, over the expected period ofrecovery of the investments.

In accordance with the equity method of accounting,investments are adjusted annually by the amountcorresponding to the parent company’s share in the netresults of the group and associated companies by creditor charge to financial income or costs for the period or,in the case of other changes in their equity, bycorresponding entry to the caption “Adjustments inequity investments in group companies”. Dividendsfrom these companies are recorded when declared, asdecreases in the amount of the investments.

The remaining investments are recorded at cost less,where applicable, a provision for loss on their realisation.

e) InventoriesMerchandise is stated at cost, which is lower than itsmarket value.


f) Adjustments for doubtful debtsAdjustments for doubtful debts are determined based onan assessment of the estimated risks of not collecting theaccounts receivable from customers and other debtors.

g) ProvisionsProvisions are only recognised when there is a legal orimplicit obligation resulting from a past event, settlementof which will probably result in the outflow of resourcesand the amount of the obligation can be reasonablyestimated. Provisions are reviewed at each balance sheetdate and adjusted to reflect the best estimate as of thatdate.

Provisions for restructuring costs are recognised wheneverthere is a formal detailed restructuring plan which hasbeen communicated to those involved.

h) Foreign currency balances and transactionsForeign currency assets and liabilities not covered byfixed exchange agreements are translated to Euros atthe exchange rates prevailing at the end of the period.Exchange gains and losses arising due to differencesbetween the exchange rates at the transaction date andthose prevailing at the date of collection, payment or atthe year end are recorded in the statement of profit hadloss of the corresponding period.

i) Deferred costsDeferred costs include mainly amounts Brisa has agreedto pay the State as a result of renegotiating theconcession contract in 1991, in exchange for extendingthe concession period. These amounts are amortised ona straight-line basis over the concession period, as fromSeptember 1991, when the contract came into force.

The original amount of these payments corresponds tothe difference between the amount of guaranteedincome received from the State up to 1989 and thefinancial cost of loans incurred by the State from 1986to 1991, both under the 1985 concession contract(Note 50 (b)).

j) Deferred incomeDeferred income compromises mainly:

(i) Subsidies received from the State and the EuropeanUnion to finance revertible tangible fixed assets,calculated, for that purpose, by application of thepercentages defined in the concession contract tothe subsidisable investments made. Such subsidiesare recorded as deferred income in the year theCompany acquires the right to receive them, and areamortised to the statement of profit and loss on thesame basis as that applicable to depreciation of thesubsidised revertible tangible fixed assets (Note 50(f)).

(ii) Compensation obtained from the State in December1995, due to abolition of the tolls on some sub-stretches of road in the metropolitan areas of Lisbonand Porto, under the terms of Decree-Law No. 330-A/95 of 16 December, which was recordedas deferred income and is being amortised on astraight-line basis to the statement of profit and lossup to 2025 (end of the concession period at the timethe collection of the tolls was abolished) (Note 50(g)).

k) Retirement pensionsSince 1988 there has been a defined benefitssupplementary retirement, invalidity and survivorpension plan for the employees of Brisa, excludingdirectors. A pension fund, managed autonomously by apension fund management company, was set up in1988 to cover the liability.

Brisa records its liability for the payment of pensions inaccordance with Accounting Directive 19, issued by thePortuguese Accounting Standards Board on 21 May1997. This Directive establishes that companies withpension plans must recognise the cost of such benefitsas the services are rendered by the beneficiaries. Thus,at the end of each accounting period, Brisa obtains,from an independent entity, an actuarial calculation ofits pension liability as of that date and the pension costto be recorded. The liability thus estimated is comparedwith the market value of the pension funds, in order todetermine the amount of the differences to be recorded(Note 31).


l) Incentive planBecause of the lack of specific accounting standards inPortugal, the benefits granted to employees anddirectors were recognised and measured in accordancewith International Financial Reporting Standard IFRS 2 –Share based payments. In accordance with IFRS 2 thebenefits granted in the form of shares (equityinstruments) are recognised at fair value as of the datethey are granted. Fair value as of the date the benefitsare granted is recognised as cost on a straight-line basisover the period in which the benefits are earnedthrough services rendered. Benefits granted in the formof shares but settled in cash are recognised as liabilities,at fair value as of the balance sheet date.

m) Accruals basisIncome and expenses are recorded on an accruals basis,under which they are recognised in the period to whichthey apply independently of when they are received orpaid. Differences between the amounts received andpaid and the related income and expenses are recordedunder accrual and deferral captions (Note 50).

n) Derivative financial instruments and hedgeaccountingBrisa has the policy of contracting derivative financialinstruments to hedge the financial risks to which it isexposed as a result of changes in interest rates andexchange rates. Brisa does not contract derivativefinancial instruments for speculation purposes.

Brisa contracts derivative financial instruments inaccordance with internal policies approved by theBoard of Directors.

Derivative financial instruments are measured at theirfair value. The method of recognising this depends onthe nature and purpose of the transaction.

(i) Hedge accountingBecause of the lack of specific standards in Portugal forclassifying financial instruments, the provisions of IAS39 were applied, as required by Portuguese AccountingDirective 18. Therefore, classification of a derivativefinancial instrument as a hedging instrument is basedon the provisions of IAS 39 as regards theirdocumentation and effectiveness.

Changes in the fair value of derivative instrumentsdesignated as fair value hedges are recognised in thestatement of profit and loss for the period, togetherwith changes in the fair value the asset or liabilitysubject to the risk.

Changes in the fair value of derivative financialinstruments designated as cash flow hedginginstruments are recorded in the caption “Otherreserves” as regards their effective component and inthe statement of profit and loss as regards their non-effective component. The amounts recorded under“Other reserves” are transferred to financial incomeand expenses in the period in which the effect on thehedged item is also reflected in the statement of profitand loss.

Changes in the value of derivative financial instrumentshedging net investment in a foreign entity, as in thecase of cash flow hedging instruments, are recorded inthe caption “Translation reserve” as regards theireffective component. The non-effective component ofsuch changes is recognised immediately in thestatement of profit and loss for the period. If thehedging instrument is not a derivative, thecorresponding changes resulting from variations in theexchange rate are recorded in the caption “Translationreserve”.

Hedge accounting is discontinued when the hedginginstrument matures, is sold or exercised, or when thehedging relationship ceases to comply with therequirements of IAS 39.

(ii) Trading instrumentsChanges in the fair value of derivative financialinstruments that are contracted for financial hedgingpurposes in accordance with the Group’s riskmanagement policies, but do not comply with therequirements of IAS 39 to qualify for hedge accounting,are recorded in the statement of profit and loss for theperiod in which they occur.


o) Deferred taxesDeferred taxes refer to temporary differences betweenthe amount of assets and liabilities for accounting andfor tax purposes, as well as those resulting from taxincentives obtained and temporary differences betweenthe tax and accounting results (Note 6).

Deferred tax assets and liabilities are calculated andperiodically evaluated using the tax rates expected to beapplicable on date the temporary differences revert.

Deferred tax assets are recorded only when there isreasonable expectation of sufficient future taxableprofits for them to be used. On each balance sheetdate, a reassessment is made of the temporarydifferences underlying the deferred tax assets in orderfor them to be recognised or adjusted depending onthe current expectation their for future recovery.

6. INCOME TAX

Following the publication of Decree-Laws 287/99 and294/97 of 28 July and 24 October, respectively, there wasa change in Brisa’s Corporate Income Tax benefits. Brisa’sactivities within the scope of the concession contractceased being exempt from Corporate Income Tax, theCompany becoming able to deduct from income tax due,up to the amount thereof, 50% of the amount investedby it from 1995 to 2000, inclusive, excluding the amountco-participated in by the State, in revertible tangible fixedassets. The changes also include the fact that thededuction can be made from income tax due up to theyears 1997 to 2005.

Under the provisions of Decree-Law 287/98 of 28 July,investments that serve as a base for calculating thededuction from taxable income were extended to thosemade in 2001 and 2002, these only including investmentsresulting from changes in the opening to traffic programincluded in base VII attached to Decree-Law 287/99 of 28July. The deduction relating to such investments can bemade from taxable income subject to Corporate IncomeTax up to 2007.

In addition, under the provisions of Decree-Law 271/99 of16 July, the Company became exempt from Stamp Taxand Municipal Surcharge up to 31 December 2005 on isconceded operations.

The amounts resulting from application of the methodestablished are as follows:

• corresponding to 50% of the investment made by Brisa in revertible

tangible fixed assets, excluding the amount

co-participated in by the State:

- From 31 December 1995 to 2002 777 704

• deducted from Corporate Income Tax relating to:

- The years 1997 to 2006 (622 208)

- The year ended 31 December 2007 (155 496)

Balance at 31 December 2007 -

The Company is subject to Corporate Income Tax at thenormal rate of 25%, which can be increased by aMunicipal surcharge of up to a maximum rate of 1.5% oftaxable income, resulting in a total tax rate of 26.5%.

In accordance with current legislation, tax returns aresubject to review and correction by the tax authoritiesduring a period of four years (ten years for social security upto 2000, inclusive, and five years after 2001), except wherethere are tax losses, tax benefits have been granted orinspections, claims or appeals are in progress, in which case,depending on the circumstances, the period can beextended or suspended. Therefore the Company’s taxreturns for the years 2004 to 2007 are still subject to reviewand correction. The Board of Directors believes that anypossible corrections resulting from revisions/inspections ofthese tax returns will not have a significant effect on thefinancial statements as of 31 December 2007.

Tax losses can be carried forward during a period of sixyears after they are incurred, for deduction from taxableprofits generated in that period.


All situations that significantly affect future taxes arerecognised by application of the deferred tax rules.Changes in the year resulting from these rules, as regardstheir nature and impact on the financial statements as of31 December 2007, are as follows:

a) Changes in deferred tax assets:

The recording of 106 000 thousand Euros results from afuture credit securitisation operation realised in December2007 (Note 51). As a result of this operation, and inaccordance with Decree-Law 219/2001 of 4 August, 400000 thousand Euros was added to Brisa’a profit for 2007subject to Corporate Income Tax. The correspondingdeferred tax asset will be gradually reversed through thededuction from profit subject to Corporate Income Tax ofthe income corresponding to the securitised of futurereceivables.

In addition, as a result of taxable income for the yearended 31 December 2007 the Company can use the fullamount of the tax benefits generated in preceding yearsin accordance with Decree-Law 287/99 of 28 July,regarding which the amount of 89 112 thousand Euroshad not been recognised earlier due to uncertainty as toits realisation.

The balance of deferred tax assets at 31 December 2007corresponds to the best estimate of the amountrecoverable:


Beginning Utilisation/ Ending

Deferred tax assets balance Increases Decreases balance

Securitisation of future receivables - 106 000 - 106 000

Tax benefits 66 384 89 112 (155 496) -

Tax losses carried forward 52 559 10 183 - 62 742

Non-deductible provisions - 68 - 68

Financial instruments 10 248 4 508 (1 158) 13 598

129 191 209 871 (156 654) 182 408

b) Reconciliation of the rate of income tax:

(i) These differences at 31 December 2007 correspondessentially to the effect of applying the equity method.

(ii) These differences at 31 December 2007 correspond tothe effect resulting from the securitisation of futurereceivables operation referred to earlier and changes inthe market value of non-deductible financialinstruments.

(iii) The increase of the deferred tax asset related to taxlosses carried forward defers from the tax lossesdetermined in the year ended 31 December 2007, dueto the corrections made to the previous year’s taxlosses estimate.

7. AVERAGE NUMBER OF PERSONNEL

During the year ended 31 December 2007 the averagenumber of employees of the Company was 1 587.

8. INDUSTRIAL PROPERTY AND OTHERRIGHTS

This caption at 31 December 2007 includes essentially theamount paid by Brisa to the State (the conceding entity)in exchange for the right to collect tolls on the CRELmotorway as from 1 January 2003 (Note 3 (a)) under theprovisions of Decree-Law 314 A/2002 of 26 December,less the amount received earlier when such tolls wereabolished, and which at 31 December 2002 had not yetbeen recognised as income.


Conceded Generaloperations tax regime Total

Profit before income tax 231 737 (14 143) 217 594

Nominal tax rate 25,0% 25,0% 25,0%

Expected tax 57 934 (3 536) 54 398

Permanent differences (i) 1 206 (4 341) (3 135)

Temporary differences (ii) 104 270 (1 093) 103 177

163 410 (8 970) 154 440

Adjustments to the amount of tax:

Autonomous taxation - 141 141

Tax bebefits (155 496) - (155 496)

Municipal surcharge 9 805 - 9 805

Tax losses carried forward (iii) - 8 970 8 970

Income tax 17 719 141 17 860

Effective tax rate 8% -1% 8%

Current tax (Note 48) 17 719 141 17 860

Deferred Tax (44 192) (9 025) (53 217)

(26 473) (8 884) (35 357)

10. FIXED ASSETS

During the year ended 31 de December 2007, thechanges in intangible and tangible fixed assets andinvestments, as well as in the corresponding accumulatedamortisation and depreciation and adjustments were asfollows:


Gross Assets

Beginning Disposals Endingbalance Additions and write-offs Transfers balance

Intangible fixed assets:

Set up expenses 177 - (177) - -

Industrial property and other rights 240 363 551 - 236 241 150

Goodwill 3 947 - - - 3 947

Intangible fixed assets in progress 158 273 - (158) 273

244 645 824 (177) 78 245 370

Tangible fixed assets:

Land and natural resources 1 282 359 - - 1 641

Buildings and other constructions 8 813 27 - - 8 840

Machinery and equipment 7 758 395 (671) - 7 482

Transport equipment 3 876 761 (2 056) - 2 581

Tools and utensils 68 2 (23) - 47

Administrative equipment 22 309 1 171 (4 551) (66) 18 863

Tangible fixed assets in progress 2 453 432 - - 2 885

Advances on account of tangible fixed assets 12 - - (12) -

46 571 3 147 (7 301) (78) 42 339

Revertible tangible fixed assets

Stretches of motorway 4 538 710 38 355 - 276 002 4 853 067

Operating machinery and equipment 93 150 2 974 (5 389) 137 90 872

Service areas, monuments and sculptures 11 090 - - - 11 090

Revertible tangible fixed assets in progress 206 477 177 726 - (275 999) 108 204

Advances on account of tangible fixed assets 154 224 - (140) 238

4 849 581 219 279 (5 389) - 5 063 471

Gross Assets

Beginning Disposals Endingbalance Additions and write-offs Transfers balance

Investments:

Investments in group companies 276 971 28 37 816 (6 030) 308 785

Investments in other companies 10 1 - - 11

Loans to group companies 194 091 140 006 - (13 373) 320 724

471 072 140 035 37 816 (19 403) 629 520


Accumulated amortisation, depreciation and adjustments

Beginning Disposals Endingbalance Increases and write-offs Transfers balance

Intangible fixed assets:

Set up expenses 177 - (177) - -

Industrial property and other rights 35 077 8 092 - 74 43 243

Goodwill 1 579 789 - - 2 368

36 833 8 881 (177) 74 45 611

Tangible fixed assets:

Buildings and other constructions 2 241 172 - - 2 413

Machinery and equipment 4 369 756 (500) - 4 625

Transport equipment 2 227 502 (1 667) - 1 062

Tools and utensils 65 2 (22) - 45

Administrative equipment 17 271 2 467 (4 547) (74) 15 117

26 173 3 899 (6 736) (74) 23 262

Revertible tangible fixed assets

Stretches of motorway 1 309 766 139 273 - - 1 449 039

Operating machinery and equipment 31 423 13 605 (5 374) - 39 654

Service areas, monuments and sculptures 2 981 312 - - 3 293

1 344 170 153 190 (5 374) - 1 491 986

Revertible tangible fixed assets – stretches and sub-stretches of motorway in operation

The cost and corresponding accumulated depreciation ofstretches and sub-stretch of motorways in operation at 31December 2007 are made up as follows:

Investment in revertible tangible fixed assets in the yearended 31 December 2007 is made up as follows:

Direct investment:

Works 184 180

Purchase of land 4 921

Others 23 036

212 137

Indirect investment (Note 53) 7 142

219 279


A3 A4 A5 A6 A10 A12 A13 A14A1 A2 Porto/ Porto/ Costa do Marateca/ A9 Bucelas/ Setúbal/ Almeirim/ Fig. Foz/ Total

Norte Sul Valença Amarante Estoril Caia CREL Carregado/ IC3Montijo Marateca Coimbra 2007

Gross

Studies 16 439 21 395 12 224 4 622 4 568 7 353 5 760 10 773 1 394 6 799 2 489 93 816

Purchase of land 50 132 24 217 72 063 37 507 44 590 12 814 30 651 13 901 13 846 10 764 8 912 319 397

Works 687 703 857 474 436 876 188 623 175 148 286 643 201 990 535 673 67 546 235 451 112 717 3 785 844

Other costs 7 792 1 596 1 603 760 3 114 181 222 28 532 19 9 030 735 53 584

762 066 904 682 522 766 231 512 227 420 306 991 238 623 588 879 82 805 262 044 124 853 4 252 641

Technical area costs 32 030 23 655 20 176 8 281 7 617 11 963 7 740 8 146 2 553 4 919 7 090 134 170

Financial costs (Note 14) 74 853 32 043 27 284 11 537 10 060 16 047 19 249 20 633 4 259 5 896 3 790 225 651

Gross historical cost 868 949 960 380 570 226 251 330 245 097 335 001 265 612 617 658 89 617 272 859 135 733 4 612 462

Revaluation 190 813 34 173 - - - - - - 15 172 - - 240 158

Expropriations (Note 52 (b)) - - - - - - - - - - - 447

Gross revalued cost 1 059 762 994 553 570 226 251 330 245 097 335 001 265 612 617 658 104 789 272 859 135 733 4 853 067

Accumulated depreciation

Historical depreciation 364 048 225 253 192 253 100 656 86 122 104 272 89 802 34 997 29 053 38 106 26 240 1 290 802

Revaluation 124 083 23 825 - - - - - - 10 329 - - 158 237

Accumulated depreciation 488 131 249 078 192 253 100 656 86 122 104 272 89 802 34 997 39 382 38 106 26 240 1 449 039

Net book value 571 631 745 475 377 973 150 674 158 975 230 729 175 810 582 661 65 407 234 753 109 493 3 404 028

Revertible tangible fixed assets in progress

The changes in revertible tangible fixed assets in progressin the year ended 31 December 2007 were as follows:


Beginning Ending balance Additions Transfers balance

Motorway stretches:

Infrastructure 156 986 96 446 (246 910) 6 522

Technical area costs (Note 53) 419 179 (597) 1

Financial costs (Notes 11 and 53) 4 656 4 150 (8 794) 12

162 061 100 775 (256 301) 6 535

Supplementary projects:

Infrastructure 35 117 56 584 (1 548) 90 153

Technical area costs (Note 53) 537 321 (2) 856

Financial costs (Notes 11 and 53) 1 519 2 492 - 4 011

37 173 59 397 (1 550) 95 020

Major repairs 7 167 17 554 (18 152) 6 569

Service areas:

Infrastructure 53 - 4 57

Technical area costs (Note 53) 19 - - 19

Financial costs (Notes 11 and 53) 4 - - 4

76 - 4 80

206 477 177 726 (275 999) 108 204

Investments

The changes in investments in the year ended 31December 2007 were as follows:

Investments in group companies

The increase in the caption “Investments in groupcompanies” corresponds to payment of 55% of thecapital of the company AEDL – Auto-Estradas do DouroLitoral, S.A. (“AEDL”).

