1. THE INFRASTRUCTURE FINANCING IN SPAIN Antonio M. López Corral Professor of the Polytechnic University of Madrid Madrid, June 28th, 2007 INTEGRATION OF TRANSPORT MODES & MANAGEMENT World Bank Study Tour

2. 2 THE INFRASTRUCTURE FINANCING SYSTEM IN SPAIN PUBLIC FINANCING -Budgetary -Non budgetary (Public Entities) -Non budgetary with repercussion in public deficit (Instrumental Societies) PRIVATE AND MIXED FINANCING -Concessions -Other PPP´s formulas (with probably repercussion in public deficit) PUBLIC FINANCING -Budgetary -Non budgetary (Public Entities) -Non budgetary with repercussion in public deficit (Instrumental Societies) PRIVATE AND MIXED FINANCING -Concessions -Other PPP´s formulas (with probably repercussion in public deficit)

3. BUDGETARY FINANCING PUBLIC AUTHORITY INFRASTRUCTURE SERVICE

4. NETWORK OF MOTORWAYS IN SPAIN

5. HIGH SPEED RAILWAY STATION MADRID-ATOCHA

6. NON BUDGETARY FINANCING OF PUBLIC ENTITIES FINANCING PUBLIC ENTITIE INFRASTRUCTURE SERVICE INCOME

7. AENA: MADRID - BARAJAS AIRPORT

8. AENA: MADRID – BARAJAS AIRPORT

9. ADIF: HIGH SPEED RAILWAY MADRID- BARCELONA

10. Extension Plan 2003 – 2007 New Line MetroNorte L.7 Extension L.4 Extension L.1 Extension (north) L.5 Extension L.1 Extension (south)L.3 Extension L.11 Extension L.2 Ext. Light Rail L.10 Ext. Light Rail L.8 Extension

11. Line 8 Nuevos Ministerios AUTO

12. PPP FINANCING SQUEME OF CALLE 30 MUNICIPALITY CALLE 30 INFRASTRUCTURE PRIVATE PARTNER PRIVATE PARTNER SERVICE FINANCING

13. MADRID CALLE 30

16. CONCESSIONAL FINANCING SQUEME CONCESSION HOLDER INFRASTRUCTURES SERVICE FINANCING EQUITY TOLLS

17. Extension Plan 2003 – 2007 New Line MetroNorte L.7 Extension L.4 Extension L.1 Extension (north) L.5 Extension L.1 Extension (south)L.3 Extension L.11 Extension L.2 Ext. Light Rail L.10 Ext. Light Rail L.8 Extension

18. TOLL FREEWAY EJE AEROPUERTO

19. AUTOPISTA DE PEAJE EJE AEROPUERTO

20. INFRASTRUCTURE PROVISION SYSTEM FINANCING PHASES OF THE INFRASTRUCTURE PROVISION SYSTEM IN SPAIN PLANNING Phase of Identification and Conception of the Projects and Plans of Performance MATURATION Precontractual Phase for Informative Studies, Public Information, Declaration of Environmental Impact, First draft and Project EXECUTION Tendering, Awarding, Contracting and Financing of the Construction OPERATION Phase of Reception, Maintenance and Operation Antonio López Corral 20 APPROXIMATE TERMS: 8,5 YEARS Modified, Revision of Prices and Complementary Works

21. – Informative study 30.5 months – Project 20.5 months – Tendering process 6.0 months – Construction 24.0 months – Reception and Liquidation 10.0 months – TOTAL 91.0 months TERMS IN THE INFRASTRUCTURE PROVISION SYSTEM Antonio López Corral 21

22. INVESTMENT AND FINANCING IN TRANSPORT STATE INFRASTRUCTURE IN SPAIN 20% Private Capital Public Budgetary 40% FF.EE 5% 20% Public non Budgetary FF.EE 15% FF.EE 15% Ministry 30% Public Companies 50% 20% Private Sponsors EXECUTION TOTAL FINANCING 2000-2006 : 60.300 MILLION € 60% 20% European Funds 20% Private Capital FINANCING Public (Budgetary and not Budgetary)

23. GRACIAS © Antonio M. López Corral Antonio M. Lopez Corral Catedrático de la UPM Tf.: (+34) 91 533 44 96 Fax: (+34) 91 533 44 96 E-mail: alopezcorral@telefonica.netalopezcorral@telefonica.net Antonio M. Lopez Corral Catedrático de la UPM Tf.: (+34) 91 533 44 96 Fax: (+34) 91 533 44 96 E-mail: alopezcorral@telefonica.netalopezcorral@telefonica.net