Questionnaire EFFECT STUDY ON IFRIC 12 SERVICE CONCESSION ARRANGEMENTS. Please provide the following details together with your response:

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1 Questionnaire EFFECT STUDY ON IFRIC 12 SERVICE CONCESSION ARRANGEMENTS Please provide the following details together with your response: X Preparer User Other (please specify) Name of your organization / company CINTRA, S.A. Short description of the general activity of your organization/ company Cintra is one the leading private developers of transport infrastructure in the world in terms of number of projects and investment volume. Country where your organization/ company is local SPAIN Contact details incl. address CINTRA, S.A. Plaza Manuel Gómez Moreno, 2 Edifico Mahou, Madrid, Spain Juan Ramón Pérez Pérez Group Reporting Manager Phone: jrperez@cintra.es Please indicate whether you submitted comments to IASB and/or EFRAG during their consultations on exposure drafts, comment letters or endorsement advice related to IFRIC 12 XYes We have supported Grupo Ferrovial in all works related to this issue from Grupo Ferrovial is one of the main groups involved in the working team created by EFRAG in relation to this matter. In case we need further details on the submitted information we will take the liberty to contact the relevant respondent. Information from preparers

2 Markets where your company is listed: X European Union US Others (please specify) Size on group level (2006): Total assets 16 billion euros Revenues 1,2 billion euros Employees General questions on IFRIC 12 a) Do you think it is necessary to clarify the accounting treatment to be applied to service concessions arrangements under IFRS? X Yes b) Do you think that IFRIC 12 will result in relevant, reliable, comparable and understandable information? Relevant No X Partly Reliable No X Partly Comparable XPartly Understandable X Partly We think that the IFRIC 12 interpretation does not state the true and fair view of our business set out in Article 16 (3) of Council Directive 83/349/EEC and Article 2 (3) of Council Directive 78/660/EEC. As per the intangible asset approach huge losses should be stated during the first years of operations and huge profits at the end of the concession. Under the financial asset approach the projects turn into a mere financial business not taking into account any revenue or expenditure flow. Most of the projects in which we are involved are long term profitable business highly monitorised by financial institutions and public administrations, the fact of stating big losses in the first years doesn t not give a true and fair view of a profitable business and does not result in a relevant, reliable, comparable and understandable information. c) Overall, do you think that IFRIC 12 provides an appropriate solution to the accounting for service concession arrangements?

3 X No Please see above. d) Would you have preferred a standard to address this issue? X Yes A new standard should be the best solution in case that it would be quick, unfortunately to issue a new standard is a long process and the sector needs a quick and feasible solution. We think that modifying the IFRIC 12 in order to give a true and fair view on the business would give comfort to the sector in the meantime. e) If you answered yes to question 1d, would you consider that endorsement of IFRIC 12 is necessary or useful in the meantime? Necessary Useful X Neither of them From our point of view IFRIC 12 should be endorsed only if the problems commented in the 1.b section are solved. f) What do you consider are the main costs and benefits of IFRIC 12 and what importance would you assign to each of them? We think that IFRIC 12 doesn t contribute to give a true and fair view on our business and doesn t reflect the nature of the business. 2. Questions for preparers. a) Can you explain how significant service concession arrangements are for your business? Very X Significant t significant Additional information, if possible: Turnover related to service concession arrangements (amount in millions Euros, % of the total turnover) 100% of our total turnover and assets could be affected by IFRIC 12 b) Are you currently applying IFRIC 12 or expecting to apply it in the short term?

4 applying forecasting X Neither of them We are applying for a method similar to the intangible asset model developed by IFRIC 12 but with some differences regarding mainly to amortization and depreciation. c) If you are currently not applying IFRIC 12, could you describe current accounting treatment applied to service concession arrangements? d) Do you think that IFRIC provides/would provide useful information for internal purposes or other than issuing general purpose financial statements purposes? X No Please see 1b section. 3. Questions for users a) Can you explain what kind of information you need to analyse companies with service concession arrangements? b) Do you think that IFRIC 12 provides you with the kind of information you are looking for? c) Do you think that IFRIC 12 will help you to better assess a company's management stewardship and relative performance compared to others? 4. Other Questions

5 a) Can you provide any information that has been generated by field studies, research works, internal analysis carried out in your organization, jurisdiction? b) If you have any further comments on this consultation please provide them to us. We refer to all information sent to you by ASETA (Asociación Española de Concesionarias de Autopistas), one the most important association for transport infrastructures groups in Spain) as association member. Additionally we have been supporting Grupo Ferrovial as member of the work team created by EFRAG. The following documents were submitted by Grupo Ferrovial: -Coment letter regarding IFRIC 12 sent by us to the EFRAG Febraury Coment letter sent by FIEC (European Federation of construction companies) to the IASB May 2005 (as we are members through Seopan of this federation. -Presentation regarding our concern in relation with IFRIC 12 and alternative solutions