Application of the equity method to investments in Groupcompanies at 31 December 2007 had the followingimpact:

In the year ended 31 December 2007 Brisa Internacionalrecorded 5 662 thousand Euros in the caption “ExchangeReserve” resulting from the translation to Euros of theBrazilian Real financial statements of Brisa Participações eEmpreendimentos, Ltda. (“BPE”) and of the AmericanDollar financial statements of Brisa United States, LLC(“BUS”), as well as changes in the market value ofderivative financial instruments classified as instrumentshedging the net investment in these subsidiaries. As aresult of applying the equity method to the investment inBrisa Internacional, the Company recorded the sameamount in the caption “Adjustments in equityinvestments”.

The decrease of 6 030 thousand Euros in the caption“Investments in group companies” corresponds to acapital decrease of 4 248 thousand Euros in Brisa Serviçosand sale of 10% of the capital of Brisal in the amount of1 782 thousand Euros.

Loans to group companies

The increase in Loans to group companies is made up asfollows:

Brisa Internacional 100 000

Brisal 39 989

Via Oeste 17

140 006

The decrease in the caption “Loans to group companies”corresponds to a decrease in supplementary capitalcontributions to Brisal, resulting from the sale of 10% ofits captital.

11. CAPITALISED FINANCIAL EXPENSES

In the year ended 31 December 2006 the Companyincluded in the caption “Revertible tangible fixed assets inprogress”, 6 642 thousand Euros (Notes 10, 14, 45 and53) relating to financial expenses incurred on loans tofinance the construction of revertible tangible fixed assetsduring their construction period.

The average annual interest rate used to calculate thefinancial expenses was 4.23%.


Profit in group Loss in group Adjustmentscompanies companies in equity Provisions(Note 45) (Note 45) participation (Note 40)Dividends (Note 34) Total

Brisa Serviços Viários, SGPS, S.A. ("Brisa Serviços") 491 - (13) - - 478

Brisa Internacional, SGPS, S.A. ("Brisa Internacional") 44 164 - 5 662 - - 49 826

Brisa Finance B.V. ("Brisa B.V.") 21 - - (34) - (13)

Via Oeste, SGPS, S.A. ("Via Oeste") - (14 348) - - 14 348 -

Brisal - Auto-Estradas do Litoral, S.A. ("Brisal") - (13 131) - - 656 (12 475)

44 676 (27 479) 5 649 (34) 15 004 37 816

12. REVALUATION OF TANGIBLE FIXEDASSETS (LEGISLATION)

The revertible tangible fixed assets in operation at 31December 1998, which correspond to Auto-Estrada doNorte (A1), Auto-Estrada do Sul (A2) and Setúbal/Montijo(A12), were revalued under Order 158/90F-DE of 15February of the Secretary of State for Finance. Therevaluation, which was recorded in 1989, was made as of31 December 1988 using the currency devaluationcoefficients published in Ministerial Order 237/89 of 30March (Note 13).

13. REVALUATION OF TANGIBLE FIXEDASSETS

The historical cost and revaluation of tangible fixed assets,net of depreciation, as of 31 December 2007 is made upas follows:

As a result of Brisa’s current tax regime (Note 6), the fullamount of depreciation of the revaluation is taxdeductible.

14. REVERTIBLE TANGIBLE FIXED ASSETSIN PROGRESS (ADDITIONALINFORMATION)

Tangible fixed assets at 31 December 2007, revertible tothe State at the end of the concession, by type of activity,are as follows (gross amount):

Construction, maintenance and operation of motorways 5 052 381

Construction, maintenance and operation of service areas 11 090

5 063 471

Financial costs included in revertible tangible fixed assets(Note 3 c) (ii)) are as follows:

Beginning balance 223 299

Increase during the year (Note 11) 6 642

Ending balance 229 941


Net Nethistorical Net revalued

cost Revaluation book value

Revertible tangible fixed assets:

Auto-estrada do Norte (A1) 504 901 66 730 571 631

Auto-estrada do Sul (A2) 735 127 10 348 745 475

Auto-estrada Setúbal/Montijo (A12) 60 564 4 843 65 407

1 300 592 81 921 1 382 513

Of the above amount, 225 651 thousand Euroscorresponds to sub stretches in operation (Note 10), 263 thousand Euros corresponds to service stations inoperation and 4 027 thousand Euros corresponds to fixedassets in progress (Note 10).

16. GROUP COMPANIES

Group companies and the main information extractedfrom their financial statements as of 31 December 2007are as follows:

The investments in these companies are recorded inaccordance with the equity method. Application of theequity method has been adjusted for gain and loss onintergroup transactions. In addition, shareholders’ equityof the group companies includes the followingsupplementary capital contributions which are recorded inthe balance sheet caption “Loans to group companies”.

Via Oeste 112 910

Brisa Internacional 100 000

Brisal 93 616

Brisa Serviços 14 198

320 724


Effectivepercentage Shareholders' Total Net result Book

Investments in group companies Head office participation equity income for the year value

Brisa Internacional Quinta da Torre da Aguilha 100% 399 997 45 979 44 164 299 997

S. Domingos de Rana

Brisa BV Amsterdam 100% 2 021 24 320 21 2 021

Holanda

Brisal Quinta da Torre da Aguilha 70% 132 799 12 973 (18 759) -

S. Domingos de Rana

Brisa Serviços Quinta da Torre da Aguilha 100% 23 886 3 033 464 6 740

S. Domingos de Rana

Via Oeste Quinta da Torre da Aguilha 100% 93 497 2 375 (14 348) -

S. Domingos de Rana

AEDL Castelo de Paiva 55% 50 - - 27

308 785

The main balances with group and related companies at31 December 2007, in addition to those reflected in thecaption “Loans to group companies”, are as follows:

The main transactions with these entities in the yearended 31 December 2007 were as follows:


Clients, Suppliers, Group Suppliers Other Accrued current accounts current accounts companies of fixed assets debtors costs

Via Verde Portugal - Gestão de Sistemas

Eletrónicos de Cobrança, S.A. ("Via Verde Portugal") 414 446 - - - -

Brisa Access Electrónica Rodoviária, S.A. ("BAER") 619 3 981 - 1 910 - -

Brisa Assistência Rodoviária, S.A. ("BAR") 128 890 - 66 - -

Brisa Engenharia e Gestão, S.A. ("BEG") 296 1 582 - 1 590 - 2 809

Mcall - Serviços de Telecomunicações, S.A. ("Mcall") 7 115 - - - -

Controlauto - Controlo Técnio Automóvel, S.A. ("Controlauto") 79 - - - - -

AEDL - - 750 - - -

Northwest Parkway LLC("NWP") - - - - 2 002 -

Via Oeste - - 56 099 - - -

Brisal 175 - - - -

1 718 7 014 56 849 3 566 2 002 2 809

Supplies Other operating Extraordinary Services Suplplementary Financial Purchase ofand services costs expenses Sales rendered income income fixed assets

Via Verde Portugal 12 160 - - - 39 802 4 -

BAR 9 437 - - - 141 583 - 678

BAER 4 336 341 - 839 15 848 - 1 577

BEG 2 398 463 1 125 - 113 1 236 - 9 678

Controlauto 1 - - - 19 177 - -

Via Oeste - - - - - - 2 019 -

Brisal - - - - - 6 145 - -

Mcall 575 - - - 1 27 - -

28 907 804 1 125 839 328 9 818 2 023 11 933

21. ADJUSTMENTS TO WORKINGCAPITAL

The following changes were recorded in working capitalcaptions in the year ended 31 December 2007:

The column “Utilisation” corresponds to receivablebalances considered to be uncollectible (direct utilisation).

23. DOUBTFUL ACCOUNTS RECEIVABLE

At 31 December 2007 the Company had doubtfulaccounts receivable from clients and other debtorstotalling 15 028 thousand Euros, for which the Companyrecorded adjustments in full (Note 21).

25. RECEIVABLES FROM AND PAYABLESTO EMPLOYEES

At 31 December 2007 the Company had the followingreceivables from and payables to employees:

Receivables (Note 49) 587

Payables (Note 52) 21

29. PAYABLES IN OVER FIVE YEARS

At 31 December 2007 payables in over five yearsamounted to 1 528 561 thousand Euros (Note 51).

31. COMMITMENTS

Retirement plan

Brisa has a supplementary retirement, incapacity andsurvivor pension plan, under which employees reachingretirement age with at least ten years of service to theCompany, as well as those that have at least five years ofservice to the Company and become incapacitated havethe right to a retirement pension supplementary to thatguaranteed by the Social Security.

The benefit defined in the pension plan corresponds to7% of the gross remuneration at the date of retirement,plus 0.5% for each year of service after the tenth year.Also, in accordance with the pension plan in force, theretirement pension supplement cannot exceed 17% ofthe gross remuneration at the date of retirement and thesum of the pension supplement plus that attributed bythe Social Security can also not exceed such grossremuneration.

In the case of death of the beneficiary, the plan also gives,in certain conditions, the surviving spouse, children orequivalent, the right to a supplementary survivor pension,corresponding to 50% of the supplementary retirementpension that the beneficiary was receiving.

The liability resulting from the above mentioned schemewas transferred to an autonomous pension fund. Theliability is determined half yearly based on actuarial studiesprepared by independent experts, the last available beingas of 31 December 2007.


AdjustmentsBeginning Ending

Captions balance Increases Utilisation Decreases balance

Accounts receivables:

Clients current account 13 294 1 780 (120) (20) 14 934

Other receivables 230 94 (230) - 94

13 524 1 874 (350) (20) 15 028

The actuarial studies as of 31 December 2007 and 2006were prepared using the Projected Unit Credit methodand the following assumptions and technical bases:

Actuarial technical rate 4.85%

Annual Fund income rate 4.85%

Annual salary growth rate 3.0%

Annual pension growth rate 0%

In addition, the demographic assumptions used as of 31December 2006 and 2005 were as follows:

2007 2006

Mortality tables TV 88/0 TV 73/77

Incapacity tables EKV80 EKV80

In accordance with these actuarial studies the cost of theretirement pension supplements for the years ended 31December 2007 and 2006 is as follows:

2007 2006

Current service costs 161 148

Financial cost for the year 167 168

Actuarial gains and losses 700 (160)

Income of the fund (74) (227)

954 (71)

The above mentioned liability for the payment of thesocial benefits was transferred to an autonomous pensionfund to which the Company makes regular contributionsto cover the liability. The difference between the presentvalue of the liability and the market value of the fund’sassets at 31 December 2007 and 2006 is as follows:

2007 2006

Present value of the projected liability 3 961 3 078

Market value of the fund (6 859) (6 930)

(2 898) (3 852)

At 31 December 2007 the market value of the fund’sassets exceeded by 2 898 thousand Euros the presentvalue of the liability.

The managers and directors have the benefit of a definedcontribution supplementary retirement pension, theCompany having assumed the commitment to pay aninsurance company 10% of the respective basic annualremuneration. The premiums for the year ended 31December 2007, reflected under personnel costs,amounted to 414 thousand Euros.

Incentive Plan

The Shareholders’ General Meeting held on 10 March2006 authorised the Board of Directors to create a newmanagement incentive plan through the approval ofregulations for the acquisition of shares. Consequently,the conditions of the new General Incentives Plan andRegulations for the Acquisition of Shares (Plano Geral deIncentivos e Regulamento de Aquisição de Acções -“PGIRAA”) were defined, under which the beneficiariescan acquire Brisa shares at market price, funded by bankloans. In the year ended 31 December 2007 the plan wasextended to new employees.

As a result of exercising all the rights to acquire Brisashares, in the year ended 31 December 2006 thebeneficiaries of the plan acquired 5 105 000 shares at acost of 40 789 thousand Euros, corresponding to amarket value of 7.99 Euros per share. In addition, as aresult of extending the plan, in the year ended 31December 2007 the beneficiaries acquired 106 250 sharesat a cost of 1 063 thousand Euros corresponding to amarket price of 10 Euros per share (Note 40).

In accordance with the Plan such shares cannot be tradedwhile the right to sell and use them has not beenconfirmed, based on an assessment of performance,which will occur on the following dates:

• Directors- Totally in April 2008

Employees- 20% in April 2009- 30% in April 2010- 50% in April 2011


Under the Plan a guarantee mechanism is established forthe participants, which corresponds to a commitment bythe Company to repurchase the shares in the event thatthe right to sell the shares is not confirmed or if the sharesdecrease in value.

In accordance with IAS 32 and IFRS 2, in addition torecording the sale of the above treasury shares, thetransactions related to the incentive plan have thefollowing impact on the financial statements as of 31December 2007:

- Recognition of a liability of 41 851 thousand Euros bycorresponding entry to reserves, corresponding to thepresent value of the liability to repurchase the sharesunder the above mentioned conditions. At 31 December2007 the liability amounted to 43 342 thousand Eurosas a result of financially updating it (Note 50).

- Recognition of a benefit which, in accordance with IFRS2, is understood as being granted to the employees anddirectors resulting from the increase in value of theshares to be granted in the future. Recognition of thisbenefit, due to characterisation of the plan as “a benefitgranted based on shares and settled with equityinstruments” under the provisions of IFRS 2, has resultedin the recording of a personnel cost and an increase inequity. This recognition is repeated over the period toconfirmation of the right for the beneficiaries to sell theshares, based on measuring the fair value of the benefitat the inception of the plan. In the year ended 31

December 2007 personnel costs and the correspondingcapital increase amounted to 1 030 thousand Euros(Note 40).

32. GUARANTEES

At 31 December de 2007 the Company had the followingbank guarantees given to third parties:

BRISAL (a) 56 694

EP – Estradas de Portugal

(Base XX of the Concession Contract) 48 365

Bank guarantees in favour of the courts (b) 4 917

Other bank guarantees given to third parties 11 345

121 321

(a) This amount corresponds to bank guarantees given byBrisa to Brisal, to guarantee compliance with theCapital Subscription and Realisation Agreement ofBrisal.

(b) This amount corresponds to bank guarantees given byBrisa and Brisal to several courts under real estateexpropriation processes.

34. CHANGES IN PROVISIONS

The changes in the provision account balances during theyear ended 31 December 2007 were as follows:


Beginning EndingAccounts balance Increases balance

Provision for risks and costs:

Litigation in process 4 097 99 4 196

Investments (Note 10) 5 066 15 004 20 070

9 163 15 103 24 266

The provision for litigation in process is to coverliabilities estimated by the Board of Directors, based oninformation from its lawyers, resulting from actionsbrought against the Company relating to motoraccidents, losses caused by the construction ofmotorways and labour claims. The claims against theCompany totalled approximately 25 800 thousandEuros at 31 December 2007 and the provisioncorresponds to the Board of Directors’ best estimate ofthe amount of such liabilities.

The provision for investments results from the Company’sparticipation the negative equity, excluding supplementarycapital contributions, of Via Oeste and Brisal.

