• Airport and PPP portfolio grows
• Continual increase in value of assets
• Concession project market remains positive
• Stage set for further international expansion

HOCHTIEF is geared to sustainable and profitable growth. An important element in this growth strategy are our intensive and steadily expanding activities in the concessions and operation business, which at HOCHTIEF consists notably in the airport and public-private partnership (PPP) segments.

Thanks to our strategy of active portfolio management throughout the entire life cycle of infrastructure projects, real estate and facilities as well as to our many years' international experience, our company is very successful in this regard.

In the year under review, we further expanded HOCHTIEF's portfolio in the high-growth airport and PPP market segments. The continued positive performance here is driven in part by the following factors:

• the expertise we have shown again and again in designing, financing, building and operating complex projects, which in turn serves to optimize and support every stage of their life cycle;
• our closely linked international network and cross-border transfer of know-how through which we generate synergies;
• our experience with concessions projects worldwide, and
• our excellent reputation as one of the world's leading construction services providers.

As of the balance sheet date in 2007, HOCHTIEF held equity stakes in six airports and 20 PPP projects, and Group company Leighton owned additional interests.** Our company therefore holds a worldwide leadership position in the market for privately financed infrastructure projects.