Autopistas del Sol S.A. Announces Results of APE Solicitation and Cash Tender Offer

BUENOS AIRES, Argentina, July 24 -- Autopistas del Sol S.A. (the "Company") today announced the expiration of its solicitation (the "APE Solicitation") from holders of its 9.35% Series A Senior Notes due 2004 and 10.25% Series B Senior Notes due 2009 (together, the "Existing Notes"), and other unsecured financial indebtedness (the "Bank Debt" and, together with the Existing Notes, the "Existing Debt"), subject to certain eligibility requirements, of powers of attorney in favor of an attorney-in-fact to execute a consent to an acuerdo preventivo extrajudicial (the "APE"). The APE Solicitation was commenced on May 1, 20035, 2003 and expired, after four extensions, at 5:00 p.m., New York City time, on July 24, 2003.

The Company also today announced the expiration of its offer to apply up to U.S. $18 million to repurchase its Existing Debt for cash (the "Cash Tender Offer") at a purchase price determined through a modified dutch auction. The Cash Tender Offer was commenced on May 15, 2003 and expired, after four extensions, at 5:00 p.m., New York City time, on July 24, 2003.

APE Solicitation

As of 5:00 p.m., New York City time, on July 24, 2003, approximately U.S. $451 million principal amount, or approximately 95%, of Existing Debt had been tendered in the APE Solicitation or agreed, subject to certain conditions, to participate in the APE by entering into support agreements.

The Company intends to file the APE with a commercial court in the City of Buenos Aires for court approval as promptly as practicable.

The Cash Tender Offer

As of 5:00 p.m., New York City time, on July 24, 2003, approximately U.S. $8 million principal amount of Existing Debt had been tendered in the Cash Tender Offer.

The Company expects to accept for purchase all of the Existing Debt tendered in the Cash Tender Offer at a purchase price of U.S. $380 per U.S. $1,000 principal amount of Existing Debt. Payment of the purchase price in the Cash Tender Offer is expected to be made by the depositary on July 29, 2003, or promptly thereafter.

All figures in this announcement are approximate and subject to adjustment as tenders in both the APE Solicitation and the Cash Tender Offer are reconciled with the letters of transmittal submitted by holders of Existing Debt.

THIS PRESS RELEASE IS NOT AN OFFER FOR SALE OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE SUCH OFFER IS PROHIBITED, AND NEITHER THE APE NOR ANY OF THE SECURITIES TO BE ISSUED PURSUANT TO THE APE, IF APPROVED, MAY BE SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR IN ANY OTHER JURISDICTION WHERE SUCH SALE IS PROHIBITED. THE COMPANY DOES NOT INTEND TO REGISTER THE APE OR ANY OF THE SECURITIES TO BE ISSUED PURSUANT TO THE APE IN THE UNITED STATES UNDER THE ACT OR TO CONDUCT A PUBLIC OFFERING OF THE APE OR SUCH SECURITIES IN ANY JURISDICTION OTHER THAN THOSE AS IT MAY FROM TIME TO TIME PUBLISH.

The Information Agent for both the APE Solicitation and the Cash Tender Offer was D.F. King & Co., Inc. and its telephone number is (1 212) 493-6920. For further information, contact Autopistas del Sol S.A. at (54 11) 5789-8700.