36. CAPITAL

At 31 December 2007 Brisa’s fully subscribed and paid up

share capital consisted of 600 000 000 shares with anominal value of one Euro each.

37. LEGAL ENTITIES HOLDING MORETHAN 20% OF THE SHARE CAPITAL

At 31 December 2007 José de Mello Investments, SGPS,SA held, directly and indirectly through its subsidiaries,29.91% of the shares in the company.

40. CHANGES IN SHAREHOLDERS’EQUITY

The changes in shareholders’ equity in the year ended 31December 2007 were as follows:


Beginning Appropriation EndingAccounts balance Increase of profit Decreases balance

Capital (Note 36) 600 000 - - - 600 000

Treasury shares:

Nominal value (11 421) 161 - (2 182) (13 442)

Discounts and premiums (78 548) 1 117 - (18 047) (95 478)

Adjustments in equity investments in group companies (Note 10) (26 565) 5 649 - - (20 916)

Legal reserve 74 266 - 8 773 - 83 039

Other reserves 276 521 1 351 1 889 (807) 278 954

Retained earnings 414 255 - - - 414 255

Net profit for the year 175 464 252 951 (175 464) - 252 951

1 423 972 261 229 (164 802) (21 036) 1 499 363

Treasury shares

Commercial legislation regarding treasury shares requirescompanies to maintain a free reserve equal in amount tothe cost of their treasury shares. The reserve is notavailable for distribution while the shares are held, areserve of 108 920 thousand Euros being maintained forthat purpose. In addition, the applicable accounting rulesprovide that gains and losses on the sale of treasury sharesmust be recorded in reserves.

The following changes took place in treasury shares in theyear ended 31 December 2007:

Number Thousandsof shares of Euros

Beginning balance 11 420 886 89 969

Acquisirions 2 182 336 20 229

Disposals (55 000) (436)

Sold under the management

incentive plan (Note 31) (106 250) (842)

Ending balance 13 441 972 108 920

Legal reserve

Commercial legislation establishes that at least 5% ofannual net profit must be appropriated to a legal reserveuntil the reserve equals at least 20% of share capital. Thisreserve is not available for distribution except uponliquidation of the company, but can be used to absorblosses once the other reserves have been exhausted, or toincrease capital.

Other reserves

The increases and decreases in the year ended 31December 2007 correspond to:

Gain on the sale of treasury shares 321

Commitments to repurchase treasury shares (734)

Benefits granted to personnel under the

incentives plan (Note 31) 1 030

Hedging derivative financial instruments (73)

(544)

Appropriation of profit

In accordance with a decision of the Shareholders’General Meeting held on 28 March 2007, net profit forthe year ended 31 December 2006 was appropriated asfollows:

Dividends 164 802

Legal reserve 8 773

Free reserves 1 889

175 464

43. REMUNERATION OF THE MEMBERSOF THE STATUTORY BOARDS

The remuneration attributed to the members of thestatutory boards of the Company in the year ended 31December 2007 was as follows:

Board of Directors 3 353

Fiscal Board 117

3 470

44. SERVICES RENDERED BY NATURE OFACTIVITY

Services rendered in the years ended 31 December 2007and 2006 are made up as follows:

2007 2006

Tolls 541 744 510 188

Service areas (a) 11 025 10 763

Client assistance 54 71

552 823 521 022

(a) This caption includes lease instalments of 2 467 Euros(Note 50 (i)) for the year ended 31 December 2007,relating to amounts paid by sub-concession holders ofservice areas in previous areas.

Segment information is not provided due to the fact thatthere are no business or geographic segments that couldbe identified for segment reporting purposes inaccordance with Accounting Directive 27 - “SegmentReporting”.


45. NET FINANCIAL ITEMS

Net financial items for the years ended 31 December2007 and 2006 are made up as follows:

2007 2006

Expenses:

Interest expense (a) 100 551 90 558

Loss on group companies (Note 10) 27 479 962

Exchange loss 296 97

Other financial expenses (b) 7 962 9 135

136 288 100 752

Net financial items (73 717) (41 396)

62 571 59 356

Income:

Interest income 4 691 7 266

Gain on group companies (Note 10) 44 676 44 744

Exchange gain 281 372

Other financial income (b) 12 923 6 974

62 571 59 356

(a) The account “Interest expense” relates essentially tointerest on loans obtained, of which interest of 6 642 thousand of Euros was allocated to substretches and service areas in progress (Notes 11, 14 and 53).

(b) The captions “Other financial expenses” and “Otherfinancial income” correspond essentially to charges onloans and loss and gain on derivative financialinstruments.

46. NET EXTRAORDINARY ITEMS

Net extraordinary items for the years ended 31 December2007 and 2006 are made up as follows:

2007 2006

Expenses:

Donations 142 39

Loss on investments - 15 370

Loss on fixed assets 102 1 259

Penalties 108 60

Corrections relating to prior years 1 435 5

Other extraordinary expenses 490 95

2 277 16 828

Net extraordinary items 27 262 13 130

29 539 29 958

Income:

Gain on fixed assets 468 355

Decrease in provisions - 2 128

Corrections relating to prior years 167 22

Other extraordinary income (a) 28 904 27 453

29 539 29 958

(a) The caption “Other extraordinary income” at 31December 2007 includes 28 334 thousand Eurosrelating to investment subsidies (Note 50 (g)) (26 281thousand Euros in the year ended 31 December 2006).


48. STATE AND OTHER PUBLIC ENTITIES

The balances with these entities at 31 December 2007 aremade up as follows:

Debit balances:

Corporate income tax:

Payment on account 17 792

Income tax withheld at source 1 597

Estimated income tax (Note 6) (b) (17 860)

1 529

Credit balances:

Value Added Tax 14 915

Corporate Income Tax payable 6 036

Personal Income Tax:

Income tax withheld 491

Social Security contributions 863

Penalties 832

23 137

(a) As explained in Note 6, the Company deducted fromincome tax on the conceded operations, 155 496thousand Euros corresponding to utilisation of taxbenefits. Consequently, income tax for the year ended31 December 2007 corresponds to autonomoustaxation of certain expenses and calculation ofMunicipal Surcharge, in accordance with currentlegislation.

49. OTHER DEBTORS

This caption at 31 December 2007 is made up as follows:

Financial co-participation receivable (a) 100 587

Co-participation in tolls (b) 4 746

Personnel (Note 25) 587

Others 6 646

112 566

(a) This balance corresponds to financial co-participationreceivable from the State as a result of investmentsmade under Brisa’s concession contract (IntroductoryNote). The amounts considered by the Company assubject to co-participation by the State, relating toinvestments made after 31 December 2006, have notyet been confirmed by the Inspectorate General ofFinance, the competent entity for that purpose.However, the Board of Directors believes that thisconfirmation will not result in significant corrections inrelation to the financial statements as of 31 December2007.

(b) This balance receivable from the State includes (i) 4036 thousand Euros relating to tolls due based on theamount of traffic on the connection of the Braga SulJunction to the Braga Sul Ring Road under the termsof item 10-A, Base XI of the concession contract, inaccordance with Decree-Law 287/99 of 28 July and (ii) 710 thousand Euros relating to the amount receivablefrom the State for discounts granted on heavy vehicletraffic in accordance with Decree-Law 130/00 of 13January.


50. ACRRUALS AND DEFERRALS

These captions at 31 December 2007 are made up asfollows:

Accrued income:

Accrued interest 91

Others 76

167

Deferred costs:

Costs of the concession contract (a) 67 740

Bonds (b) 3 837

Securitisation of future receivables (c) 3 505

Projects in progress 2 813

Insurance 1 237

Others 523

79 655

Accrued costs:

Incentive Plan (Note 31) (d) 43 342

Derivative financial instruments (Note 54) (e) 51 310

Accrued financial costs:

Bonds (Note 51) (b) 8 106

Loans 13 360

Accrued payroll costs (f) 10 566

Securitisation of future receivables 949

Others 5 633

133 266

Deferred income:

Financial co-participation (g) 729 980

Compensation for the abolition of tolls (h) 44 202

Prepaid income on service areas (i) 21 313

Others 1 444

796 939

(a) As explained in Note 3 i), when the concessioncontract was renegotiated, the Company assumed thecommitment to pay the State 119 356 thousand Euros,which is being recognised in the statement of profitand loss over the period of the concession. Up to 31December 2007 the Company has recognised 51 616 thousand Euros as cost, of which 2 709thousand Euros was recognised in the year thenended.

(b) This caption includes charges and premium on theissuance of bonds, which are deferred over the periodof the bonds.

(c) This caption includes costs and premium on theissuance of securitisation of future receivables, whichare being deferred over the respective maturity period.

(d) This caption includes the liability relating to thecommitment to repurchase treasury shares under theincentive plan (Notes 31 and 40).

(e) This caption corresponds to the market value of thederivative financial instruments (Notes 3 n) and 54).

(f) This caption corresponds to accrued vacation pay,vacation subsidy and performance bonus payable tothe employees.

(g) In the year ended 31 December 2007 the Companyrecognised as income, financial co-participation ininvestment in fixed assets (Note 3 j) (i)) in the amountof 28 334 thousand Euros (Note 46).

(h) This caption includes the amount of 73 670 thousandEuros relating to compensation received from the Statefor not collecting tolls on some sub-stretches in themetropolitan area of Porto (Note 3 j) (ii)), less theamount of 29 469 thousand Euros transferred toincome, the amount of 2 456 thousand Euros, relatingto the year ended 31 December 2007, having beenreflected in the caption “Other operating income”.

(i) This caption includes the amounts paid by sub-concessionaires of service areas on account of lease forfuture periods, the Company having recognised 2 469thousand Euros as income for the year ended 31December 2006 (Note 44).


51. LOANS

Loans at 31 December 2007 are made up as follows:

Short term:

Loans – European Investment Bank (a) 100 888

Bonds (b) 24 950

Short term lines (d) 374

Securitisation of future receivables (e) 80 000

206 212

Medium and long term:

Loans – European Investment Bank (a) 783 395

Bonds (b) 600 000

Commercial paper (c) 500 000

Securitisation of future receivables (e) 320 000

2 203 395

2 409 607

(a) Loans – European Investment Bank:


Date of InterestDescription loan Amount rate Repayment conditions

EIB

European Investment Bank

BRISA III - B - EUR 1990 802 2,47% (*) Fourteen annual payments starting in July 1995

BRISA IV - A - CHF 1990 1 354 6.95% Sixteen annual payments starting in October 1995

BRISA IV - A - EUR 1990 2 460 9.50% Sixteen annual payments starting in October 1995

BRISA IV - B - CHF 1991 3 993 7.14% Sixteen annual payments starting in March 1996

BRISA IV - B - EUR 1991 10 720 9.42% Sixteen annual payments starting in March 1996

BRISA VII - EUR 1993 14 251 4,43% (*) Fourteen annual payments starting in September 1998

BRISA VII - EUR 1994 24 940 3,32% (*) Fourteen annual payments starting in September 1998

BRISA VIII - EUR 1994 19 952 VAR (**) Ten annual payments starting in June 2000

BRISA VIII - EUR 1994 6 484 3,22% (*) Ten annual payments starting in June 2000

BRISA IX - A - EUR 1995 37 673 VAR (**) Twelve annual payments starting in December 2002

BRISA IX - B - EUR 1996 20 446 VAR (**) Twelve annual payments starting in December 2003

BRISA IX - B - EUR 1996 8 729 4,13% (*) Twelve annual payments starting in December 2003

BRISA IX - C - EUR 1997 33 253 VAR (**) Twelve annual payments starting in September 2004

BRISA IX - C -EUR 1997 8 313 3,70% (*) Twelve annual payments starting in September 2004

BRISA X - A - EUR 1996 43 755 VAR (**) Twelve annual payments starting in December 2003

BRISA X - B - EUR 1997 59 856 3,98% (*) Twelve annual payments starting in December 2004

BRISA X I- A - EUR 1998 41 151 VAR (**) Twelve annual payments starting in June 2005

BRISA XI - B - EUR 1998 41 151 3,91% (*) Twelve annual payments starting in September 2005

BRISA XII - A - EUR 2001 41 250 3,53% (*) Twelve annual payments starting in December 2007

BRISA XII - B - EUR 2001 13 750 3,29% (*) Twelve annual payments starting in December 2007

BRISA XIII - A - EUR 2003 350 000 VAR (**) Twelve annual payments starting in June 2008

BRISA XIII - B - EUR 2007 100 000 VAR (**) Twelve annual payments starting in May 2012

884 283

(*) : revisable rate: at the beginning of each interest period a fixed rate is agreed for periods of between three and six years. (**) : variable rate: quarterly the EIB defines the rate for the following quarter.

On 17 February 2006 a contract was signed with theEuropean Investment Bank for a new loan of 200 000thousand Euros (Brisa XIV) to finance the works to widenthe A1, A2, A3, A4 and A5 motorways. This is a 16 yearloan, which can be drawn up to February 2009. To dateno amounts have yet been drawn on this loan.

The following guarantees have been given by third partiesfor the loans from the EIB:

Guarantees by the State in favour of the EIB: 273 769

Bank guarantees in favour of the EIB: 181 337

Non convertible bonds:

2006 bonds 600 000

1998 bonds 24 950

624 950

The principal characteristics of the 1998 bonds are asfollows:

Bonds: Brisa 98 InflationInterest rate: Lit / Lio * 2.6%Interest payment: 29 May each year

Redemption conditions: Three equal instalments of theirnominal value, on 29 May 2006, 2007 and 2008.

Lit – Price index for the penultimate month preceding theredemption date of the coupon.Lio – Price index for the penultimate month preceding thesubscription date.

These bonds, which were issued in May 1998, aredematerialised and are listed on the Lisbon Euronext StockExchange.

These bonds have a nominal value of 4.99 Euros each,they mature in ten years and bear interest at a fixedannual rate of 2.6%, debt service (principal and interest)being adjusted by changes in the price index (*) between(i) the penultimate month preceding the maturity date ofeach instalment of interest and principal (Lit) and, (ii) andMarch 1998 (Lio). Interest is payable annually in arrearsand the principal is redeemable in three equal instalmentsof their nominal value on the due dates of the last threecoupons.

(*) Portuguese Total National Consumer Price Indexincluding housing, published by Instituto Nacional deEstatística (INE).

The Brisa 1998 bonds bore interest at the rate of 3.445%up to 31 December 2007. Considering the accumulatedredemption premium, the total rate of the issue for thelast twelve months was 6.032%. The amount redeemable(nominal value plus premium) was 33 056 thousand Eurosat 31 December 2007, of which 8 106 thousand Euros isreflected in the caption “Accrued financial costs” (Note50).

At the end of 2006 (with maturity on 5 December) Brisaissued bonds totalling 600 000 thousand Euros. Thebonds mature in 10 years, bear interest at a fixed rate of4.5% and were issued at a price of 99.637%, whichcorresponds to a Euro mid swap 10 year interest rate of3.926% plus a spread of 0.62%.

This was the first issue by a private Portuguese companyunder new legislation relating to securities representingliabilities, introduced by the Portuguese State on 7November 2005 through Decree-Law 193/2005 with theobjective of making it easier for Portuguese companies toobtain funding from non resident investors. The bonds aresubject to Portuguese legislation and are listed on theLuxemburg Stock Exchange.

(c At 31 December 2007 Brisa had six commercial paperissues contracted, totalling a maximum of 1 125 000 thousand Euros, of which 500 000 thousandEuros had been placed at that date.

The issues placed are classified as medium and longterm, as there is a commitment to renew themsuccessively during the period of the program, whichends on 26 September 2013.

(d) At 31 December 2007 Brisa had stable short termcredit lines up to the amount of 528 315 thousandEuros contracted with the banking system, of which374 thousand Euros had been drawn as of that date.


(e) Securitisation of future receivables:

On 17 December 2007 Brisa Auto-Estradas de Portugalcarried out a future credit securitisation operationtotalling 400 000 thousand Euros under the regimeestablished by Decree-Law 453/99 of 5 November, afterwhich it ceded its portfolio of credits relating to tolls tobe charged on the concessionaire’s motorways.

Deutsche Bank functioned as the arranger/dealer of theoperation, the credits having been acquired by TAGUS– Sociedade de Titularização de Créditos, S.A.(“TAGUS”), which for the purpose issued securitisedsecurities called €400,000,000 Asset Backed FloatingRate Securitisation Notes due 2012”. The securitieswere admitted to the official list and to trading on theregulated market of the Irish Stock Exchange (ISE).

The future toll income for the years 2008 to 2012,needed to enable TAGUS to make the quarterly interestand annual principal payments due to the securityholders and payment to the other security issuancecreditors, will be attached by Brisa to this operation.

Brisas’ loans at 31 December 2007 were in thefollowing currencies:

Amounts in Amounts in

thousands of currency thousands of Euros

Euros - 2 404 260

Swiss Francs (CHF) 8 570 5 347

2 409 607

Loans classified as medium and long term at 31 December2007 are repayable as follows (amounts in thousands ofEuros):

Up to 2 years 180 486




More than 5 years (Note 29) 1 528 561

2 203 395

52. OTHER CREDITORS

This caption at 31 December 2007 is made up as follows:

Guarantees (a) 1 199

Expropriations (Note 10) (b) 447

Personnel (Note 25) 21

Others 1 206

2 873

(a) This caption corresponds to executed bank guaranteesof suppliers, not yet utilised.

(b) This amount corresponds to appropriations underlitigation which at 31 December 2007 were in anappeal phase and corresponds to the differencebetween the amounts deposited by the Company infavour of the courts (amounts defined by arbitration)and the decisions issued by the courts. This differencewas recorded in the caption revertible tangible fixedassets in operation (Note 10).

There are also other expropriations under litigation, forwhich no decisions have yet been issued by the courts, theinitial amounts deposited in favour of the courtsamounting to 11 318 thousand Euros at 31 December2007. These amounts are reflected in the caption“Revertible tangible fixed assets” which is part of thecaption “Purchase of land”.

The Board of Directors believes that no significantadditional liability should be recorded in the financialstatements as of 31 December 2007 as a result of thedefinitive outcome of this litigation.

53. OWN WORK FOR THE COMPANY

Own work for the Company in the years ended 31December 2007 and 2006 is made up as follows:

2007 2006

Technical area costs (Notes 3 c) (ii) and 10) 500 465

Financial costs (Notes 3 c) (ii), 10, 11 and 45) 6 642 11 581

7 142 12 046


54. DERIVATIVE FINANCIALINSTRUMENTS

Derivatives not qualified as hedging (trading)

At 31 December 2007 and 2006 Brisa had contracted thefollowing swaps to manage the interest rate risk on itsfinancial liabilities, under which it receives a fixed rate andpays a variable rate and European inflation:

The changes in fair value of these instruments (trading)are recognised directly in the statement of profit and lossfor the period in which they arise.

55. STATEMENT OF PROFIT AND LOSS BYFUNCTIONS

The statement of profit and loss by functions wasprepared in accordance with the requirements ofPortuguese Accounting Directive 20, the more significantaspects being as follows:

(a) The amount of the caption “Sales and servicesrendered” in the Statement of Profit and Loss byFunctions (SPLF) corresponds to with the captions“Sales of merchandise” and “Services rendered” in theStatement of Profit and Loss by Nature (SPLN).

(b) Certain types of cost, namely electricity, water, leases,insurance, maintenance and repairs, hygiene andcomfort, security, fuel, personnel and amortisation anddepreciation were grouped and distributed to severalareas of activity in accordance with criteria defined bythe Company.

(c) The amount of the caption “Administrative costs”includes, in addition to costs reflected in the captions“Supplies and services” and “Personnel costs” in theSPLN, as a deduction from these captions, the amountof 500 thousand Euros (Notes 3 and 35) relating tooverhead costs recorded in the caption “Own work forthe company” in the SPLN.

(d) The caption “Net financial items” in the SPLF differsfrom net financial items in the SPLN as the capitalisedfinancial costs of 6 642 thousand Euros (Notes 3 and53), reflected in the caption “Own work for thecompany” in the SPLN, are deducted from financialcosts in the SPLF.


Undrlying Fair valueType of operation Maturity amount 2007 2006

Fixed rate swap/Var. rate 26/09/2008 45 000 (8 474) (6 023)




Fixed rate swap/Inflation 26/09/2008 25 000 (4 017) (2 569)








(51 310) (34 300)

56. STATEMENT OF CASH FLOWS

The caption “Cash and cash equivalents” at 31 Decemberof 2007 and 2006 is made up as follows:

2007 2006

Cash 352 348

Bank deposits repayable on demand 64 065 127 443

Bank overdrafts (Note 51) (374) (3 172)

Cash and cash equivalents 64 043 124 619

The amounts received relating to investments are madeup as follows:

Sale of the investment in Brisal 15 156

Capital decrease in the investment in Brisa Serviços 4 248

19 404

The amounts paid relating to investments correspond tosupplementary capital contributions paid regarding:

Payment of supplementary capital contributions

to Brisa Internacional 100 000

Payment of supplementary capital

contributions to Via Oeste 54 097

Payment of supplementary capital

contributions to Brisal 39 989

Investment in AEDL 27

Investment in Farncombe Ltd. 1

194 114

NOTE ADDED FOR TRANSLATION

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

S. Domingos de Rana, 26 February 2008

The Accountant, Registered under nº 1351Abel Silva

THE BOARD OF DIRECTORSVasco Maria Guimarães José de MelloJoão Pedro Stilwell Rocha e MeloDaniel Pacheco AmaralJoão Pedro Ribeiro de Azevedo CoutinhoJoão Afonso Ramalho Sopas Pereira BentoAntónio José Fernandes de SousaAntónio do Pranto Nogueira LeiteIsidre Fainé CasásMartin Wolfgang Johannes ReyLuís Manuel de Carvalho Telles de AbreuAntónio Ressano Garcia LamasJoão Vieira de AlmeidaPedro Jorge Bordalo Silva


1. In compliance with the applicable legal and statutoryprovisions, the Supervisory Board issues the presentReport and Opinion on the Management Report andother documents presenting the individual financialstatements of Brisa - Auto-Estradas de Portugal, SA,presented by the Board of Directors, relative to thefinancial year of 2007.

2. The Supervisory Board has, throughout the financialyear under analysis, supervised the management ofthe company and evolution of its businesses, havingheld regular meetings which, as a rule, have includedthe presence of the Director of financial affairs, andalso participated in the meeting of the Board ofDirectors which approved the Management Reportand had access to the minutes of the meetings of thisgoverning body, as well as to all the documentationconsidered necessary.

3. The Supervisory Board verified compliance with theConcession Contract, in particular with respect to theBases of financial nature, having in 2007 issued theopinions established in Base XI on movementsregistered in the current account with the State,relative to the financial contributions of the State inthe motorway construction cost.

4. The Supervisory Board considers that the Report ofthe Board of Directors and individual financialstatements referring to the financial year ended 31st

December 2007 (Balance Sheet, Financial Statementsby natures and functions, Statement of cash flowsand Annex to the financial statements), areappropriate to understanding the company’s networth at the end of the financial year and tounderstanding how the profits and losses were madeand how the business developed.

5. In accordance with the legislation in force, theOfficial Auditor is no longer part of the SupervisoryBoard. Throughout the year, during the meetings itheld and during various other occasions, theSupervisory Board maintained a useful line ofcollaboration with the Official Auditor.

6. The Supervisory Board assessed the LegalCertification of the Financial Statements, issuedunder the terms of the legislation in force by theOfficial Auditor, which merited its agreement andformal recognition of the respective annual report ofthe Official Auditor on the inspection carried out.

7. The Supervisory Board acknowledged the AnnualReport prepared by the Independent Auditors.

8. The Supervisory Board paid particular attention to anoperation, carried out by Brisa, of securitization offuture credit under the terms of Decree-Law number453/99, of 5th November, in the value of 400 millioneuros. Following this operation, it conceded creditcorresponding to the toll fares to be collected onmotorways to which it is the concessionaire. Thesefuture toll revenues will be attributed to thisoperation throughout the financial years 2008 to2012. With the resulting financial inflow, Brisarefinanced its short term debt and is now is a verycomfortable liquidity position. On the other hand,this operation resulted in an increase of taxable profitin the same amount as the inflow received and,consequently, an increase in assets due to deferredtaxes of 106 million euros, allowing for the use of allof the tax benefit generated during previous financialyears under the terms of Decree-Law number287/99, of 28th July, of which 89.1 million euros hadnot been recognised.

9. The Supervisory Board would like to show itsappreciation for the collaboration received from theBoard of Directors and Services.

OPINION

As a consequence of the above, the Supervisory Boardis of the opinion that the conditions are met for theGeneral Assembly of Brisa - Auto-Estradas de Portugal,SA, to approve:

The Report of the Board of Directors and individualFinancial Statements of the financial year 2007;

The proposal for application of profits formulated bythe Board of Directors in its report.

São Domingos de Rana, 27th February 2008

THE SUPERVISORY BOARDPedro Infante de la Cerda Ribeiro da Cunha (President)Tirso Olazábal Cavero (Member)Francisco Xavier Alves (Member)

Report and opinion of theSupervisory Board on the presenting of

Individual Financial Statements


INTRODUCTION

1. We have examined the individual financialstatements of BRISA - Auto-Estradas de Portugal,S.A., which include the Balance Sheet as at 31st

December 2007 (showing a total of 4,943,418thousand euros and a total equity of 1,499,363thousand euros, including a profit of 252,951thousand euros), the Financial Statements by naturesand functions, Statements of cash flows of thefinancial year ended on that date and Annex to thefinancial statements.

RESPONSIBILITIES

2. It is the responsibility of the Board of Directors toprepare the financial statements so as to present thetrue and appropriate financial position of theCompany, the result of its operations and cash flows,as well as the adoption of appropriate accountingpolicies and criteria, and the maintenance of anappropriate internal control system.

3. It is our responsibility to express a professional andindependent opinion, based on our examination ofthese financial statements.

SCOPE

4. The examination which we made was carried out inaccordance with the Technical Standards andReview/Audit Directives of the Order of OfficialAuditors, which require that it is planned and carriedout with the objective of obtaining a reasonabledegree of security on whether the financialstatements are free of materially relevant distortions.This examination therefore includes:

- verification, based on sampling, of the evidence onthe quantities and disclosures contained in thefinancial statements and of the evaluation of theestimates, based on judgements and criteria definedby the Board of Directors, used in their preparation;

- assessment on whether the accounting policiesadopted and their disclosure are appropriate, underthe circumstances;

- verification of the applicability of the principle ofcontinuity; and

- assessment on whether the presentation of thefinancial statements is appropriate, in overall terms.

5. Our examination also covered verification of theconcordance of the financial information containedin the management report with the individualfinancial statements.

6. We consider that the examination carried outprovides a reasonable basis for expressing ouropinion.

OPINION

7. In our opinion, the abovementioned individualfinancial statements present, in a true andappropriate manner, in all materially relevant aspects,the financial position of BRISA - Auto-Estradas dePortugal S.A. as at 31st December 2007, the result ofits operations and cash flows during the financialyear ended on that date, in conformity with theaccounting principles generally accepted in Portugal.

Legal Certification ofFinancial Statements


EMPHASIS

8. Notwithstanding the opinion expressed in theprevious paragraph, we would like to draw yourattention to the following:

As mentioned in notes 6 and 51(e) of the Annex tothe financial statements, BRISA, within the context ofdebt restructuring, carried out in December 2007 anoperation of securitization of future credit under theterms of DL 453/99, of 5th November, in the value of400 million euros. This operation resulted in anincrease in taxable profit of the same amount and theincrease in assets due to deferred taxes of 106 millioneuros and, as a consequence, allowed for the use ofall of the tax benefit generated during previousfinancial years under the terms of DL 287/99, of 28th

July, of which 89,112 thousand had not beenrecognised.

Lisbon, 26th February 2008

ALVES DA CUNHA, A. DIAS & ASSOCIADOSCompany of Official Auditorsrepresented by José Duarte Assunção Dias


INTRODUCTION

1. Pursuant to the dispositions of article 245 ofPortuguese Securities Market Code, we herebypresent our Auditors’ Report on the financialinformation contained in the management reportand the financial statements for the year ended 31December 2007 of Brisa – Auto-Estradas de Portugal,S.A. (“the Company”), which comprise the balancesheet as of 31 December 2007 that presents a totalof 4,943,418 thousand Euros and shareholders’equity of 1,499,363 thousand Euros, including a netprofit of 252,951 thousand Euros, the statements ofprofit and loss by nature and by functions, thestatement of cash flows for the year then ended andthe corresponding notes.

RESPONSIBILITIES

2. The Company’s Board of Directors is responsible for:(i) the preparation of financial statements thatpresent a true and fair view of the financial positionof the Company, the result of its operations and itscash flows; (ii) the preparation of historical financialinformation in accordance with generally acceptedaccounting principles and that is complete, true,timely, clear, objective and licit, as required by thePortuguese Securities Market Code; (iii) the adoptionof adequate accounting policies and criteria and themaintenance of an appropriate system of internalcontrol and; (iv) the disclosure of any significant factsthat have influenced its operations, financial positionor results of operations.

3. Our responsibility is to examine the financialinformation contained in the accounting documentsreferred to above, including verifying that, in allmaterial respects, the information is complete, true,timely, clear, objective and licit, as required by thePortuguese Securities Market Code, and to issue aprofessional and independent report based on ourexamination.

SCOPE

4. Our examination was performed in accordance withthe Auditing Standards (“Normas Técnicas e asDirectrizes de Revisão/Auditoria”) issued by thePortuguese Institute of Statutory Auditors (“Ordemdos Revisores Oficiais de Contas”), which require thatthe examination be planned and performed with theobjective of obtaining reasonable assurance aboutwhether the financial statements are free of materialmisstatement. The examination includes verifying, ona sample basis, evidence supporting the amountsand disclosures in the financial statements andassessing the significant estimates, based onjudgments and criteria defined by the Board ofDirectors, used in their preparation. The examinationalso includes assessing the adequacy of theaccounting policies used and their disclosure, takinginto consideration the circumstances, verifying theapplicability of the going concern concept, assessingthe adequacy of the overall presentation of thefinancial statements and assessing if, in all materialrespects, the information is complete, true, timely,clear, objective and licit. Our examination alsoincludes verifying that the information included inthe management report is consistent with thefinancial statements. We believe that ourexamination provides a reasonable basis forexpressing our opinion.

OPINION

5. In our opinion, the financial statements referred to inparagraph 1 above, present fairly, in all materialrespects, for the purpose described in paragraph 7below, the financial position of Brisa – Auto-Estradasde Portugal, S.A. as of 31 December 2007, theresults of its operations and its cash flows for the yearthen ended, in conformity with generally acceptedaccounting principles in Portugal and the financialinformation contained therein is, in terms of thedefinitions included in the auditing standardsreferred to in paragraph 4 above, complete, true,timely, clear, objective and licit.

Auditors ReportIndividual Accounts


EMPHASIS

6. The financial statements mentioned in paragraph 1above relate to the Company’s separate operationsand have been prepared in accordance with generallyaccepted accounting principles in Portugal forapproval and publication according to the legislationin force. As mentioned in Note 3 to the financialstatements, equity holdings in subsidiaries andassociates are accounted for by the equity method.As required by law, the Company has prepared forseparate publication consolidated financialstatements in accordance with International FinancialReporting Standards as adopted by the EuropeanUnion.

7. As explained in more detail in Notes 6 and 51 to thefinancial statements, on 17 December 2007 theCompany entered into a securitisation contract offuture credits totalling 400,000 thousand Euros,under which it received that amount and ceded therights to future credits corresponding to tolls to becharged on the motorways conceded to it. Thecorresponding liability at 31 December 2007 hasbeen recognised and will be settled throughallocation of future tolls for the years 2008 to 2012.The future credits ceded enabled the Company touse a tax credit of 89,112 thousand Euros granted toit in previous years and resulted in income of 106,000thousand Euros, corresponding to estimated deferredtax assets resulting from differences between the taxresults and accounting results for the years ending 31December 2008 to 2012.

Lisbon, 26 February 2008

DELOITTE & ASSOCIADOS, SROC S.A.Represented by João Luís Falua Costa da Silva


CorporateGovernance


MODEL OF GOVERNANCE

Statement of ComplianceBrisa complies, except for two cases duly accounted forbelow, with CMVM’s recommendations on goodcorporate governance as established in CMVM Regulationnumber 7/2001, as amended by Regulations number10/2005, number 11/2003 and number 3/2006, BRISA.

1. The company has an Investor Desk, (described on page74) which ensures communication with analysts, investorsand the public in general.

2. The General Assembly held on 10th September 2001,eliminated all the statutory provisions which limited thefree exercise of the right to vote. Currently, (described onpages 76 and 77) the right to vote may be exercised,directly, by proxy, by correspondence or by the Internet.

3. The company has implemented (described on page 71)an effective risk control system.

4. There are no barriers whatsoever to the free transfer ofsecurities nor otherwise to the success of possibletakeover bids (as described on page 78).

5. The effective management of the company (as descriedon page 89) is assured by an Executive Committeecomposed of five active members of the Board ofDirectors, of which three are independent.

5-A. Under the terms of the legislation in force, incompanies with a governing structure such as that ofBRISA (Board of Directors and Supervisory Board) theBoard of Directors is a collective body whose membersexercise functions in their personal capacity,independently of by whom they have been designated orproposed. In the case of BRISA, the Board of Directors iscomposed of thirteen members, five of which are part ofthe Executive Committee.

6. Out of the 13 members of the Board of Directors, 7 areindependent.

7. The Board of Directors has appointed two committeesfor internal control (described on page 73) each of whichis composed by three non-executive directors.

8. The individual remunerations of the members of theBoard of Directors are not disclosed (as recommended bythe CMVM), as this is judged to be the best way to reflectthe collective nature of a governing body whose membersare equally responsible for the decisions they make. Page89 discloses the aggregate remuneration of the membersof the Board of Directors, identifying not only the overall

value of both the executive and non-executive members,but also the variable and fixed parts.

8-A. The Remuneration Committee has requested thedisclosure of the following statement in the AnnualGeneral Assembly of 2006: “The members of the boardof directors should perform their duties diligently andprudently, in the interest of the company´s shareholders,employees and other stakeholders.

