Jan-Mar Tel:

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1 Jan-Mar ir@ferrovial.es Tel:

2 Disclaimer This document may contain statements that constitute forward looking statements about the Company. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates regarding, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed in these forward looking statements. Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward looking statements which speak only as of the date of this communication. They are all encouraged to consult the Company s communications and periodic filings made with the relevant securities markets regulators and, in particular, with the Spanish Securities Markets Regulator. Note on accounting changes: On 26 October 2011 Ferrovial sold 5.88% of FGP Topco, the holding company of the HAH group. This resulted in HAH being consolidated by the equity method from November 2011 onwards. Under NIIF 5, 2011 results from HAH are reported under the headline of Net income from discontinued operations for 10 months while 2 months are accounted under the Equity-accounted affiliates HAH results are accounted under Equity-accounted affiliates.

3 Agenda B u s i n e s s U n i t s F i n a n c i a l R e s u l t s C a s h F l o w D r i v e r s L o o k i n g A h e a d 3 ir@ferrovial.es Tel:

4 Vision A leading company in sustainable infrastructures and services with focus on operational excellence, innovation and cash generation Pillars Low level corporate debt Asset rotation to support growth Efficient asset allocation Operational Value generation 4 ir@ferrovial.es Tel:

5 Presence in all the Infrastructure value chain Synergies from combined capabilities Risk mitigation Solutions for complex projects ir@ferrovial.es Tel:

6 Ferrovial Business Overview Ex Infrastructure Projects Infrastructure Projects Services Construction Toll Roads Airports Leading provider of infrastructure services Infrastructure management and maintenance Urban services and waste management 3.0 bn Revenues bn EBITDA 2012 One of the main construction groups in Europe Civil engineering, industrial construction and water treatment 4.3 bn Revenues bn EBITDA 2012 Leading sponsor of toll roads infrastructure development worldwide Key developer of 407 ETR Design, build, finance and operation Leading European private airport operator Ownership and operational management of key UK airports, including Heathrow Dividends received from projects in bn Dividends received from Toll roads 0.14 bn Dividends received from Airports Infrastructure projects financed on non recourse basis 6 ir@ferrovial.es Tel:

7 Highlights (2013 year to March) First corporate bond ( 500mn, 5 year, coupon 3.375%) FINANCIAL Higher dividends at HAH (+6%) and ETR (+14%) S&P upgrades FER corporate rating to BBB from BBB- BUILDING THE FUTURE Acquisition on Enterprise (UK) & Steel Ingenieria (Chile) Completion of Stansted disposal New concession award in Texas (NTE 3A-3B, US$ 1.4bn) OPERATIONAL GROWTH 21bn backlog (Services & Construction) Record passenger numbers & passenger satisfaction at Heathrow NET CASH POSITION Ex-infra project Net cash position 1bn / Ample liquidity 3.3bn (cash + undrawn facilities) No meaningful maturities till ir@ferrovial.es Tel:

8 Main figures (2013 year to March) million % Change* R e v e n u e E B I T D A N e t I n c o m e 1, % -6.2% e x i n f r a p r o j e c t s N e t c a s h p o s i t i on 1,047 C o n s t r u c t i o n b a c k l o g S e r v i c e s b a c k l o g 8,538 12, % -1.9% * Excluding forex impact & perimeter changes. 8 ir@ferrovial.es Tel:

9 2013 Update - First bond issuance Size 500 mn Maturity 2018 Spread +240 bps Diversification from bank debt to capital markets 9 ir@ferrovial.es Tel:

10 2013 Update Enterprise acquisition (i) Enterprise: one of the UK's leading providers of services to utilities and the public sector Efficient Execution Entry into Utilities services Cost synergies Service enhancement through Amey s asset management skills Firm value GBP 385 mn Balanced portfolio of activities Scale and geographic coverage in UK Synergies Cost reduction 28m p.a. Asset Management contribution 11m p.a. Market Growth Utilities 5-7% Local Government 3-5% Value Creation IRR c.15% Capabilities to be exported to other countries 10 ir@ferrovial.es Tel:

11 2013 Update Enterprise acquisition (ii) FM 20% Environm. 1% Consulting 19% Roads & Rail 60% Roads 12% FM 17% Environm. 23% Utilities 48% Consult. 10% Environm. 11% FM 18% Utilities 22% Roads & Rail 39% 2012 data Major Player in the UK 1.2bn 13.7% 95.9m 7.9% 5.9bn Revenues CAGR EBITDA EBITDA Margin Order Book 1.1bn 4.6% 59.9m 5.4% 2.3bn 2.3bn 9.1% 155.8m 6.7% 8.5m Capex 18.6m 27.1m 8.2bn Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally. Breakdown of Enterprise activities: FM includes Defence and Social Housing 11 Tel:

12 Agenda O v e r v i e w F i n a n c i a l R e s u l t s C a s h F l o w D r i v e r s L o o k i n g A h e a d 12 ir@ferrovial.es Tel:

13 Toll roads million Revenues 97 10% EBITDA 59-26% EBITDA % 61.0% 1Q13 % L-f-L Traffic recovery in US, weak in Europe 407ETR EBITDA + 7% Dividends + 14% 1Q13 % L-f-L Traffic EBITDA Lower traffic due to leap year effect and Easter Holidays Autema 1-13% -51% Chicago Skyway +2.9% +18% Ausol -19% -26% New concession award NTE 3A-3B, US$ 1,4bn, 48 years after construction (2018) ETR (VKT) -1.5% +7% Indiana Toll Road % -1.7% 1 Financial asset 2 Equity method 13 ir@ferrovial.es Tel:

14 Services million 1Q 13 % L-f-L UK Spain Revenues 710-2% EBITDA 71 +3% EBITDA % 10% +50 bps Backlog 12, % -3% -4% - 1% Revenues EBITDA BACKLOG L-f-L -3% +6% 0% Geographical breakdown Resilient performance in a difficult Revenues Backlog economic context Acquisition on Enterprise (UK) and RoW 51% Spain 48% RoW 58% Spain 42% Steel Ingenieria (Chile) 14 ir@ferrovial.es Tel:

15 Construction million 1Q13 % L-f-L Budimex Webber Spain &RoW Revenues 820-6% EBIT % EBIT % 5.9% +50 bps Backlog 8,538-3% Revenues -22% +36% -8% EBIT -48% +47% +26% Backlog -3% 0% -3% Geographical breakdown Domestic Backlog Residential 2% Work breakdown Industrial & other 19% Growth in Texas partially offset declines in Poland and Spain International backlog 70% International 79% NTE3A-3B (US$1,4bn) not yet in backlog Civil works 15 ir@ferrovial.es Tel:

16 HAH (Equity method, FERROVIAL stake 33.65%) 100% GBP million 1Q13 % L-f-L Revenues % EBITDA % Second consecutive year of record Heathrow traffic for Q1 EBITDA % 43.6% +136 bps NET DEBT 11,963 Traffic (PAX Mn) 1Q13 % Heathrow % Terminal 5 voted world s best terminal Dividends up by 6.7% from HAH Double digit EBITDA growth Debt reduced due to Stansted disposal Shareholders 33.65% 20.00% 13.29% 11.88% 10.0% 11.18% Ferrovial Qatar Brittania GIC CIC Alinda 16 ir@ferrovial.es Tel:

17 HEATHROW Operating improvement Departures punctuality 80% Missed bags per 1,000 passengers 40 63% % passengers rating Heathrow Excellent or Very good Overall satisfaction with Heathrow ASQ trend Q % 48% Heathrow EU average Top EU Quartile 17 ir@ferrovial.es Tel:

18 Agenda O v e r v i e w B u s i n e s s U n i t s C a s h F l o w D r i v e r s L o o k i n g A h e a d 18 ir@ferrovial.es Tel:

19 Profit & Loss ( mn) Net Revenue EBITDA Depreciations EBIT Disposals & impairments (2) Net Financial Result Equity accounted EBT Taxes Minorities TOTAL 1, (51) (15) (35) (12) VAR. L-f-L (1) -2% -6% -10% NET PROFIT (1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts 19 ir@ferrovial.es Tel:

20 Debt reduction and simplification E X I N F R A P R O J E C T S Net debt evolution ex-infra projects NET CASH 1,047mn ,172 1,547 1,987 3,064 Net debt ( mn) Q13 P R O J E C T S Debt allocated at project level NET DEBT 6,802mn Projects under development not generating EBITDA mn Net debt NTE 463 LBJ 704 TOLL ROADS* Debt 6,238mn TOTAL 1,177 17% Of Toll roads net debt * 1.110mn related to R4 & OLR, both filed for creditor protection 20 ir@ferrovial.es Tel:

21 Financial position (ex-infra projects) million maturities mn bond issuance (Jan 13) Maturity Jan >2018 Liquidity position 975 2,348 3,323 Total cash Undrawn lines Total liquidity 21 ir@ferrovial.es Tel:

22 Shareholder remuneration Dividend 2012 (Euros/share) Interim 1.00 Complementary 0.25 TOTAL Tel:

23 Agenda O v e r v i e w B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g A h e a d 23 ir@ferrovial.es Tel:

24 High Quality Infrastructure Assets Resilience through the Crisis Capital markets access Dividends EBITDA (GBP mn) 529 1,103 GBP7.0 bn issued since (GBP M) EBITDA (CAD million) CAD3.0 bn CAD 3.0 billion issued issued since since (CAD M) 24 Tel:

25 Strong Backlog (Construction & Services) Backlog at Record levels Highest ever International Contribution % Construction 70% 30% 14.7 Domestic Services International ( bn) 56% 44% International 38% 62% Domestic International Strong backlog of 21.5 bn as of 2012 (35 months of activity) 25 ir@ferrovial.es Tel:

26 Solid Cash Flow Generation Ex - Infrastructure Projects (operating cash flow) Infrastructure Projects (dividends) Swissport (sold in 2011) Construction Services Strong cash flow generation from construction and services activities Cash flow upstream from infrastructure projects Resilient performance through the crisis 26 ir@ferrovial.es Tel:

27 Agenda O v e r v i e w B u s i n e s s U n i t s F i n a n c i a l R e s u l t s C a s h F l o w D r i v e r s 27 ir@ferrovial.es Tel:

28 Looking ahead C O N S T R U C T I O N T O L L R O A D S S E R V I C E S A I R P O R T S Margin vs. growth Strong backlog Selective growth in existing & new markets Higher dividends from 407 & HAH Attractive pipeline of projects Co-investment with financial partners Strong financial discipline 28 ir@ferrovial.es Tel:

29 29 Tel: Appendix

30 Appendix 1 Q R e s u l t s I n t r o d u c t i o n t o E T R T o l l r o a d M a n a g e d L a n e s T o l l r o a d s E n t e r p r i s e a c q u i s i t i o n F u l l y e a r r e s u l t s 30 ir@ferrovial.es Tel:

31 1Q 2013 results EUR MN MAR 13 MAR 12 Var% L-f-L% MAR 13 MAR 12 VAR.% L-f-L% Revenues EBITDA EBITDA margin 1, % 1, % -3.8% -5.9% -1.8% -6.2% Construction Toll Roads Services Others Total , , n.s Period depreciation EBIT EBIT margin Disposals & Impairments Financial results % % % -9.5% Construction Toll Roads Services Others Total MAR MAR VAR.% n.s L-f-L% Equity-accounted affiliates EBT MAR 13 DIC 12 VAR% Corporate income tax Construction backlog Services backlog 8,538 12,542 8,699 12, CONSOLIDATED NET INCOME Discontinued operations Minorities NET INCOME ATTRIBUTED Traffic evolution ETR-407 (VKT) Chicago Skyway (ADT) Indiana Toll Road (ADT) Autema (ADT) Ausol I (ADT) Ausol II (ADT) Heathrow (million passengers) MAR ,920 34,298 22,629 14,603 9,207 11, MAR ,432 35,320 22,066 16,723 11,456 13, VAR% ir@ferrovial.es Tel:

32 Appendix 1 Q R e s u l t s I n t r o d u c t i o n t o E T R T o l l r o a d M a n a g e d L a n e s T o l l r o a d s E n t e r p r i s e a c q u i s i t i o n F u l l y e a r r e s u l t s 32 ir@ferrovial.es Tel:

33 407 ETR Would you buy this company? Figures in $CAN million S h a r e h o l d e r ' s f u n d N e t d e b t , : 27x Debt/Ebitda ,262 5,219 Accounting losses High debt 33 ir@ferrovial.es Tel:

34 407 ETR Ferrovial bought this company Figures in million C a s h g e n e r a t i o n ( ) 407 ETR V a l u a t i o n ( % ) Initial equity investment (62%) (326mn) 100% pay-back 7,575 Dividends (00-12) 834mn 10% disposal 640mn first 10 years 14x NET CASH IN 1,474mn Valuation x * M a t u r i t y years to maturity Strong dividend flow Equity valuation sharp increase * December 12 analysts consensus 34 ir@ferrovial.es Tel:

35 407 ETR Location Area of expansion 407 East extension High density population area Ring road of Toronto 108 km Tel:

36 407 ETR All Electronic Roadside Tolling System 36 Tel:

37 Fast Safe Reliable 407 ETR LOCATION Greater Toronto Area 23% of Canada population HIGH HOUSEHOLD INCOME 46% higher than Canada average SPEED Alternatives routes 40kph vs 100kph at 407 NO REGULATORY REVIEWS During concession life (99 years) TRAFFIC Alternatives routes are highly congested TOLL RATE HIGH FLEXIBILITY Including segment, direction, time of the day NON-STOP TOLL FACILITY Fully electronic with interchanges every 3km FAST Reliable travel times 37 Tel:

38 407 ETR Financial overview ($CAD million) Revenues Capital Expenditure CAGR: 8.3% years to maturity OPEX Dividends 104 CAGR: 2.8% % pay-back in first 10 years EBITDA CAGR: 9.8% EBITDA % 608 Free-tariff revision 27 Net Debt / EBITDA X % 77% 79% 76% 80% 82% 8% CAGR 02-12* * Tariff increase for light Vehicles in Peak hours regular zone (%) ir@ferrovial.es Tel:

39 407 ETR Recurrent presence in the bond market Extending maturities at historically low cost CAD 2,950mn issued since ,49% 3,58% Maturity 40 years ,58% 1,70% Spread 1,56% 1,60% Yearly average maturity: Only 3% of total debt ir@ferrovial.es Tel:

40 Appendix 1 Q R e s u l t s I n t r o d u c t i o n t o E T R T o l l r o a d M a n a g e d L a n e s T o l l r o a d s E n t e r p r i s e a c q u i s i t i o n F u l l y e a r r e s u l t s 40 ir@ferrovial.es Tel:

41 Managed Lanes New assets landmark Express Tollway within an Existing Highway Free Lanes Tolled Lanes Speed >50mph Free Lanes A solution to congestion on existing urban corridors by means of Active management of newly added capacity through tolling 41 ir@ferrovial.es Tel:

42 Managed Lanes Level of demand NTE (untolled) 407ETR (tolled) Peak period Time of the day Westbound Eastbound Time of the day 42 Tel:

43 Managed Lanes Travel time reliability (NTE) Based on NTE data ML will provide users a reliable and certain travel time 7 miles Travel Time (Minutes) min Distance (miles) (*) Peak period observations For a 7 mile trip, a user can save up to 30-40min in rush hour if using the ML (NTE Eastbound lanes) 43 ir@ferrovial.es Tel:

44 Managed Lanes Lyndon B Johnson KEY CHARACTERISTICS DESCRIPTION: IH 635 (Dallas County), the most populous county in Texas 108Km Electronic toll LENGTH: CONCESSION PERIOD: 13 mile section of the IH 635 and IH 35E 52 years TARIFF POLICY: Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph Heavy congested area, almost cars per day No toll-booths, fully electronic free flow tolling system Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes Tolls setting to ensure minimum speed on new lanes 51% 42% 7% CINTRA SHAREHOLDERS STRUCTURE MERIDIAM FINANCIAL STRUCTURE DALLAS FIRE&POLICE PENSION SCHEME As demand grows and capacity becomes scarce, 25% 54% 20% pricing power increases EQUITY DEBT PUBLIC FUNDS Physically separated from the GP lanes with controlled access 44 ir@ferrovial.es Tel:

45 Managed Lanes North Tarrant Express KEY CHARACTERISTICS DESCRIPTION: Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport LENGTH: 13 mile section (IH 820 & SH 183 in Tarrant County) CONCESSION PERIOD: 52 years TARIFF POLICY: Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph Heavy congested area, almost cars per day No toll-booths, fully electronic free flow tolling system Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes Tolls setting to ensure minimum speed on new lanes 57% 33% 10% CINTRA SHAREHOLDERS STRUCTURE MERIDIAM FINANCIAL STRUCTURE DALLAS FIRE&POLICE PENSION SCHEME As demand grows and capacity becomes scarce, 21% 52% 27% pricing power increases EQUITY DEBT PUBLIC FUNDS Physically separated from the GP lanes with controlled access 45 ir@ferrovial.es Tel:

46 Managed Lanes Financial Overview Financial details Financial details Total Investment: 2.05 bn Private Equity: 427 m Cintra: 243 m (57%) Meridiam: 141 m (33%) DPFPS: 43 m (10%) Total Debt: 1.05 bn PABs: TIFIA: 21% 52% 27% 400 m 650 m Public Funds: 537 m Total Investment: 2.7 bn 25% Private Equity: 665 m Cintra: 339 m (51%) Meridiam: 282 m (42%) DPFPS: 44 m (7%) 54% Total Debt: 1.47 bn PABs: 615 m TIFIA: 850 m 20% Public Funds: 496 m First combination of TIFIA and tax exempt PABs. First un-wrapped bond issuance for a toll road. First time TIFIA allowed additional debt to be raised beyond its approved federal subsidy cap. First time that a U.S.-based pension fund made a direct investment in a highway concession. First privately-financed road development project of its kind to reach financial close in Texas third big recent road project to reach financial close since Figures in US Dollars 46 ir@ferrovial.es Tel:

47 Appendix 1 Q R e s u l t s I n t r o d u c t i o n t o E T R T o l l r o a d M a n a g e d L a n e s T o l l r o a d s E n t e r p r i s e a c q u i s i t i o n F u l l y e a r r e s u l t s 47 ir@ferrovial.es Tel:

48 Enterprise acquisition Scope Acquisition 100% of Enterprise 1) Revenue: 1.1 billion; EBITDA: 60 million; employees: 9,600 (2012) 1) Acquirer Ferrovial Services Integration of Enterprise into Amey, Ferrovial Services subsidiary in the UK Price Firm value: 385 million Financing Use of Ferrovial Services existing cash balance Other Completion subject to European Commission clearance Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally 48 Tel:

49 Amey+Enterprise Solid Foundations for Profitable Growth 2012 data Amey + Enterprise Revenue Growth Revenues CAGR Order Book 1.2bn 13.7% 5.9bn 1.1bn 4.6% 2.3bn 2.3bn 9.1% 8.2bn Pipeline 8bn 12bn 19.5bn Operational Efficiency EBITDA EBITDA Margin 95.9m 7.9% 59.9m 5.4% 155.8m 6.7% Capex 8.5m 18.6m 27.1m Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally 49 ir@ferrovial.es Tel:

50 Enterprise - Major UK Services Provider 2012 Revenues: 1.1 billion Wide geographical coverage Water 224 Utilities & Defence Power Gas Defence 111 Environment 251 Government Services Local Roads Social Housing & FM c.20 utilities c.50 councils Note: Enterprise Mouchel JV not included. Defence JVs consolidated proportionally 50 ir@ferrovial.es Tel:

51 Strategic Rationale 1 Entry into Utilities services Cost synergies Service enhancement through Amey s asset management skills Balanced portfolio of activities Leading UK services provider with broad capabilities, diverse markets and comprehensive geographical coverage 5 Scale and geographic coverage in UK 51 ir@ferrovial.es Tel:

52 Diverse and Balanced Portfolio Revenue 1.2bn Revenue 1.1bn Major Player in the UK Revenue 2.3bn 2012 data Consulting 19% FM 20% Environm. 1% Roads & Rail 60% Roads 12% FM 17% Environm. 23% Utilities 48% Consult. 10% Environm. 11% FM 18% Utilities 22% Roads & Rail 39% Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally. Breakdown of Enterprise activities: FM includes Defence and Social Housing 52 Tel:

53 High Potential of Value Creation Synergies Cost reduction 28m pa Asset Management contribution 11m pa Market Growth Utilities 5-7% Local Government 3-5% Value Creation IRR c.15% Efficient Execution Rigorous and systematic approach Ferrovial Services proven track record Capabilities to be exported to other countries 53 Tel:

54 Platform for Growth in Attractive UK Markets Market size CAGR E Growth drivers Enterprise customer base (examples) Entry to Utilities market 19bn 5-7% Focus on maintenance spend in new regulatory cycles Asset management approach Outsourcing Severn Trent United Utilities Western Power Smart infrastructure Acceleration of growth in Local Government 14bn 3-5% 1) Outsourcing Service Integration Development of new treatment capacity Kent Staffordshire Liverpool 1) Includes Environmental Services and Local Roads Source: UK Department for Communities and Local Government, UK Department for Transport, market reports, companies, Ofwat, Ferrovial Services analysis 54 Tel:

55 40m Recurring Synergies from 2015 c. 40m recurring synergies in 2015 Systematic approach to integration 39 Focus on key cost and revenue drivers 31 Additional revenue 11 Procurement and direct costs Central and divisional overheads Integrated sale of asset management and consulting services 14 Cost reduction 28 Integration Plan implemented by a Project Office with dedicated resources Assessment and retaining of Enterprise s talent and best operational practices Estimated one-off investment c. 40m ir@ferrovial.es Tel:

56 Appendix 1 Q R e s u l t s I n t r o d u c t i o n t o E T R T o l l r o a d M a n a g e d L a n e s T o l l r o a d s E n t e r p r i s e a c q u i s i t i o n F u l l y e a r r e s u l t s 56 ir@ferrovial.es Tel:

57 FY 2012 results EUR MN Revenues EBITDA DEC 12 7, DEC 11 7, Var% +3.2% +13.4% L-f-L% +0.9% +11.2% Construction Toll Roads Services Others Total DEC 12 DEC 11 VAR.-% L-f-L% 4, , , , , , n.s EBITDA margin 12.1% 11.0% Period depreciation EBIT EBIT margin Disposals & Impairments % % % +10.6% Construction Toll Roads Services Others Total DEC DEC VAR.% n.s L-f-L% Financial results % Equity-accounted affiliates EBT Corporate income tax Construction backlog Services backlog DEC 12 8,699 12,784 DEC 11 9,997 12,425 VAR% CONSOLIDATED NET INCOME Discontinued operations Minorities NET INCOME ATTRIBUTED ,242.5 Traffic evolution ETR-407 (VKT) Chicago Skyway (ADT) Indiana Toll Road (ADT) Autema (ADT) Ausol I (ADT) Ausol II (ADT) Heathrow (million passengers) DEC 12 2,340,004 42,228 27,459 15,056 12,537 14, DEC 11 2,325,517 42,066 27,142 19,114 14,254 15, VAR% ir@ferrovial.es Tel:

58 Diversified portfolio Ex Infrastructure Projects Infrastructure Projects Services Construction Toll Roads Airports Non Capital Intensive PROFIT GENERATION CASH GENERATION Capital Intensive LONG DURATION LONG TERM VALUE Fully consolidated Method 927Mn EBITDA Proportional (1) 1,671Mn 29% 19% Services 37% 34% Toll Roads Construction Airports 33% 19% 29% 64% Spain 16% UK 12% US 8% RoW 34% Spain 42% UK 21% US 2% RoW (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project ir@ferrovial.es Tel:

59 What have we done in 2012? Operational Growth (Tariffs) Heathrow +12.7% 407ETR +8% New Contracts 407ETR extension Sheffield maintenance US 406 Virginia Assets rotation 16.34% HAH Stansted airport Edinburgh airport X16.0 EV/EBITDA X16.7 EV/EBITDA Balance Sheet BAA Initial dividend 407ETR dividend LT bond issuance 59 Tel:

