3rd INVESTEE COMPANIES CPEN

Autopistas de Navarra, S.A. (AUDENASA) was established in Pamplona in 1973, and is the Government of Navarra's contractor for the construction, maintenance and operation of the toll highway that connects the towns of Tudela and Irurtzun, linking the highway of the Ebro to the South with the highway to San Sebastian and Vitoria to the North. It is owned by the Government of Navarra and ENA Infraestructuras, SA, 50% each, the latter belonging to the Group Itínere, currently led by Citigroup. The highway will revert to the Government of Navarra on 8 June of the year 2029.

sociedad Canal de Navarra, S.A. (CANASA) is the result of the collaboration agreement between the Ministry of agriculture, food and environment and the Regional community of Navarra for the execution of the Canal de Navarra, on 19 October 1998, and the update agreement thereof. Its creation was proposed by the Monitoring Committee of the above agreement, at the meeting held on 1 December 1999, and was approved by the Cabinet on 30 December of the same year.

CANASA was incorporated on 18 January 2000 in Zaragoza, as a state-owned company governed by the private legal system. Initially a sole proprietorship, whose sole shareholder is the Spanish State. The articles of incorporation set out the timetable according to which the share capital will be disbursed. The By-laws are also approved, the Board of Directors and its Chair are appointed.

On 19 January 2000 the direct management agreement was signed in Pamplona, between the Ministry and the company, which regulates the performance of CANASA.