Corporate Ratings S&P BBB Fitch BBB-

The world's leading private investor in

transportation infrastructures…

Founded in 1952, Ferrovial is one of the world's leading groups specialized ininfrastructure and cities, operating through its Toll Roads, Services, Constructionand Airports divisions.With around 66,000 employees in more than 25 countries, the company continuesto endeavor to make a difference in the world of infrastructure and services and,therefore, in society.The Company manages key assets such as Canada's 407 ETR highway (43.2%)and London's Heathrow Airport (25.0%), both assets consolidated as equityaccounted. Through its Services division, Ferrovial maintains a leading position insophisticated markets such as the UK and Spain, while Construction continues tobe a core Ferrovial activity being involved in all areas of construction, namelycomplex civil and industrial works.Ferrovial is listed in the Madrid Stock Exchange with an over €10Bn marketcapitalization and an average daily traded volume over €40Mn. Ferrovial isincluded in the Dow Jones Sustainability, FTSE4Good and Carbon DisclosureProject indexes and has a “Prime” rating by Oekom research.

… with presence in all the infrastructure value chain

Resilient cash flow generation from Construction & Services activities throughthe crisis combined with an increasing upstream of dividends from infrastructureprojects.Historical Operating Cash flow and Dividends from infrastructure projects:

Operating Cash flow generated at Construction & Services together withdividends from infrastructure projects to serve Parent Company debt, equityinvestments in new infrastructure projects and dividend to shareholders.

Low level of corporate debt (Net cash for the last 4 years), at the core of ourstrategy in order to keep our investment grade credit rating: BBB (S&P), BBB-(Fitch).Structure based on non-recourse debt at infrastructure projects, extractingdividends to remunerate the equity injected.

Debt Structure … …with no meaningful maturities until 2018

After its two first corporate bond issuances in 2013 (maturing in 2018 and 2021),Ferrovial has almost no banking exposure at parent company level, with nomeaningful maturities till 2018.

Debt allocated at project level

to optimise capital structure Outlook: Stable

A IRPORTSCONSTRUCTION

ferrovialSERV ICES

2014 2015 2016 2017 2018 2019 2020 2021 +

53 43 2011

501

30

509

MATURITY CALENDAR EX-INFRA PROJECTS

3,064

1,9871,547

1,172

31

907

1.484 1.663

2006 2007 2008 2009 2010 2011 2012 2013

IR Department e: ir@ferrovial.com - � +34 915862730 Figures in million Euros 1

Toll Roads' & Airports

dividends

Operating Cash Flow

New projects’ equity

PARENT COMPANY

INFRASTRUCTURE

PROJECTS

Ring fenced debt

EXCL. INFRA

PROJECTS

Shareholders’

dividends

2006 2007 2008 2009 2010 2011 2012 2013

503 527

731749

655

462

595

Construction Services

2006 2007 2008 2009 2010 2011 2012 2013

182 201

397

119173 159

365

Operating Cash Flow DividendsConstruction & Services Toll Roads & Airports

s h a p i n g t h e f u t u r e

NET CASH

€1,663mn

INFRASTRUCTURES

PROJECTS

EX-INFRA PROJECTS

NET DEBT

€7,015mn

CONSTRUCTION

• Civil engineering

• Industrial construction

• Water treatment

• 80 years of experience

AIRPORTS

• Largest airport private investor

• Ownership and operational

management of key UK airports,

including Heathrow, combining

almost 85 million passengers a

year

TOLL ROADS

• Leading sponsor of toll roads

infrastructure development

worldwide

• Key developer of 407 ETR and

23 other concessions in 6

different countries

SERVICES

• Leading provider of infrastructure

services

• Infrastructure management and

maintenance

• Urban services and waste

management

• Focus on intelligent cities, waste

treatment and energy efficiency

+

12M ‘13

TOLL ROADS

€10,9BnMarket cap.

€40MnDaily traded volume

Listed since 1999… …with an attractive shareholder remuneration

Balanced capital allocation, reinvesting in new projects for long term valuecreation, while attractively remunerating our shareholders.

Shareholder baseCNMV Source

27Analyst coverage

Consensus recommendations

FER SM (Bloomberg)

FER.MC (Reuters)Company Ticker

48.7%

43.5%

4.8%

3.0%

Buy

Hold

Sell

Historical dividends

11%30%

59%

Data as of 24 February 2014

Controlling shareholder

Blackrock

Southeastern AM

Free-float

2009 2010 2011 2012 2013

0.40 0.42 0.45

1.25€/Share

Focus on cash flow to parent company… … with a solid track record

0.65 - 0.70

Proposed

663461

Toll roads Airports

ferrovial

2013

Ferrovial geographical and business diversification translates in a well balancedportfolio, with airports being the largest contributor to the adjusted Ebitda* with a32% weight in 2013.

* 2013 FY - Proportionally considering Ferrovial stake in each project.

Services

Cash flow generation due to International growth despitedeclining Spanish market.

International backlog was 70% at FY2013, with US 38%and Poland 14% being the main markets where we dohave “local” presence through Budimex and Webber(Texas).

Significant international contracts awarded in 2013, mostof them with our own Toll Roads division (M8 in Scotlandand NTE 3A3B in Texas), with the internal backlog beingover 32% at FY2013.

A recurrent cash flow generator with a long duration backlog providing visibility for the long term

“Integrated service management” to maximizeinfrastructure asset value throughout their lifecycle.

Strong cash flow generation and resilient performance ina difficult economic context.

Enterprise acquisition at £385Mn (€474Mn), in April2013, to generate value mainly through synergies, withan IRR estimated at c.15%.

After the integration of Enterprise the UK will gain weightreaching more than 60% of the Division backlog.

Ferrovial, vision and valuesFerrovial has distinguished itself, above all, for its excellent professionals. Hard work and creativity centered on performance, have allowed us to

overcome complex challenges and to take advantage of opportunities, transforming individual skills into collective success.

Ferrovial, as a leading developer and operator in the infrastructure and services sector, will continue to shape the future of society with a continuous

focus on talent, integrity, safety, excellence and innovation.” (Rafael del Pino, Ferrovial ‘s Chairman)

Ebitda generated in the UK and North America accounted over 67% of adjusted Ebitda*.

BacklogRevenues

UK

Spain36%

63%39%

59%

Construction

A proven competitive tool to success in the bidding processes of greenfield infrastructure projects

Civil works

Industrial

& otherResidentialDomestic

International*

30%

70%

WorkGeographial

Backlog breakdown

20%

78%

2%

IR Department e: ir@ferrovial.com - � +34 915862730 Figures in million Euros 2

Cash flow ex-infra projects performance

€9,162mn €1,681mn

Services

Toll Roads

Construction

Airports

22%43% 24% 11%SpainUK N. America RoW

EBITDA *Revenues*

A well-balanced international portfolio*… ...translates into diversified cash flows

2010 2011 2012 2013

Construction 373 298 100 304

Services 282 164 495 359

Dividends from Highways 170 159 220 242

Dividends from Airports 2 0 145 219

Others 43 -43 -16 -27

Taxes -60 -67 -30 -48

Operating Cash Flow (a)

811 511 914 1,048

2%

International

1%

2,328

5,539

8%

39%

11%

42%

29%19%

32%20%

2010 2011 2012 2013

Total Investment (b) -420 -328 -320 -754

Total Divestment (c) 1,124 1,264 893 564

Activity Cash Flow (a+b+c) 1,515 1,447 1,486 858

Interest Payment -138 -114 -32 -46

Others 147 -81 -48 -49

Dividend to Shareholders -320 -376 -826 -523

Net Cash Generation 1.204 875 583 180

Our portfolio characterizes for its long duration (average concession maturity over 50 years) with attractive tariffs schemes, making it possible in many cases to increasethem above inflation rates.

Principally explicit toll projects, where the concession holder profitability is not capped, resulting in a potential value creation for the long term.

Main assets are at the initial phases of their activity cycle, with three meaningful assets under development in the US (managed lanes).

Managed lane concept based in congestion management through dynamic pricing power, to offer a tolled alternative to congested urban corridors.

407 ETR 43.2% stake in 407 ETR (equity accounted)

407 ETR is located in Toronto, Ontario (Canada) and runs parallel to the first city ring road, the 401, one of North America's most congested toll roads.

407 ETR is one of the most valuable assets in the infrastructure world, due to the robustness of the traffic combined with the possibility to almost freely establish thetariffs*. Concession agreement ending in 2098 (84 years remaining).

Resilient performance through the crisis, involving a strong deleverage process since acquisition in 1999, allowing to an increasing dividend distribution policy.

*Toll-setting freedom: Toll charges can be varied freely provided that traffic stays above a certain minimum level. In this way the user pays according to the timesavingprovided by the highway.

Following the acquisition of BAA Airports Limited in June 2006 (which, in October 2012 was renamed HAH Airports), Ferrovial became the leading private infrastructureoperator in the world, with four airports in the United Kingdom including Heathrow (Glasgow, Southampton and Aberdeen being the other three), with 84.9 millionpassengers in 2013. After recent stake divestments, Ferrovial holds a 25.0% in the company with Qatar (20%), Brittania (13.29%), GIC (11.88%), Alinda (11.18%), CIC(10%) and USS (8.65%) holding the rest, providing a quality shareholding structure that involves the sovereign funds of Qatar, China and Singapore and the latestinclusion of one of the largest pension schemes in the UK (USS).

Heathrow Airport, 15 miles from central London, is regarded as the hub of the aviation world. Flying more than 72 million passengers to over 180 destinations in over 90countries each year, it's no wonder that some 90 airlines operate from Heathrow.

In 2013 Heathrow distributed dividends to its shareholders amounting £555Mn. It includes; its regular dividend (£255Mn) and a extraordinary payment (£300Mn) as return

to the Group´s ultimate shareholders on their historic investment in Stansted following its disposal. Heathrow intention is to keep a recurrent dividend with sustainable

growth having indicated an expected regular dividend payment to the shareholders of £270 million for 2014.

MAIN ASSETS

We manage a portfolio of 24 concessions with a total of 2,100 kilometers,distributed throughout Canada, the United States, Spain, Portugal, Ireland andGreece.

Innovation: Visit www.ferrovial.com/en/InnovationFerrovial sees innovation not only as a tool for improving productivity and competitiveness, but as a key source of value creation for all

its stakeholders and society in general. Ferrovial has more than 80 innovation projects underway, with total investment in 2013 of 32.9

million euro.

IR Department e: ir@ferrovial.com - � +34 915862730 Figures in million Euros 3

Toll Roads

A world leading private developers of infrastructures, focus on value creation through risk management

Managed investment

44%

36%

20%

Europe

US

Canada

MAIN ASSETS

Airports

25.0% stake in Heathrow Airports Holding (Equity accounted)

(CA

D m

illio

n)

(CA

D m

illion)

Concession KmManaged

Investment% Cintra % Ferrovial Status

Net debt

Dic-2013Maturity Country

North Tarrant Express 21,4 1.541 56,7 56,7 Under Development -578 2061 USA

NTE (3A/3B) 16,4 970 50,1 50,1 Under Development -38 2061 USA

LBJ Express 27,4 1.901 51,0 51,0 Under Development -910 2061 USA

Indiana Toll Road 252,7 3.044 25,5 50,0 Operation -2.778 2081 USA

Chicago Skyway 12,5 1.391 55,0 55,0 Operation -1.068 2104 USA

SH-130 64,0 1.048 65,0 65,0 Operation -862 2062 USA

Almanzora 41,5 146 23,8 23,8 Under Development 0 2041 Spain

Autovía de la Plata 49,0 191 25,0 25,0 Under Development -29 2042 Spain

Autema 48,3 233 76,3 76,3 Operation -666 2036 Spain

2046 (Ausol I) Spain

2054 (Ausol II) Spain

Madrid - Sur 97,2 1.351 55,0 55,0 Operation -601 2065 Spain

Madrid - Levante 182,8 540 51,8 53,7 Operation -542 2040 Spain

Alcalá - O´Donnell 15,3 99 100,0 100,0 Under Development 0 2065 Spain

SerranoPark 3,297 spaces 76 50,0 50,0 Operation -47 2048 Spain

ViaLivre 174,5 84,0 84,0 Operation 8 2031 Portugal

Euroscut Algarve 129,8 264 77,0 85,0 Operation -149 2030 Portugal

Norte Litoral 119,0 386 75,5 84,0 Operation -209 2031 Portugal

Euroscut Azores 93,7 386 89,0 89,2 Operation -334 2036 Portugal

M4-M6 Highway 36,0 340 66,0 66,0 Operation -112 2033 Ireland

M3 Highway 50,0 549 95,0 95,0 Operation -199 2052 Ireland

Ionian Roads 378,7 33,3 33,3 Under Development 51 2037 Greece

Central Greece 231,0 33,3 33,3 Under Development -348 2038 Greece

407 EDG 35,0 637 50,0 50,0 Under Development -133 2045 Canada

407 ETR 108,0 3.161 43,2 43,2 Operation -3.806 2098 Canada

-453Autopista del Sol 105,2 729 80,0 80,0 Operation

January Ferrovial issued its inaugural corporate bond for €500mn with a 5 year tenor and a fixed coupon of 3.375%.

February Ferrovial reached an agreement with 3i Group plc for the acquisition of 100% of Enterprise Plc for an EV of GBP385mn.

Stansted airport sold for £1,500Mn, 1.13xRAB 2012e , 16xEBITDA 2012e.

May The rating agency Standard & Poor’s upgraded Ferrovial, S.A.’s long-term rating from “BBB -” to “BBB” with stable outlook.

June Ferrovial issued its second corporate bond for €500mn with an 8 year maturity and a fixed coupon of 3.375%, with this issuance Ferrovial managed to have almost no banking exposure at holding company level and has no meaningful maturities until 2018.

August Both Construction and Services managed to be awarded significant international contracts (M8 motorway in Scotland, maintenance contract with Welsh water or the construction of an expressway linking Oman with the United Arab Emirates) all of them will be added to an already existing backlog of €24bn (Services & Construction).

September A Ferrovial-led consortium achieved financial close for the new concession North Tarrant Express 3A3B in Texas for 1 billon euro.

October Ferrovial Services secured through Amey two meaningful contracts with the Toll Roads Agency and Northern Gas Networks for £200Mn and £144Mn respectively both of them for the next 8 years.

Ferrovial sells 8.65% of Heathrow Airport Holdings to the UK pension scheme USS for GBP 392 million.

P&L and selected figures Balance sheet

2013 Highlights

NTE 3A3B Award and financial close (October ’13)

Enterprise acquisition (April ’13)

SRI: Visit www.ferrovial.com/en/Corporate-ResponsibilityCorporate Responsibility, as Ferrovial interprets it, is a strategic function related to sustainability, competitiveness, and the company’s reputation, and

whose function is to create long-term value for stakeholders and for the company.

In the period from 2010 to 2012 Ferrovial invested 66.4 million euro in the community through 1.390 social projects that were directly beneficial to

more than 2.6Mn people.

The corridor south to the 3A segment is currently ranked as the most

congested roadway in Texas.

No toll-booths, fully electronic free flow 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

As demand grows and capacity becomes scarce, pricing power increases

Physically separated from the GP lanes with controlled access

2 “managed lanes” in each direction of the IH-35W, segments 3A and 3B (3B

segment to be built by TxDOT)

10.2 mile section (segments 3A 6.2 miles and 3B 4 miles)

52 years

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

Consolidated figures

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

SHAREHOLDERS’ STRUCTURE FINANCIAL STRUCTURE

50% 39% 10% 32% 59% 9%

CINTRA MERIDIAM DALLAS

FIRE&POLICE

PENSION SCHEME

EQUITY DEBT PUBLIC

FUNDS

APG1%

18%

22%

10%

39%

11%

FM

Roads & Rail

Utilities

Consulting

Environment

2013 2014 2015

7

35

2012 data

Major Player in the UK Recurring synergies in 2015

Revenue £2.3bn £40mn

Revenue

Growth

Operational

Efficiency

RevenuesCAGR 2010-12

Order Book

Pipeline

£5.9bn

£8bn

£1.2bn

13.7%

£2.3bn

£12bn

£1.1bn

4.6%

EBITDAEBITDA Margin

Capex £8.5m

£95.9m

7.9%

£18.6m

£59.9m

5.4%

Figures in million Euros 4

2013 2012 2011 2010 2013 2012 2011 2010

Equity 6,074 5,780 6,246 6,628

Deferred Income 503 356 292 196

Long Term Assets 17,142 16,660 17,500 35,465 Long Term Liabilities 11,230 11,117 10,806 28,596

Investments in infra. projects 7,639 6,755 5,960 21,512 Financial Debt 7,496 6,996 6,695 21,511

Equity-consolidated companies 3,562 4,322 5,199 3,110 Debt at Infra. Projects 6,403 5,825 5,503 19,566

Long Term financial assets 1,810 1,674 1,912 2,184 Debt Ex_Infra. Projects 1,093 1,171 1,192 1,944

Short Term Assets 5,678 5,570 5,452 6,306 Short Term Liabilities 5,013 4,976 5,606 6,975

Trade & other receivables 2,202 2,198 2,673 3,161 Trade and other payables 3,254 3,267 3,882 4,889

Cash & other financial investments 3,130 2,967 2,349 2,701 Financial Debt 1,303 1,229 1,214 1,530

Cash at Infra. Projects 279 237 188 694 Debt at Infra. Projects 1,228 1,168 1,145 1,415

Cas Ex_Infra. Projects 2,851 2,730 2,161 2,007 Debt Ex_Infra. Projects 75 61 69 116

Total Assets 22,820 22,230 22,951 43,287 Total Liabilities & Equity 22,820 22,230 22,951 43,287

2013 2012 2011 2010

Revenues 8,166 7,630 7,446 9,384

EBITDA 934 927 818 1,246

EBIT 701 708 625 961

Financial result -333 -301 -303 -704

Net Income 727 692 1,243 2,163

Market Capitalization 10,317 8,215 6,840 5,457

Employees 66,088 57,276 69,990 100,995

Construction backlog 7,867 8,699 9,997 10,186

Services backlog 17,749 12,784 12,425 12,378