Borrowing policy

Until the decree of August 14, 2017 came into force, motorway investments are financed by the CNA for the most part on the bond market;in addition, long-term financing agreements havebeen signed with the European Investment Bank for the partial financing of motorway projectsor programmes of improvement work on the existing network.

The SCA wanted to smooth out their debtmaturities depending on their repayment capabilities. In response, the CNA had to issueover relatively long periods. The amount of the issues is determined by additionof the financing needs of several SCA.

Given the activity of the companies financed, the natural market of the CNA is the euro market. Loans are launched for professional investorswith no public offering. They are quoted on the Stock Exchange; loans in international legal form are also quoted in Luxembourg.

With the aim of improving liquidity on the secondary market, the CNA builds lines of reference through successive additional contributions. The 2005 bond issue in the amount of E336.26M, maturing in 2025, has been regularly supplemented since 2011 and now represents total liabilities worth close to E860M.

The bond is usually at a fixed rate. However, part of the debt can be made variable via interest rate swap contracts signed when certain loans are issued.