It is in the best interest of the company and itsshareholders to create appropriate conditions andincentives, to encourage the sound performance of theBoard of Director’s duties, in accordance with the criteriareferred to above.

Remuneration constitutes a primary managementinstrument for motivating senior managers for theattainment of a sound performance.

The definition and application by the RemunerationCommittee of the criteria underlying the directors’remuneration must be coherent and uniform, taking intoaccount the remuneration level practiced in similarEuropean companies, and the degree of achievement ofthe company’s strategic objectives including valuecreation for its shareholders.

In this respect, remuneration should consist of a fixedcomponent aimed at remunerating the work by executiveand non-executive members of the Board of Directors ineach financial year of the respective tenure and a variablecomponent payable for the whole tenure of office for thepurpose of aligning the interests of the executivemembers and shareholders.”

Payment of the variable component shall be contingentupon the performance evaluation relative to theobjectives set on an annual basis for the followingindicators: EBITDA, EBIT, NET INCOME, ROE and ROA.

9. The Remuneration Committee (as described on page75) is composed of three independent members of theBoard of Directors, in accordance with the criteriaestablished in number 9 of Chapter I of the Annex toCMVM Regulation number 7/2001.

10. The creation of Management Incentive Plans, (asdescribed on page 74) has always been submitted forapproval to the General Assembly.

10-A. The company is currently considering the possibilityof creating an informal communication system for anypossible irregularities.

Corporate Governance


1 – COMPANY ORGANIZATION CHART

Brisa’s organization is presented in the chart below:

Chapter I

10 CORPORATE GOVERNANCE 96

Brisa Assistência RodoviáriaRui Roque

Brisa Access Electrónica RodoviáriaGuilherme Magalhães

Brisa Engenharia e GestãoPedro Carvalho

ControlautoValdemar Mendes

MCALLMargarida Charters

Via Verde PortugalJoão Pecegueiro

BOARD OF DIRECTORS

EXECUTIVE COMISSIONVasco de MelloPedro Rocha e MeloDaniel AmaralJoão Azevedo CoutinhoJoão Bento

SUPPORT TO THE BOARD OF DIRECTORSCarlos Salazar de Sousa

António de SousaAntónio Nogueira Leite

Isidro Fainé CasásLuís Telles de Abreu

António LamasJoão Vieira de Almeida

Martin ReyPedro Bordalo Silva

COMPANY SECRETARYTiago Melo

SERVICES MOTORWAYS INTERNATIONAL

CORPORATIVE CENTRE

AdministrativeMaria Conceição Gomes

Internal AuditCristina Oliveira

Planning and ControlAna Cláudia Gomes

FinancialJoão Pereira Vasconcelos

LegalLuís Geraldes

Organisation and QualityAmadeu Rolim

Strategic PlanningManuel Melo Ramos

Investors Relationsand SustainabilityLuís Eça Pinheiro

Human ResourcesHenrique Pulido

Information SystemsLuís Pinheiro

Inovation and TechnologyJorge Sales Gomes

New EnterprisesManuel Lamego

Clientas and Tolls Vasco da Cunha

Traffic, Safety and Maintenance Victor Santiago

Operational Luís Roda

Enterprise Management Joaquim Almeida Mendes

Brisal - Auto-estradas do Litoral Manuel LamegoJoaquim Almeida Mendes

Auto-Estradas do Atlântico José Braga

Operational Areas

National Subsidiary

Brisa Access Europe - ÁustriaGuilherme MagalhãesFrancisco M. Rebelo

Brisa Participaçõese Empreendimentos - BrasilAntónio Sousa

Brisa North America - EUAVitor Saltão

InternationalSubsidiaryConcessionaires

(Brasil)CCR - Companhia deConcessões RodoviáriasLuis Rebelo Silva

(EUA)Northwest ParkwayPedro Costa

InternationalLuis Delgado

Auto-Estradas do Douro Litoral João Portela

2 – INTERNAL COMMITTEES

The Board of Directors constituted, amongst its members,

the following Internal Committees:

Committee for Corporate Governance and Sustainability,

constituted by Dr. João Vieira de Almeida (Chairman),

Prof. António Lamas and Prof. António Nogueira Leite. All

the members of this Committee are non-executive,

although Prof. António Nogueira Leite is considered non-

independent under the terms of sub-paragraph b) of

number 2 of article 1 of CMVM Regulation 7/2001, to the

extent that he performs functions in the management

board of a company of the José de Mello Group, which

holds more than 10% of BRISA’s share capital.

The main duties of this Committee are to supervise

compliance with the corporate governance rules and

norms by the companies part of the Brisa Group; to

review the performance of the sustainable development

policies in their three dimensions: economic,

environmental and social; periodic evaluation of the

outcome of these rules and policies; supervise the

activities of the Department of Investor Relations,

Corporate Communications and Sustainability (DIS) in

areas of the responsibility of this Committee, supervise the

preparation of the Management Report, comment on the

chapters related to sustainability and corporate

governance; supervise the enforcement of the

Deontological Code and propose measures leading to

their constant updating and effective enforcement in all

companies of the BRISA Group; and propose to the Board

of Directors any reforms and initiatives as deemed

appropriate to achieve company objectives.

Audit and Risk Management Committee, composed by

Prof. António de Sousa (Chairman), Dr. Luís Telles de

Abreu and Prof. António Nogueira Leite. All the members

of this Committee are non-executive Directors, although

Prof. António Nogueira Leite is considered non-

independent under the terms of sub-paragraph b) of

number 2 of article 1 of CMVM Regulation 7/2001, to the

extent that he performs functions in the management

board of a company of the José de Mello Group, which

holds more than 10% of BRISA’s share capital.

The main duties of this Committee are: regular follow-up

of the Internal Audit Department (IAD) and Independent

Auditors; comment on the appointment and dismissal of

Independent Auditors; to evaluate and give an opinion on

internal auditing procedures; to review relations

established between the Independent Auditors with the

company’s departments; to supervise the appropriateness

and effective functioning of the internal control system;

and ensure compliance by the Directors with the rules of

the securities market as applicable.

These two committees are empowered to consult any

documents or records and undertake any action or actions

deemed necessary at any company or department of the

Brisa Group, as well as to use external services or promote

independent audits.

3 – RISK CONTROL

The Company has a number of internal departments

whose duties are to assist the board in identifying and

avoiding any major risks which may arise not only in the

construction and operation of motorways but also in the

environmental, legal and financial areas.

These governing bodies work towards the prevention and

control of the risks inherent to construction activities,

namely in the supervision of the rules imposed for

motorway construction, particularly with regard to

hygiene and safety. Specific policies have been developed

for this area such as the adoption of a Health and Safety

Manual in Construction Work, and the implementation of

a structure created for the effect, which supervises and

ensures central and local coordination of the safety and

health plans and risk activities.

For its day-to-day operations, Brisa possesses the

necessary and sufficient means to keep all the motorway

safety equipment in perfect condition. An Operations and

Maintenance Manual has been created, in which the

chapter on the Safety of Clients and Premises establishes

the rules and procedures to be respected in the operations

area during daily activity. It also provides a system which

registers and processes information about incidents

occurring on motorways, which allows not only the

statistical processing of all the information, but also the

timely identification of situations which may warrant

corrective measures.

Brisa also has, operational since early 2004, the Centre for

Operational Coordination, which is part of the vast

Telematic and Road Safety Project, concluded in 2006.

The final investment in the order of 32 million euros

makes it possible to collect, from a single unit, all the

information from the Brisa network, as well as to

coordinate all the operations. It also possesses and


manages a traffic monitoring system, which includesapproximately 400 video cameras covering the entirenetwork, 34 weather stations, 150 electronic noticeboards, a large 10x3 digital screen, traffic managementsystems, information channels for public access andincident detecting systems. This infrastructure will improvesafety conditions, enhance the effectiveness of assistanceoperations, and, overall improve traffic fluidity, providingupdated and timely information to clients andcomplementary support services.

Relative to the environment, the coordination of studiesincludes a specialization aimed at avoiding and mitigatingenvironmental risks during the initial project phase andsupervising the development of environmental evaluationprocesses. This supervision continues during theconstruction phase using resources specifically attributedfor the implementation of the Monitoring Programme ofthe construction phase, mitigating or compensatorymeasures and Environmental Management Procedures.

On the other hand, one of the operational priorities of theMaintenance Management Department is theidentification of situations of environmental risk, acting ina preventive manner in the management of measuresmitigating their negative impact on operationalmotorways.

From a financial perspective, it should also be noted thatthe Risk Control and Management department isresponsible for the monitoring and management ofliquidity, interest and exchange rate risks.

Brisa is exposed to a number of financial risks arising fromits operations. Of particular importance are the liquidityand interest rate risks derived from the company’s debtsas well as from the exchange rate risk resulting from itsinvestment in Brazil, and the counterparty risk which thecompany bears following hedging transactions and anyother financial applications. The Financial Departmentensures the centralised management of the financingoperations, surplus liquidity applications and exchangetransactions as well as the management of thecounterparty risk of the Brisa Group. In addition, the RiskManagement Division of the Financial Department isresponsible for the identification, quantification andproposal of measures to manage/mitigate the financialrisks to which the group is exposed, as described in detailin the chapter on financial risk management.

4 - BRISA SHARES IN 2007

The Brisa share increased in value by 6.4% during the yearand on 31st December its price on the stock exchangereached €10.05.

The average daily value of transactions of 11.4 millioneuros represented an increase of 23% in comparison to2006, a fact not unrelated to the rise of 20% in theaverage price of the Brisa share during the year to €9.82.The daily average volume of 1.17 million sharetransactions corresponded to only a slight increase ofapproximately 1% in relation to 2006.


VALUE OF THE BRISA ON THE STOCK EXCHANGE DURING 2007

8.00

8.50

9.00

9.50

10.00

10.50

11.00

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07


EVOLUTION OF THE PRICE OF THE BRISA SHARE IN RELATION TO MARKET INDICES

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07

Brisa

Eurostoxx 50

Euronext 100

PSI20

It should be noted that on 1st January 2007, the BrisaPrivatisation share and Brisa Private Share, majoritycontrolled by two reference shareholders, withoutliquidity or relevant volume of transaction, wereaggregated into a single negotiating line (BrisaPrivatisation). As of 21st December 2007, this negotiatingline is identified merely as Brisa.

The weight of Brisa Privatisation in the PSI-20 wasapproximately 9% at the end of 2007 and the share isalso part of the Euronext 100 index.

On 2nd January 2007, the two lines of negotiation whichthe Brisa shares had held since its entry into the StockExchange were made interexchangeable for tax benefit

purposes. This benefit ended at the end of 2006, this is 5years after the date of Brisa’s last privatisation phasewhich occurred in July 2001.

In national terms, the PSI20 index continues to be areference for most companies with Brisa having benefittedfrom the new rules for its calculation which entered intoforce as of the beginning of the second half of the year.However, since the beginning of the year Brisa hassubstantially increased its position during 2007 by 8.60%holding the 6th place in terms of weight in the index.

The following tale presents the price on the stockexchange of the Brisa share on the dates of disclosure ofnet income during 2007.

Value (€) Opening Maximum Minimum Closing

2006 Annual net income – 26 February 10.14 10.24 10.14 10.20

Payment of dividends – 27 April 9.52 9.60 9.52 9.57

1st Quarter net income – 27 April 9.52 9.60 9.52 9.57

1st Semester net income – 25 July 10.28 10.45 10.21 10.35

3rd Quarter net income – 30 October 9.65 9.73 9.60 9.65

5 – DIVIDEND POLICY

The dividend policy is of the responsibility of the GeneralAssembly which may alter it at any moment. However,Brisa’s Board of Directors has tried to follow a policy ofdistribution of dividends so as to effectively andincreasingly remunerate its shareholders. In this respect,the dividend paid per share has increased and shouldcontinue to do so, in accordance with the growth in thecompany’s net income. This policy has been validated bythe General Assembly and is disclosed on annually in aclear manner in its report and financial statements.

The Board of Director’s proposal on the distribution ofdividends is described under these terms at the end of thechapter on Proposal of Application of Net Income.

The dividend is paid annually, within 30 days of itsapproval in the General Assembly.

During the last three financial years the distribution ofdividends per share was as follows:

2006- 28 euro cents per share2005- 27 euro cents per share2004- 27 euro cents per share

6 – INCENTIVE PLANS FOR AWARDINGSHARE OPTIONS

Brisa considers that the management incentives plan is anextremely important tool in evaluating and stimulating thedevelopment of the activity of its senior staff in themedium and long term towards the creation of value forits shareholders. Hence, at Brisa’s Annual GeneralAssembly, held on 10th March 2006, the Board of Directorswas authorised to create a new management incentivesplan (Plan) to establish mechanisms allowing the Planbeneficiaries (Beneficiaries), according to the annualevaluation of their performance, to proceed with thedirect acquisition of Brisa shares, at the market price onthe day of the acquisition.

Under the terms of this authorisation, Brisa’s Board ofDirectors defined the conditions of the abovementionedincentives plan, through the approval of a ShareAcquisition Regulation (Regulation) under which theBeneficiaries could acquire Brisa shares at the marketprice, using bank credit established specifically for theeffect.

The number of beneficiaries, including employees andexecutive directors covered by this plan was 127. Thenumber of own shares needed to the full exercice of theseacquisition rights amounts to 5 105 000 acquired at7.99€ related to 2006 and 106 250 acquired at 10,00€

in 2007.

7 – BUSINESS OR OPERATIONS BETWEENCOMPANY MEMBERS

During 2007, no business or operations was carried out ofany economic significance between the company andmembers of the governing bodies, qualifying holders,subsidiary companies or companies in the group.

8 – INVESTOR RELATIONS OFFICE

The Department of Investors, Communications andSustainability (DIS) is responsible for communications withshareholders, analysts and the public in general. It alsoensures that dialogue is maintained with managerial andsupervisory entities such as Euronext, the CMVM andInterbolsa.

The representative for market relations is Dr. Luís d’EçaPinheiro, also Director of DIS.

ResearchEfforts have been made to expand the number of bankscovering research on Brisa. For this purpose continuouscontact is maintained with various analysts to increase andobtain periodic revisions.

In 2007, both Millennium bcp and JPMorgan restartedtheir coverage of Brisa. In addition to these entities,various investment companies also revise the target price,namely Caixa BI, BPI, Santander, Ibersecurities, Dresdner,Lisbon Brokers, Fidentiis, Morgan Stanley and Exane BNPParibas.

The table below presents the reports with the respectivetarget prices. It should be noted that approximately 68%indicate a target price above that of Brisa’s market valueat the end of 2007, €10.05 per share.


Compared to 2006, the average target price increasedfrom 9.35€ to 10.58€ in 2007, reflecting an increase of13.2%.

It should be noted that during this period the Brisasecurity appreciated by 6.35%.

PRICE TARGETS

Banco Price target 2007 Recomendação

Caixa BI 12.00 € Accumulate

Dresdner 11.80 € Buy

Ibersecurities 11.60 € Buy

Santander 11.50 € Buy

BPI 11.35 € Buy

Lisbon Brokers 11.00 € Buy

Banif 10.85 € Neutral

JP Morgan 10.60 € Sell

Millennium Bcp 10.45 € Reduce

Goldman Sachs 10.20 € Buy

Dexia 10.20 € Buy

HSBC 10.10 € Buy

Fidentiis 10.10 € Buy

Morgan Stanley 10.00 € -

UBS 9.90 € Neutral

BNP Paribas 9.35 € Buy

Deutsche Bank 8.70 € -

Internet site – www.brisa.ptBrisa provides ample information on its Internet site, forthe purpose of enhancing knowledge about thecompany, providing investors, analysts and the public ingeneral with permanent access to relevant and updatedinformation. Information may be consulted in theinstitutional and business areas, as well as importantinformation for available investors in the space reservedfor investor relations. Included are presentations of thecompany, recently disclosed statements, reports andfinancial statements, the financial calendar, list ofreference shareholders and governing bodies. It alsoprovides a mechanism to facilitate rapid contact with theInvestor Relations Service.

9 – COMPOSITION OF THEREMUNERATION COMMITTEE

Eng. Jorge Manuel Jardim Gonçalves chairs theRemuneration Committee, also composed of Dr. LuísMiguel Cortes Martins and Eng. Rui Roque de Pinho, withnone of the above being a member of the Board ofDirectors.

10 – EXTERNAL AUDITORS’ FEES

In 2007, the total amount of annual remuneration paid tothe auditor and other private or corporate bodiesbelonging to the same network, supported by thecompany and/or collective bodies, subsidiaries orcompanies belonging to the group, reached 550 000Euros (including expenses and remuneration paid bysubsidiaries located abroad). This sum was broken downinto the following services:

a) Audit Services 39%b) Other reliability-enhancing services 5%c) Tax consultancy services 12%d) Other non-audit services 44%

For the purpose of this notice, the notion of network is ascontained in the Recommendation of the EuropeanCommittee number C (2002) 1873, of 16th May 2002.

As referred in this annex, the risk control systemimplemented by the company ensures that our auditorsand their respective network are not contracted serviceswhich, under the terms of the Recommendation of theEuropean Committee number C (2002) 1873, of 16th May2002, may place in question their independence.


Chapter II

1 – EXERCISE OF VOTING RIGHTS ANDSHAREHOLDER REPRESENTATION

Brisa advocates the importance of its shareholdersparticipating in company business and thereforeencourages their attendance at the various meetings ofthe General Assembly, which is demonstrated by the highdegree of their participation - above 50%.

Financial information and the preparatory documentsrequired for its general meetings are also disclosed on theInternet, which may be accessed through www.brisa.pt.Brisa also uses the most innovative technical means forthe electronic counting of votes, with the mechanismsrequired for the exercise of voting by correspondence,proxy or Internet.

The information required for the proper evaluation of theproposals submitted for discussion and vote at theGeneral Assemblies is available to investors at theCompany’s head office or on the Company’s internet sitewww.brisa.pt within the period of time stipulated by law.

According to the law and Statutes, shareholders may berepresented at a General Assembly simply through asigned letter addressed to the Chairman of the GeneralAssembly and received at the Company’s head officewithin three business days before the date of the GeneralAssembly. The Chairman of the General Assembly mayrequire that signatures be authenticated, should anydoubts arise as to their authenticity.

Corporate bodies are represented by their legalrepresentative or a person appointed simply through asigned letter addressed to the Chairman of the GeneralAssembly and received at the Company’s head officebusiness days before the date of the General Assembly.

2 – VOTE BY CORRESPONDENCE

Shareholders wishing to vote may do so bycorrespondence, provided that they send a letter to theCompany head office, addressed to the Chairman of theGeneral Assembly, with an authenticated signature (or, inthe case of private persons, simply with a signatureaccompanied by a photocopy of the respective identitycard), containing the address to which the voting formsand any other documentation should be sent, up to thetenth day after the public announcement of the GeneralAssembly.

The Company will then forward to the shareholders inquestion the respective voting forms and any otherdocumentation. These shareholders should then send theCompany an um envelope containing the statement bythe financial intermediary which registered the respectiveshares (issued under the terms referred to above), andanother closed envelope, containing the voting forms dulyfilled in. Both envelopes must be received three businessdays before the General Assembly.

Alternatively, shareholders may use the voting formavailable on www.brisa.pt and send it to BRISA, ensuringthat the envelope containing the photocopy with theidentity card and statement by the financial intermediarywhich registered the respective shares (issued under theterms referred to above), and another closed envelopecontaining the voting forms duly filled in are receivedthree business days before the date of the GeneralAssembly.

Shareholders may also delegate to the Company the issueof the statement by the financial intermediary whichregistered the registration of the respective shares byensuring that the Company head office receives, withinten days after the public announcement of the GeneralAssembly, the document empowering the Company to doso. Shareholders may use the form available on Internetsite www.brisa.pt for this purpose as of the day of thepublic announcement of the General Assembly.


3 – ELECTRONIC VOTE

Shareholders may also vote over the Internet sitewww.brisa.pt, provided that, up to the tenth day after thepublic announcement of the General Assembly, theCompany head office receives a letter (written inaccordance with the model on the Internet site) addressedto the Chairman of the General Assembly, with anauthenticated signature (or, in the case of private persons,simply a signature accompanied by a photocopy of therespective identity card), containing a password selectedby the shareholder and an electronic address to which theshareholder in question wishes the Company’s ownpassword should be sent. These two passwords will jointlyallow Access to the respective voting form on theabovementioned Internet site www.brisa.pt. Theseshareholders may exercise their right to vote during twelvedays counting from 0:00 hours of the fourteenth daycounting from the date of the public announcement ofthe General Assembly. Only shareholder votes,accompanied by the statement of the financialintermediary which registered the respective shares,issued under the terms referred to above, received up tothe third business day before the General Assembly will beconsidered.

4 – PERIODS FOR SHARE BLOCKING

The minimum period of time for share blocking for theeffects of the exercise of voting rights in GeneralAssemblies is 5 business days before the respectivemeeting.

5 – RECEPTION OF VOTING STATEMENTS

Votes by correspondence or electronic votes must bereceived up to three business days before the date of theGeneral Assembly.

6 – NUMBER OF SHARES PER VOTE

Each share corresponds to one vote.


Chapter III

1 – CODE OF ETHICS

Brisa’s Code of Ethics regulates the behaviour of all theCompany’s employees and senior management. Thisdocument assembles the Company’s fundamental values,principles and rules to be observed in all the activities ofthe BRISA Group. The fundamental values – responsibility,professionalism, integrity, independence andconfidentiality – are defined as the main values to observe.

The Code also regulates the practice of other duties suchas the equal and diligent treatment of all clients,compliance with the rules imposed by legislation onWork, Hygiene, Health and Safety. The principle of non-discrimination should also be observed with respect todescent, gender, race, language, political conviction orunion affiliation.

The Code of Ethics is accessible on the company’s site:www.brisa.pt

2 – INTERNAL AUDIT

BRISA’s organisational structure includes an Internal AuditDepartment whose duties are to evaluate theeffectiveness and efficiency of the internal control systemand business processes at all levels of the entire BRISAGroup, to, independently and systematically, verify if theGroup’s assets are duly registered and sufficientlyprotected against possible risks and losses, examine andassess the strictness, quality and enforcement ofoperational, accounting and financial control, promotingeffective control at a reasonable price, propose measuresas considered appropriate to counteract any deficienciesin the internal control system.

3 – TRANSFER OF SHARES

There are no measures aimed at forestalling the success oftakeover bids, and no defensive or protective provisionsaimed at eroding the Company’s value. Shares may betransferred freely and shareholders may freely assess theperformance of the Company’s governing bodies. Neitherare there any limits on the free exercise of voting rights byany of the shareholders.


1 A) COMPOSITION OF THE BOARD OFDIRECTORS

Brisa’s Board of Directors has been elected for 2005 –2007 and is composed of thirteen directors, five of whichform the Executive Committee.

Chairman Vasco Maria Guimarães José de Mello*

Vice-Chairman João Pedro Stilwell Rocha e Melo*

Member Daniel Pacheco Amaral*

Member João Pedro Ribeiro de Azevedo Coutinho*

Member João Afonso Ramalho Sopas Pereira Bento*

Member António José Fernandes de Sousa

Member António Nogueira Leite

Member Isídro Fainé Casas

Member Martin Wolfgang Johannes Rey

Member Luís Manuel de Carvalho Telles de Abreu

Member António Ressano Garcia Lamas

Member João Vieira de Almeida

Member Pedro Jorge Bordalo Silva

* Executive Committee

Of the thirteen members, and considering the concept ofan independent director is one not representative of, norlinked to the company’s dominant shareholders, in thecurrent Board of Directors, the following are independent:

Daniel Pacheco Amaral

João Pedro Ribeiro de Azevedo Coutinho

João Afonso Ramalho Sopas Pereira Bento

António José Fernandes de Sousa

Luís Manuel de Carvalho Telles de Abreu

António Ressano Garcia Lamas

João Vieira de Almeida

1 B) POSITIONS HELD BY MEMBERS OFTHE BOARD OF DIRECTORS IN OTHERCOMPANIES

Positions held by the Chairman of the Board of Directors

of BRISA Auto-Estradas de Portugal, S.A., Vasco Maria

Guimarães José de Mello:

José de Mello, SGPS, S.A.Chairman of the Board of Directors and Executive Committee

AEDL Auto Estradas do Douro Litoral, S.A.Chairman of the Board of Directors

EDP - Energias de Portugal, S.A.Member of the General and Supervisory Council

CRP – Centro Rodoviário PortuguêsChairman of the General Council

Sogefi, Sociedade de Gestão e Financiamentos, SGPS, S.A.Member of the Board of Directors

BCSD Conselho Empresarial para o DesenvolvimentoSustentávelChairman of the Council

CMVM - Comissão do Mercado de Valores MobiliáriosMember of the Consultative Council

Positions held by the Vice-Chairman of the Board of

Directors of BRISA Auto-Estradas de Portugal, S.A., João

Pedro Stilwell Rocha e Melo:

Via Verde Portugal, S.A.Chairman of the Board of Directors

Via Oeste, SGPS, S.A.Chairman of the Board of Directors

Brisa Internacional, SGPS, S.A.Member of the Board of Directors

Brisa Serviços Viários, SGPS, S.A.Member of the Board of Directors

Brisal Auto-Estradas do Litoral, S.A.Member of the Board of Directors

APCAP – Associação Portuguesa das SociedadesConcessionárias de Auto-Estradas com PortagensMember of the Board of Directors

MCall Serviços de Telecomunicações, S.A.Chairman of the Board of Directors


Chapter IV

José de Mello – Sociedade Gestora de ParticipaçõesSociais, S.A. Member of the Board of Directors and Member of the Executive

Committee

José de Mello Participações II, SGPS, S.A.Member of the Board of Directors

José de Mello Serviços, Lda. Manager

Window Blue, SGPS, S.A.Member of the Board of Directors

Associação Comercial de LisboaMember of the Executive Board

Positions held by the Member of the Board of Directors

of BRISA, Daniel Pacheco Amaral:




Via Oeste, SGPS, S.A.Member of the Board of Directors

Positions held by Member of the Board of Directors of

BRISA Auto-Estradas de Portugal, S.A., João Pedro Ribeiro

de Azevedo Coutinho:

BRISA Access Electrónica Rodoviária, S.A.Chairman of the Board of Directors

BRISA Internacional SGPS, S.A.Chairman of the Board of Directors




AEDL – Auto-Estradas do Douro Litoral, S.A.Member of the Board of Directors

CCR – Companhia de Concessões Rodoviárias, S.A.(Brazil)Member of the Board of Directors


BRISA Auto-Estradas de Portugal, S.A., João Afonso

Ramalho Sopas Pereira Bento:

BRISAL Auto-Estradas do Litoral, S.A. Chairman of the Board of Directors

BRISA Engenharia e Gestão, S.A. Chairman of the Board of Directors

BRISA Assistência Rodoviária, S.A.Chairman of the Board of Directors




AEDL – Auto-Estradas do Douro Litoral, S.A.Chairman of the Board of Directors

EFACEC Capital, S.G.P.S., S.A.Member of the Board of Directors

APCAP - Associação Portuguesa das SociedadesConcessionárias de Auto-Estradas ou Pontes comPortagens.Chairman of the Board of Directors

International Bridge, Tunnel and Turnpike AssociationMember of the Board of Directors


BRISA Auto-Estradas de Portugal, S.A., António José

Fernandes de Sousa:

JP Morgan Chase Senior Advisor and Member of its European Advisory Board

STRATORG – Gabinete de Gestão de Empresas, S. A.Chairman

ECS Sociedade de Capital de Risco, S.A.Director

ECS Capital, SGPS, S.A.Director

Universidade Nova de Lisboa Visiting Professor


BRISA Auto-Estradas de Portugal, S.A., António do Pranto

Nogueira Leite:

OPEX, Sociedade Gestora de Mercado de ValoresMobiliários Não Regulamentado, S.A.Chairman of the General Council

CUF, SGPS, S.A. Member of the Board of Directors

CUF-Quimicos Industriais, S.A. Member of the Board of Directors

CUF-Adubos, S.A. Member of the Board of Directors

José de Mello Saúde, SGPS, S.A., Member of the Board of Directors

SEC-Sociedade de Explosivos Civis, S.A.Member of the Board of Directors

Efacec Capital, SGPS, S.A.Member of the Board of Directors

Comitur, SGPS, S.A.Member of the Board of Directors


Comitur Imobiliária, S.A.Member of the Board of Directors

Expocomitur-Promoções e Gestão Imobiliária, S.A.Member of the Board of Directors

Herdade do Vale da Fonte-Sociedade Agrícola, Turística eImobiliária, S.A.Member of the Board of Directors

Sociedade Imobiliária e Turística do Cojo, S.A.Member of the Board of Directors

Sociedade Imobiliária da Rua das Flores, n.º 59, S.A.Member of the Board of Directors

Reditus, SGPS, S.A. Member of the Board of Directors

Banif Investment, S.A. Vice-Chairman of the Consultative Council

Instituto de Gestão do Crédito PúblicoMember of the Consultative Council

Instituto Português de Relações InternacionaisMember of the Executive Board.


BRISA Auto-Estradas de Portugal, S.A, Isídro Fainé Casas:

ABERTIS INFRAESTRUCTURAS, S.A. Chairman of the Board of Directors

TELEFÓNICA, S.A.Vice-Chairman of the Board of Directors

BPI- Banco Português de Investimento SGPS, S.A.Member of the Board of Directors

CRITERIA CAIXACORP, S.A. Member of the Board of Directors

CAIFOR, S.A.Member of the Board of Directors

REPSOL YPF, S.A.Member of the Board of Directors

HISUSA – Holding de Infraestructuras y ServiciosUrbyears, S.A.Member of the Board of Directors, representing CRITERIA

CAIXACORP, S.A.

Port Aventura, S.A.Member of the Board of Directors


BRISA Auto-Estradas de Portugal, S.A, Dr. Martin

Wolfgang Johannes Rey:

Babcock & Brown GmbH, AustriaMember of the Board of Directors

Babcock & Brown S.a.r.l, FranceMember of the Board of Directors

Babcock & Brown Wind Partner France SAS, FranceMember of the Board of Directors

Babcock & Brown France (Fruges II) SAS, FranceDebuty General Manager

Babcock & Brown GmbH, GermanyMember of the Board of Directors

Babcock & Brown Windpark Verwaltungs GmbHMember of the Board of Directors

CBRail GmbHMember of the Board of Directors

Goniatit GmbHMember of the Board of Directors

Babcock & Brown Windpark Management GmbHMember of the Board of Directors

Babcock & Brown Renewable Management GmbMember of the Board of Directors

Renerco AG, GermanyMember of the Board of Directors

Nordex AG, GermanyMember of the Board of Directors

ZAAB Energy AG, GermanyMember of the Board of Directors

Windpark Holding Management GmbH, GermanyMember of the Board of Directors

Wohnungsbaugesellschaft JADE mbH, GermanyMember of the Board of Directors

BBEIF Founder Partner Limited, GuernseyMember of the Board of Directors

BBEIF GP Limited, GuernseyMember of the Board of Directors

Babcock & Brown Management Holdings (Guernsey)Limited, GuernseyMember of the Board of Directors

Babcock & Brown S.r.l., ItalyMember of the Board of Directors

Babcock & Brown Property S.r.l., ItalyMember of the Board of Directors

Babcock & Brown Italian Infrastructure S.r.l., ItalyMember of the Board of Directors

Babcock & Brown SGR S.p.A., ItalyMember of the Board of Directors

Babcock & Brown European Investments S.a.r.l,LuxemburgMember of the Board of Directors

Babcock & Brown Z Portfolio S.a.r., LuxemburgMember of the Board of Directors

Babcock & Brown (DIFC) Limited, USAMember of the Board of Directors

Babcock & Brown NGW Holding Limited, EnglandMember of the Board of Directors



BRISA Auto-Estradas de Portugal, S.A, Luís Manuel de

Carvalho Telles de Abreu:

Telles de Abreu e Associados – Sociedade deAdvogados, R.L.Director

Imobiliária 1928, LimitadaManager

Actaris Imobiliária, S.A.Chairman of the General Assembly

Caraimo – Propriedade, Investimento e Administração deBens Mobiliários e Imobiliários, S.A.Chairman of the General Assembly

Cimertex Sociedade de Máquinas e Equipamentos, S.A.Chairman of the General Assembly

Cinca – Companhia Industrial de Cerâmica, S.A.Chairman of the General Assembly

Dafer – Sociedade de Gestão do Hotel Infante deSagres, S.A.Chairman of the General Assembly

Empresa Predial Ferreira & Filhos, S.A.Chairman of the General Assembly

Gamobar, SGPS, S.A. Chairman of the General Assembly

José Luís Ferreira da Costa, S.G.P.S., S.AChairman of the General Assembly

Prainha – Empreendimentos Imobiliários, S.AChairman of the General Assembly

Prainhamar – Exploração Hoteleira, S.A. Chairman of the General Assembly

Rasa – Sociedade de Administração de Bens, S.A.Chairman of the General Assembly

Real Seguros, S.A.Chairman of the General Assembly

Real Vida Seguros, S.A. Chairman of the General Assembly

Sagrotel – Sociedade Imobiliária, S.A.Chairman of the General Assembly

Sociedade Agrícola da Romaneira, S.A.Chairman of the General Assembly

Tecniforma – Oficinas Gráficas, S.A. Chairman of the General Assembly

Viagens Abreu, S.A.Chairman of the General Assembly

Asorg – Assessoria e Organização, S.A.Secretary of the General Assembly

Encontrarse – Associação de Apoio às Pessoas comPerturbação Mental GraveSecretary of the General Assembly

Quinta dos Cónegos – Sociedade Imobiliária, S.A Member of the Board of Directors


BRISA Auto-Estradas de Portugal, S.A, António Ressano

Garcia Lamas:

Parques de Sintra-Monte da Lua S.A. Chairman of the Board of Directors


BRISA Auto-Estradas de Portugal, S.A, João Vieira de

Almeida:

Portucale, SGFTC, S.A.Member of the Board of Directors

Associação Crianças sem Fronteiras Member of the Supervisory Board

Federação Portuguesa de Râguebi Member of the Council Jurisdicional

BRISA Internacional, SGPS, S.A.Chairman of the General Assembly

Banco Finantia, S.A.Chairman of the General Assembly

Grow – Sociedade Gestora de Patrimónios, S.A.Chairman of the General Assembly

PPPS – Consultoria em Saúde, S.AChairman of the General Assembly

SGFI, S.A. – Sociedade Gestora de Fundos deInvestimento Imobiliário, S.A.Chairman of the General Assembly

Route to Market, S.A. Chairman of the General Assembly

Imopolis - Sociedade Gestora de Fundos de InvestimentoImobiliário, S.A.Chairman of the General Assembly

Fundação do Gil Chairman of the Supervisory Board

Associação de Curling de Portugal Chairman da Executive Board

José de Mello Saúde, S.A.Secretary of the General Assembly

Banif – InvestimentoMember of the Consultative Council

VAS – Vieira de Almeida Serviços, Lda Manager



BRISA Auto-Estradas de Portugal, S.A, Pedro Jorge

Bordalo Silva:

CINVESTE, SGPS, S.A.Member of the Board of Directors

CINVESTE FINANCE, SGPS, LDA.Manager

CINVESTE FINANCE, GESTÃO DE VALORESMOBILIÁRIOS, LDA.Manager

MPBS – IMOBILIÁRIA, S.A.Member of the Board of Directors

LSMS, INVESTIMENTOS, SGPS, S.A.Member of the Board of Directors

LAS, INVESTIMENTOS, SGPS, LDA.Manager

CINVESTE, ARTE E MOBILIÁRIO, S.A.Member of the Board of Directors

ISRARBER, SGPS, S.A.Member of the Board of Directors

SÃO MIGUEL - INVESTIMENTOS IMOBILIÁRIOS, S.A.Member of the Board of Directors

ECOMAR, SGPS, S.A.Member of the Board of Directors

BENBECULA – REPRESENTAÇÕES E LOGÍSTICA, S.A.Member of the Board of Directors

LOMOND – LOGÍSTICA E DISTRIBUIÇÃO, S.A.Member of the Board of Directors

HSF - ENGENHARIA, S.A.Chairman of the Board of Directors

KEBAB EXPRESS – SERVIÇOS DE RESTAURAÇÃO, S.A.Member of the Board of Directors

GUEMONTE – SOCIEDADE CIVIL IMOBILIÁRIA E DEINVESTIMENTOS, S.A.Chairman of the Board of Directors

BORDALO & COMPANHIA, S.A.Member of the Board of Directors

ECOMAR, S.A. (Angola)Member of the Board of Directors

NEVIS – SERVIÇOS E LOGÍSTICA, LDA. (Angola)Member of the Board of Directors

NESS INVESTIMENTOS, S.A. (Angola)Member of the Board of Directors

ACIL, S.A. (Angola)Member of the Board of Directors

1 C) PROFESSIONAL QUALIFICATIONSAND POSITIONS HELD IN THE LAST 5 YEARS BY MEMBERS OF THE BOARDOF DIRECTORS

Vasco Maria Guimarães José de Mello, Chairman ofthe Board of Directors and of the Executive Committee ofBrisa Auto-Estradas de Portugal S.A., since 2000.

Graduated in Business Administration from the AmericanCollege of Switzerland in 1978. Attended the Citigroup’sTraining Program in New York 1978 to 1979.

Held several positions in 1980 at Banco Crefisul deInvestimento, Citicorp’s Brazilian banking subsidiary inSão. Joined CUF Finance, a wealth management companyin Geneva, Switzerland in 1985, as managing director.Joined UIF – União Internacional Financeira as a director in1988. From 1991-2000, held the positions of memberand chairman of the board of directors of Banco Mello, ofBanco Mello de Investimentos and Companhia deSeguros Império, as well as vice-chairman of José deMello, SGPS. Was also member of the Strategic Board ofCTT – Correios de Portugal, S.A..

João Pedro Stilwell Rocha e Melo, Vice-Chairman ofthe Board of Directors and Member of the ExecutiveCommittee of Brisa – Auto-Estradas de Portugal, S.A.,since 2002.

Graduated in Mechanical Engineering from InstitutoSuperior Técnico in 1985.

Postgraduation in Business Administration (MBA) fromUniversidade Nova de Lisboa in collaboration withWharton School, of the University of Pennsylvania in1986. Course in “International Capital Markets Course”at Oxford University in 1991.

Completed the management training programme“Leadership for Top Managers” – IMD International in2002.

Was director of Mello Valores – Sociedade Financeira deCorretagem and director-general of Banco Mello deInvestimentos. From 1997-2000 was chairman of theexecutive committee of Banco Mello de Investimentos,Director of Banco Mello and Director of Companhia deSeguros Império, as well as vice-chairman of the board ofdirectors of BCP Investimento.


Daniel Pacheco Amaral, Member of the Board ofDirectors and Executive Committee of Brisa – Auto--Estradas de Portugal, S.A., since 1998.

Graduated in Economics from Instituto Superior deCiências Económicas e Financeiras (ISCEF) in 1969.

Was director of Associação Portuguesa de Economistas,the predecessor of the current Ordem dos Economistas.

Was director of three real estate companies held by theBCP/BPA Group – Cofipsa, Salgipor andEmpreendimentos Imobiliários Colombo., as well asdirector of Companhia Previdente, S.A. and director ofEngil – Sociedade de Construção Civil, S.A.

João Pedro Ribeiro Azevedo Coutinho, Member ofthe Board of Directors and Executive Committee of Brisa– Auto-Estradas de Portugal, S.A., since 1999.

Graduated in Business Administration from UniversidadeCatólica Portuguesa in 1982.

Completed the management training programme“Leadership for Top Managers”, IMD International in2002.

Was sénior auditor at Coopers & Lybrand, Auditores, Lda.,director in charge of financial engineering, corporatefinance, mergers and acquisitions and capital markets atDECA, Decisão Estratégica, Consultores Associados emGestão, S.A., director in charge of investment andfinancial engineering and primary capital markets at RAR- Sociedade de Investimentos e Engenharia FinanceiraS.A., director of Deutsche Bank, in Portugal, responsiblefor the Investment Banking Department, member of theboard of directors of DB Vida, S.A. and member of theexecutive committee of Banco Mello de Investimento.

João Afonso Ramalho Sopas Pereira Bento, Membeof the Board of Directors and Executive Committee ofBrisa – Auto-Estradas de Portugal, S.A., since 2001.

Graduated in Civil Engineering from Instituto SuperiorTécnico (IST) in 1983.

Holds a Master’s degree in Strucutural Engineering fromIST in 1987. Holds a PhD in Civil Engineering from ImperialCollege of Science, Technology & Medicine, LondonUniversity in 1992.

Recognition in Civil Engineeering – Intelligent Systemsfrom IST in 1999.

Visiting Professor in Project Support Systems at IST’sDepartment of Civil Engineering and Architecture andMember of the Engineering Academy.

Was member of the board of directors of EDP S.A from2000- 2003, of Adamastor Capital, SGPS, S.A., from2002-2004 and of Brisatel S.A. from 2000-2001.

António José Fernandes de Sousa, Member of theBoard of Directors of Brisa Auto-Estradas de Portugal S.A.,2002.

Graduated in Business Administration from UniversidadeCatólica Portuguesa in 1977.

Holds a PhD in Business Adminsitration in the area ofStrategic Planning from Wharton School, University ofPennsylvania in 1983.

Was assistant secretary of state and foreign trade from1991-1993, assistant secretary of state and finances from1993-1994, governor of the Bank of Portugal from 1994-2000 and chairman of the board of directors of CaixaGeral de Depósitos from 2000- 2004.


António Nogueira Leite, Member of the Board ofDirectors of Brisa Auto-Estradas de Portugal S.A., 2002.

Graduated in Economics from Universidade CatólicaPortuguesa in 1983. Holds a Masters of Science inEconomics from the University of Illinois at Urbana-Champaign in 1986.

PhD in Economics from the University of Illinois at Urbana-Champaign in 1988.

Equivalence to the degree of Doctorate in Economics(specialisation: Microeconomics) from the Faculty ofEconomics of Universidade Nova de Lisboa.

Recognition at Universidade Nova in 1992 where hecurrently Visiting Professor.

Chaired the board of directors of the Lisbon StockExchange in 1999. Also secretary of state for treasury andfiannces in the XIV Constitutional Government fromOctober 1999to September 2000. As a result was deputygoivernor of the European Investment Bank, EuropeanBank for Reconstruction and Development and the Inter-American Development Bank. Portuguese representativeat the Economic and Financial Council of the EuropeanUnion.

Isidro Fainé Casas, Member of the Board of Directors ofBrisa Auto-Estradas de Portugal S.A., since 2003.

Graduated in Business Administration from IESE, holds aPhD in Economic Science, is a Fellow of the “RealAcademia de Ciencias Económicas y Financieras” and“Real Acadèmia de Doctors”. Also holds an ISMP inBusiness Administration from Harvard University.

Director of Investments at Banco Atlântico in 1964;director of Banco de Asunción in Paraguay in 1969 andhuman resources manager at Banca Riva Y Garcia in1973; director-general at Banca Jover in 1974 andDirector-General at Banco Unión, S.A. in 1978.

Martin Wolfgang Johannes Rey, Member of the Boardof Directors of BRISA Auto-Estradas de Portugal, S.A.,since September 2007.

Graduated in Law from Rheinische Friedrich-WilhelmsUniversity in Bonn, having also attended businessadministration at the University of Hagen.

Joined the Babcock Group in 2003, before which he heldvarious managerial positions at Bayerische Hypo-undVereinsbank (HVB).

Currently a member of the executive committee ofBabcock & Brown, in charge of coordination of theGroup’s operations in Europe.

Does not hold BRISA shares.

Luís Manuel de Carvalho Telles de Abreu, Member ofthe Board of Directors of Brisa Auto-Estradas de PortugalS.A., since 2003.

Graduated in Law from the Faculty of Law of CoimbraUniversity in 1963.

Member of the District Council of Porto of the Ordem dosAdvogados from 1978-1980 and from 1981-1983.

Member of the General Council of the Ordem dosAdvogados from 1990- 1992.

Director of Telles de Abreu, Lucena e Associados –Sociedade de Advogados, member of the board ofdirectors of Quinta dos Cónegos – Sociedade ImobiliáriaS.A. e Gestão da Imobiliária 1928, Limitada. Chairman ofthe General Assembly of Actaris Imobiliária, S.A.,chairman of the General Assembly of Calves – Sociedadede Investimentos e de Gestão de Bens Mobiliários eImobiliários, S.A..


António Ressano Garcia Lamas, Member of the Boardof Directors of Brisa Auto-Estradas de Portugal S.A., since2003.

Graduated in Civil Engineering from Instituto SuperiorTécnico (IST) in 1969.

MSc in Metallic Strcutures in 1974 and PhD in StructuralEngineering in 1979 from Imperial College of Science andTechnology, London University.

Recognised in Civil Engineering (Structures) by IST in1984, where he is Visiting Professor.

Researcher at ICIST - Instituto de Estruturas, Território eConstrução and coordinator of IST post-graduate andmasters courses on Recovery and Maintenance ofConstructions and on Metallic and Mixed Structures.

Chairman of IPPC – Instituto Português do PatrimónioCultural from 1987- 1990, consultant of the Ministry ofthe Environment and Natural Resources for the UrbanEnvironment and representative of the Minister of theEnvironment and Natural Resoures on the supervisoryboard of the EXPO´98 Urbanisation Plan from 1993-1995. Chairman of Junta Autónoma de Estradas and JAEConstrução S.A. from June 1998 to July 1999 and as ofthis date to 30th August 2000, chairman of the board ofdirectors of Instituto das Estradas de Portugal, whichsucceeded the JAE.

João Vieira de Almeida, Member of the Board ofDirectors of Brisa Auto-Estradas de Portugal S.A., since2003.

Graduated in Law from Universidade Católica Portuguesain 1985, member of the Ordem dos AdvogadosPortugueses and Ordem dos Advogados do Brazil.Member of the District Council Distrital and General ofthe Ordem dos Advogados Portugueses

Member and chairman of the executive board of Vieira deAlmeida & Associados - Sociedade de Advogados; R:L.,jointly responsible for M&A and Corporate Finance.

Pedro Jorge Bordalo Silva, Member of the Board ofDirectors of BRISA Auto-Estradas de Portugal, S.A., sinceSeptember 2007.

Course in Production Management from SheridanInstitute of Technology, Toronto, Canada in 1980.

Director of the Lusomundo Group, including, amongstothers, Lusomundo Audiovisuais, Lusomundo Media andJornal de Notícias (1998-2002);

Director of Cinveste, SGPS, S.A. (since 2002)



Nº Shares % Capital % Vote

José de Mello SGPS, S.A.

José de Mello Investimentos SGPS, S.A. 94 655 688 15.78% 16.14%

Wblue 3 024 078 0.50% 0.52%

Impegest 8 552 368 1.43% 1.46%

Egadi 15 009 362 2.50% 2.56%

Orla 57 116 819 9.52% 9.74%

Vasco de Mello e Pedro Rocha e Melo 1 085 121 0.18% 0.18%

Total 179 443 436 29.91% 30.59%

Abertis Infraestruturas S.A.

Abertis Portugal, SGPS, S.A. 87 643 700 14.61% 14.94%

Isidro Fainé Casas 1 200 0.00% 0.00%

Total 87 644 900 14.61% 14.94%

Babcock & Brown Limited

Hidroeléctrica de Dornelas, Lda 60 000 000 10.00% 10.23%

Veryotherco - Consultoria e Serviços, S.A. 54 225 0.01% 0.01%

Afonso Manuel Proença 12 500 0.00% 0.00%

Total 60 066 725 10.01% 10.24%

Luis Augusto da Silva

Cinveste SGPS S.A. 25 407 626 4.23% 4.33%

Cinveste Finance 4 503 934 0.75% 0.77%

Pedro Bordalo Silva 26 000 0.00% 0.00%

Total 29 937 560 4.99% 5.10%

Banco Privado Português

Kendall Develops S.L. 29 688 679 4.95% 5.06%

Clients BPP 1 049 180 0.17% 0.18%

Total 30 737 859 5.12% 5.24%

Peter Doherty

Capital Partners PTY LTD 20 165 497 3.36% 3.44%

Caixa de Aforros de Vigo, Ourense e Pontevedra (CAIXANOVA) 12 000 000 2.00% 2.05%

LIST OF QUALIFYING SHARES UNDERTHE TERMS OF ARTICLE 20 OF THECMVM


Name Balance 31-12-06 Buy Sell balance 31-12-2007

Vasco de Mello 584 352 - 9 Aug. 553 12123 798 - 10.30 €

10 Aug.7 433 - 10.25 €

Pedro Rocha e Melo 532 000 - - 532 000

Daniel Amaral 538 700 - 5 Oct. 525 00013 700 – 9.20 €

João Azevedo Coutinho 482 580 - - 482 580

João Bento 467 190 - - 467 190

António Fernandes de Sousa 1 520 - - 1 520

António Nogueira Leite 0 - - 0

Isidro Fainé 1 200 - - 1 200

Luis Telles de Abreu 0 - - 0

António Lamas 0 - - 0

João Vieira de Almeida 0 - - 0

Martin Rey 0 - - 0

Pedro Bordalo Silva - - - 26 000

Pedro Infante de la Cerda Ribeiro da Cunha - - -

Tirso Olazábal Cavero - - - -

Francisco Xavier Alves

LIST OF TRANSACTIONS OF OWN SHARES

Date ISIN Number Market Nature Unitary Total shares Motiveof Shares Price (€) held after the

transaction

03-05-2007 PTBRI0AM0000 333 613 Stock Exchange Buy 9.70 11 754 499 Strengthen portfolio of shares

07-05-2007 PTBRI0AM0000 25 000 Stock Exchange Sell 9.75 11 729 499 Decrease portfolio of own shares

23-05-2007 PTBRI0AM0000 30 000 Stock Exchange Sell 9.77 11 699 499 Decrease portfolio of own shares

27-06-2007 PTBRI0AM0000 106 250 Stock Exchange Sell 10.00 11 593 249 Management Incentive Plan

17-08-2007 PTBRI0AM0000 301 000 Stock Exchange Buy 9.42 11 894 249 Strengthen portfolio of own shares









ACQUISITIONS /DIVESTITURE OF COMPANY INTEREST-BEARING SECURITIES HELD BYMEMBERS OF THE GOVERNING BODIES DURING 2007

Article 447 number 5 of Código das Sociedades Comerciais and sub-paragraph c) of number 1 of Chapter IV of the Annexof CMVM Regulation number 7/2001

2 – EXECUTIVE COMMITTEE

Under the terms defined in the Statutes, the Board ofDirectors meets on a quarterly basis and the executivemanagement of the company is attributed to an ExecutiveCommittee composed of 5 members.

3 A) DELIMITATION OF POWERSBETWEEN THE CHAIRMAN OF THEBOARD OF DIRECTORS AND CHAIRMANOF THE EXECUTIVE COMMITTEE

In accordance with the governance model adopted atBRISA, the Chairman of the Board of Directors is theChairman of the Executive Committee.

3 B) LIST OF ISSUES BARRED TO THEEXECUTIVE COMMITTEE

The Executive Committee has been invested with thebroadest management powers, except for those whichare, for legal or statutory reasons, reserved for the Boardof Directors. Under these terms, the following duties arereserved for the Board of Directors:

• Definition of the major strategic guidelines which theCompany’s management must observe

• Cooptation of directors• Request for the calling of a General Assembly• Annual and Quarterly Reports and Financial

Statements• Provision of surety bonds and personal or tangible

securities on the company’s behalf• Change of head office and capital increases, under the

terms established in the Articles of Association• Mergers, demergers and transformation of the

company

Any relevant business, even if it has been delegated to theExecutive Committee, may be submitted to the Board ofDirectors, pursuant to deliberation of the ExecutiveCommittee or its Chairman.

3 C) INFORMATION TO THE MEMBERSOF THE BOARD OF DIRECTORS

All members of the Board of Directors have unrestrictedaccess to issues discussed and decisions made by theExecutive Committee. In addition, the meetings of theBoard of Directors include as a rule a progress report onthe company’s most relevant business matters.

3 D) LIST OF INCOMPATIBILITIES

There is no list of incompatibilities applicable to themembers of the board of directors.

3 E) NUMBER OF MEETINGS

The Board of Directors met eight times during 2007 withan average participation of its members of approximately90% and the Executive Committee met fifty one times,also with an average participation of 90%.

The Committe for Corporate Government andSustainability met five times during 2007.

The Audit and Risk Government Committee met threetimes during 2007.

4 - REMUNERATION

The remuneration policy for members of the Board ofDirectors is established in the statement of theRemuneration Committee quoted on page 75.

Remuneration (Remuneration policy)Executive directors: Fixed remuneration: 1 818 589 Euros Variable remuneration: 1 290 000 Euros Defined benefits: 244 860 Euros

Non-executive directors:Fixed remuneration: 469 334 Euros

The abovementioned values represent the total amountpaid during 2007. The directors of BRISA Auto-Estradasde Portugal, S.A. do not receive any retribution or anyother benefits for performing their roles they may have ayother companies of the BRISA Group. Information onindividual remuneration of the members of the Board ofDirectors is not disclosed (as recommended by theCMVM), consistent with the company’s view of theboard’s collective nature, in which all members are equallyresponsible for the conduct of the company’s business.


TrafficStatistics



A1. NORTH MOTORWAY

Traffic (a) ADT Change

Subsection 2006 2007 2006 2007 Traffic TMDA

ALVERCA - V. F. XIRA NÓ 2 2.0 1.8 77 706 72 087 -7.2% -7.2%

V.F.XIRA NÓ 2 - V. F. XIRA 1.2 1.1 81 787 76 289 -6.7% -6.7%

V. F. XIRA - NÓ A1 / A10 1.3 1.1 67 280 61 503 -8.6% -8.6%

NÓ A1 / A10 - CARREGADO 0.2 0.2 67 303 69 425 3.1% 3.2%

CARREGADO - A. CIMA 2.8 2.8 48 535 49 782 2.6% 2.6%

A. CIMA - CARTAXO 1.6 1.6 37 606 39 219 4.3% 4.3%

CARTAXO - SANTARÉM 1.1 1.1 37 753 39 335 4.2% 4.2%

SANTARÉM - NÓ A1 / A15 0.2 0.2 42 104 43 438 3.2% 3.2%

NÓ A1 / A15 - T. NOVAS 3.9 4.0 39 649 40 841 3.0% 3.0%

T. NOVAS - FÁTIMA 2.1 2.2 28 384 29 278 3.2% 3.2%

FÁTIMA - LEIRIA 1.6 1.7 28 860 29 910 3.6% 3.6%

LEIRIA - POMBAL 2.7 2.7 30 657 31 374 2.3% 2.3%

POMBAL - CONDEIXA 3.1 3.3 30 951 32 451 4.8% 4.8%

CONDEIXA - COIMBRA S. 1.0 1.0 35 791 37 128 3.7% 3.7%

COIMBRA S. - COIMBRA N. 1.0 1.0 31 377 32 579 3.8% 3.8%

COIMBRA N. - MEALHADA 1.3 1.4 30 868 32 052 3.8% 3.8%

MEALHADA - AVEIRO S. 2.6 2.7 30 012 31 063 3.5% 3.5%

AVEIRO S. - ALBERGARIA 1.4 1.5 26 444 27 331 3.4% 3.4%

ALBERGARIA - ESTARREJA 1.8 1.9 47 747 50 343 5.4% 5.4%

ESTARREJA - FEIRA 1.6 1.7 26 185 27 456 4.9% 4.9%

FEIRA - NÓ IC24 1.1 1.2 30 771 32 990 7.2% 7.2%

NÓ IC24 - CARVALHOS 0.9 1.0 33 710 35 672 5.8% 5.8%

A1 36.4 37.3 35 879 36 762 2.5% 2.5%

(a) traffic in 108 veic.km

A2. SOUTH MOTORWAY



FOGUETEIRO - COINA 1.6 1.7 49 727 51 949 4.5% 4.5%

COINA - PALMELA 1.4 1.5 33 831 35 205 4.1% 4.1%

PALMELA - NÓ DE SETÚBAL 0.3 0.3 34 646 35 881 3.6% 3.6%

NÓ DE SETÚBAL- MARATECA 1.6 1.6 25 160 25 967 3.2% 3.2%

MARATECA - NÓ DA A2 0.2 0.2 22 864 23 669 3.5% 3.5%

NÓ DA A2 - ALCÁCER 1.6 1.7 18 153 19 191 5.7% 5.7%

ALCÁCER-GRÂNDOLA N. 1.4 1.4 16 386 17 301 5.6% 5.6%

GRÂNDOLA N.-GRÂNDOLA S. 0.7 0.8 12 973 13 609 4.9% 4.9%

GRÂNDOLA S. - ALJUSTREL 1.2 1.2 10 218 10 781 5.5% 5.5%

ALJUSTREL - CASTRO VERDE 1.0 1.0 10 090 10 562 4.7% 4.7%

CASTRO VERDE - ALMODÔVAR 1 0.7 0.7 11 149 11 690 4.9% 4.9%

ALMODÔVAR - S.B.MESSINES 1.4 1.4 11 318 11 877 4.9% 4.9%

S.B.MESSINES - PADERNE 0.5 0.5 11 119 11 681 5.1% 5.1%

A-2 13.5 14.1 16 425 17 202 4.7% 4.7%


Main Concession

11 TRAFFIC STATISTICS 118

A3. PORTO / VALENÇA MOTORWAY



MAIA - STº TIRSO 2.3 2.4 50 034 51 164 2.3% 2.3%

STº TIRSO - FAMALICÃO 0.9 0.9 43 806 44 554 1.7% 1.7%

FAMALICÃO - CRUZ 0.7 0.7 22 057 22 665 2.8% 2.8%

CRUZ - BRAGA S. 0.5 0.5 18 880 19 337 2.4% 2.4%

BRAGA S. - CELEIRÓS 0.1 0.1 8 254 8 239 -0.2% -0.2%

BRAGA S. - BRAGA O. 0.6 0.6 7 710 7 786 1.0% 1.0%

BRAGA O. - EN 201 0.3 0.3 8 586 8 801 2.5% 2.5%

EN 201 - P. DE LIMA S. 0.0 0.0 11 293 11 691 3.5% 3.5%

P. LIMA S. - P. LIMA N. 0.6 0.7 8 518 9 061 6.4% 6.4%

P. LIMA N. - EN 303 0.2 0.3 8 265 8 808 6.6% 6.6%

EN 303 - VALENÇA 0.1 0.1 14 837 15 332 3.3% 3.3%

A-3 6.4 6.6 17 623 18 098 2.7% 2.7%


A4. PORTO / AMARANTE MOTORWAY



ERMESINDE - VALONGO 0.7 0.6 44 077 41 370 -6.1% -6.1%

VALONGO - CAMPO 0.8 0.7 42 836 39 100 -8.7% -8.7%

CAMPO - BALTAR 0.8 0.7 34 880 31 086 -10.9% -10.9%

BALTAR - PAREDES 0.7 0.6 30 875 26 884 -12.9% -12.9%

PAREDES - GUILHUFE 0.3 0.2 27 546 23 561 -14.5% -14.5%

GUILHUFE - PENAFIEL 0.2 0.2 26 835 23 066 -14.0% -14.0%

PENAFIEL - IP9 0.7 0.6 23 927 20 628 -13.8% -13.8%

IP9 - AMARANTE MD 0.8 0.8 15 402 15 879 3.1% 3.1%

A-4 4.9 4.5 27 767 25 387 -8.6% -8.6%


A5. COSTA DO ESTORIL MOTORWAY



E. NACIONAL - OEIRAS 1.7 1.7 129 743 1 29 730 0.0% 0.0%

OEIRAS - CARCAVELOS 1.0 1.0 83 370 84 472 1.3% 1.3%

CARCAVELOS - ESTORIL 0.8 0.8 55 190 56 226 1.9% 1.9%

ESTORIL - ALCABIDECHE 0.6 0.6 36 383 37 066 1.9% 1.9%

A-5 4.1 4.2 72 392 73 101 1.0% 1.0%



A6. MARATECA / CAIA MOTORWAY



NÓ DA A2 - V. NOVAS 0.6 0.7 9 120 9 435 3.5% 3.5%

V. NOVAS - MONTEMOR O. 0.6 0.6 8 520 8 811 3.4% 3.4%

MONT. O. - MONT. E. 0.2 0.2 7 833 8 101 3.4% 3.4%

MONT. ESTE - ÉVORA O. 0.4 0.4 6 902 7 141 3.5% 3.5%

ÉVORA O. - ÉVORA E. 0.2 0.2 3 334 3 436 3.0% 3.0%

ÉVORA E. - ESTREMOZ 0.4 0.5 4 053 4 194 3.5% 3.5%

ESTREMOZ - BORBA 0.1 0.1 3 103 3 196 3.0% 3.0%

BORBA - ELVAS 0.3 0.3 3 152 3 231 2.5% 2.5%

A-6 2.8 2.9 5 520 5 703 3.3% 3.3%


A9. CREL - MOTORWAY



E. NACIONAL - QUELUZ 0.5 0.5 39 530 40 646 2.8% 2.8%

QUELUZ - RAD. PONTINHA 0.9 1.0 40 892 43 892 7.3% 7.3%

R. PONTINHA - R. ODIVELAS 0.7 0.7 26 897 28 839 7.2% 7.2%

R. ODIVELAS - LOURES 0.3 0.4 27 008 28 956 7.2% 7.2%

LOURES - ZAMBUJAL 0.3 0.3 23 272 25 561 9.8% 9.8%

ZAMBUJAL - NÓ A9 / A10 0.5 0.5 15 177 16 768 10.5% 10.5%

NÓ A9 / A10 - ALVERCA 0.2 0.1 16 511 11 281 -31.7% -31.7%

A-9 3.3 3.5 26 506 27 876 5.2% 5.2%


A10. BUCELAS / CARREGADO / IC3 MOTORWAY



NÓ A9 / A10 - ARRUDA 0.1 0.3 3 962 11 278 184.7% 184.7%

ARRUDA - NÓ A1 / A10 (1) 0.0 0.3 657 7 751

NÓ A1 / A10 - BENAVENTE(2) 0.1 5 793

BENAVENTE - NÓ A10 / A13 0.0 0.0 445 1 470 230.1% 230.1%

A-10 Rede Homóloga 0.1 0.3 2 142 6 203 189.6% 189.6%

A-10 Rede Total 0.1 0.8 594.6%


(1) 2006 data refer of the last 14 last days of the year

(2)2007 data refer of the last 177 days of the year

10 TRAFFIC STATISTICS 120

A12. SETÚBAL / MONTIJO MOTORWAY



P. NOVO - MONTIJO 0.7 0.7 20 292 20 445 0.8% 0.8%

NÓ DE SETÚBAL - P. NOVO 0.7 0.7 19 747 19 823 0.4% 0.4%

NÓ DE SETÚBAL- SETÚBAL 0.6 0.6 30 312 30 959 2.1% 2.1%

A-12 2.0 2.0 22 233 22 462 1.0% 1.0%


A13. ALMEIRIM / MARATECA MOTORWAY



ALMEIRIM - SALVATERRA 0.5 0.5 4 833 4 939 2.2% 2.2%

SALVATERRA - NÓ A10 / A13 0.2 0.2 4 630 4 846 4.7% 4.7%

NÓ A10 / A13 - STº ESTEVÃO 0.2 0.2 4 492 5 394 20.1% 20.1%

STº ESTEVÃO - PEGÕES 0.3 0.4 4 707 5 393 14.6% 14.6%

PEGÕES - NÓ A2 / A6 / A13 0.2 0.2 4 662 5 315 14.0% 14.0%

A-13 Rede Total 1.4 1.5 4 701 5 147 9.5% 9.5%


A14. FIGUEIRA DA FOZ / COIMBRA (NORTH) MOTORWAY



STª EULÁLIA - MONTEMOR 0.1 0.1 4 904 5 016 2.3% 2.3%

MONTEMOR - LIG. EN 335 0.2 0.2 5 201 5 342 2.7% 2.7%

LIG. EN 335 - ANÇÃ 0.2 0.2 5 379 5 538 3.0% 3.0%

ANÇÃ - COIMBRA NORTE 0.1 0.1 7 903 8 409 6.4% 6.4%

A-14 0.6 0.6 5 655 5 857 3.6% 3.6%



Brisa Network 2006 2007 2006 2007 Traffic TMDA

Like for like network 75.4 77.4 21 002 21 551 2.6% 2.6%

Total network 75.4 77.8 3.2%



A8. LISBOA / LEIRIA MOTORWAY



Loures - CREL 0.2 0.26 44 319 47 145 6.4% 6.4%

CREL - Lousa 1.5 1.57 52 129 55 392 6.3% 6.3%

Lousa - Malveira 0.4 0.44 47 556 50 660 6.5% 6.5%

Malveira - Enxara 0.8 0.82 26 764 28 752 7.4% 7.4%

Enxara - Torres Vedras Sul 0.9 0.94 25 326 27 219 7.5% 7.5%

Torres Vedras Sul - Torres Vedras Norte 0.4 0.46 19 787 21 311 7.7% 7.7%

Torres Vedras Norte - Ramalhal 0.2 0.19 21 469 23 097 7.6% 7.6%

Ramalhal - Campelos 0.5 0.59 15 397 17 025 10.6% 10.6%

Campelos - Bombarral 0.4 0.48 14 937 16 494 10.4% 10.4%

Zona Industrial - Tornada (Pagante) 0.1 0.13 9 606 10 331 7.5% 7.5%

Tornada - Alfeizerão 0.3 0.33 10 764 12 016 11.6% 11.6%

Alfeizerão - Valado de Frades 0.5 0.53 10 703 11 923 11.4% 11.4%

Valado de Frades - Pataias 0.3 0.31 10 652 11 901 11.7% 11.7%

Pataias - Marinha Grande Sul 0.4 0.40 10 232 11 508 12.5% 12.5%

Marinha Grande Sul - Marinha Grande Este 0.2 0.20 9 478 10 330 9.0% 9.0%

Marinha Grande Este - Leiria Sul 0.1 0.12 8 087 7 776 -3.8% -3.8%

A-8 7.2 7.76 18 930 20 488 8.2% 8.2%


A15. LISBOA / SANTARÉM MOTORWAY



Arnoia - A dos Negros (Pagante) 0.1 0.07 4 266 4 546 6.6% 6.6%

A dos Negros - A dos Francos 0.2 0.18 5 330 5 637 5.8% 5.8%

A dos Francos - Rio Maior Oeste 0.1 0.10 4 335 4 585 5.8% 5.8%

Rio Maior Oeste - Rio Maior Este 0.1 0.05 4 149 4 482 8.0% 8.0%

Rio Maior Este - Malaqueijo 0.2 0.17 5 752 6 118 6.4% 6.4%

Malaqueijo - Nó A1 / A15 0.2 0.24 5 759 6 107 6.0% 6.0%

A-15 0.8 0.81 5 177 5 497 6.2% 6.2%


2006 2007 2006 2007 Traffic TMDA

Total Atlântico Concession 7.9 8.57 15 089 16 303 8.0% 8.0%


Brisal ConcessionA17. LITORAL CENTRO MOTORWAY



MARINHA GRANDE - LEIRIA NORTE 0.10 4 360 N / A N / A

LEIRIA NORTE - MONTE REAL 0.05 4 997 N / A N / A

MONTE REAL - MONTE REDONDO 0.05 4 737 N / A N / A

MONTE REDONDO - GUIA 0.06 4 525 N / A N / A

GUIA - LOURIÇAL (IC8) 0.05 4 263 N / A N / A

A-17 Total Network 0.31 4 528 N / A N / A


Northwest Parkway ConcessionNORTHWESTH PARKWAY

ADT Change

2006 2007 TMDA

PARKWAY 11 329 12 483 10,2

Atlântico Concession

annual report individual - cmvmweb3.cmvm.pt/sdi2004/emitentes/docs/pc17090.pdf · innovation 43...

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