60 Toll roads million Revenues 381-3% EBITDA 272-5% EBITDA % 71.2% 2012 % L-f-L 220mn dividends from projects (2011, 159mn) Traffic recovery in US, weak in Europe New projects awards ETR East Extension (Canada) CAD1,100 mn % 2012 Traffic EBITDA L-f-L Autema 1-21% +35% Chicago Skyway +0.4% +5% Ausol -11% -9% A66 (Spain) 192 mn Pipeline Focus on the US ETR % +10% Indiana Toll Road % +4% New office in Australia & Colombia Selective monitoring of emerging markets 1 Financial asset 2 Equity method 60 ir@ferrovial.es Tel:

61 407ETR (Equity method, FERROVIAL stake: 43%) CAD million Revenues 2012 % L-f-L % EBITDA % EBITDA % 82.9% +90bps Net debt 5,219 +8% Resilient performance Sharp increase in dividend EBITDA growth (+10%) Traffic (+0.6%) Opex optimization (+3,8%) Dividend (CAD million) EBITDA (CAD million) Tariff growth Long term bond issuances 30 years / CAD400mn / 4.19% 40 years / CAD200mn / 3.98% No relevant maturities until ir@ferrovial.es Tel:

62 Services million 2012 % L-f-L UK Spain Revenues 2,951 +1% EBITDA 314-2% EBITDA % 10.6% -50 bps Backlog 12, % +8% -3% +12% Revenues EBITDA BACKLOG L-f-L -5% -1% -10% Geographical breakdown Strong cash flow generation 491mn Revenues Backlog (2011, 164mn) Resilient performance in a difficult UK 51% Spain 49% UK 56% Spain 44% economic context Record backlog at year end 62 ir@ferrovial.es Tel:

63 Construction million 2012 % L-f-L Budimex ex_pni* Webber Spain &RoW Revenues 4,326 0% EBIT % EBIT % 6.9% +190 bps Backlog 8,699-14% Revenues +4% +28% -9% EBIT +8% +41% +63% Backlog -27% -21% -3% Geographical breakdown Domestic Backlog Residential 3% Work breakdown Industrial & other 18% Cash flow generation ( 100mn) despite declining Spanish sales International growth offsets Spanish performance International 79% Civil works International backlog 70% of total *PNI was excluded from Budimex s consolidation perimeter in November 2012, after filling for creditor protection. PNI impact: EBIT - 35mn 63 ir@ferrovial.es Tel:

64 HAH (Equity method, FERROVIAL stake 33.65%) 100% GBP million 2012 Revenues 2,646 +8% EBITDA 1, % EBITDA % 51.2% +125 bps NET DEBT 12,931 % L-f-L 143mn dividends from HAH HAH 100% 2012 dividend (GBP 240mn) Second consecutive year of record Heathrow traffic and passenger satisfaction Double digit EBITDA growth Traffic (PAX Mn) 2012 % Capital structure strengthened GBP3.0bn issued in 2012 Heathrow % Scotland % UK airports % Extending maturities, markets & currencies Successful divestments above expectations 100% HAH implied equity value GBP4,500mn Shareholders 33.65% 20.00% 13.29% 11.88% 10.0% 11.18% Stansted Edinburgh GBP1.5bn (x16.0 EV/EBITDA) GBP807mn (x16.7 EV/EBITDA) Ferrovial Qatar Brittania GIC CIC Alinda 64 ir@ferrovial.es Tel:

65 HEATHROW Financial improvement Financing transformed Resilient performance * Dec 2011 Dec 2012 EBITDA (GBP million) 1,103 Average life of debt 9.8 years 10.1 years 529 Debt due within 3 years 3.7 billion 1.8 billion * Heathrow airport, excluding Heathrow express Bond proportion of total debt 77% 94% Over 3 billion in bond issuance in billion undrawn revolving credit facilities Liquidity horizon *Including impact of Stansted disposal proceeds 20 months 30 months* HAH can meet capital investment, debt maturities, interest and distributions till mid ir@ferrovial.es Tel:

66 INVESTOR RELATIONS DEPARTMENT C/ Príncipe de Vergara, MADRID (Spain) Tlf: Fax: website: Tel: