Ferrovial Investors Presentation Jan Sep 2015

1

Ferrovial Investing for Growth

9M 2015

2

Human Resources

Total training hours: 1,281,414 Hours per employee: 19

Investment per employee: 258€ % of Co revenue: 0.20%

-39Reduction of greenhouse gas emissions

2009 - 2014

Employee education commitment

Environment

17Of electricity consumed by ferrovial came

from renewable sources

100 in the case of Amey

FY2014 figures

Spain 54%

America 4%

UK 27%

Poland 6%

RoW 9%

70% MALE

30% FEMALE

43.3 43.8 AVERAGE AGE

8.9 9.5 YEARS OF SENIORITY

77% 81% PERMANENT CONTRACT

85% 15% MANAGEMENT

2.9% 0.6% ROTATION INDEX

67% 33% NEW RECRUITMENTS

Present in 25 countries

69,088 Workforce

Turnover index: 3.6%

3

Ferrovial Overview & Strategy

4

What is ?

CONSTRUCTION SERVICES

TOLL ROADS AIRPORTS

1. CF Generation 2. Profitable Growth 3. Shareholder Remuneration

STRATEGY

EX-INFRASTRUCTURE

PROJECTS

INFRASTRUCTURE PROJECTS

Design, financing, construction, operation & maintenance of infrastructure assets & provider of services to cities

5

PARENT COMPANY

INFRASTRUCTURE

PROJECTS

EX-INFRASTRUCTURE

PROJECTS

Capital intensive / Inflation protected / LT duration & financing

Non capital intensive / Backlog visibility / EPS accretive

Ring fenced debt

Net cash position

1. Cash Flow Generation

€255mn Dividends from Toll roads

€341mn Dividends from Airports

€387mn

€349mn EBITDA from Construction

EBITDA from Services

€ million 2014 figures

65% Institutional & Retail Investors 35% Founder’s family members

(Chairman controls 20%)

…

6

2014Construction 236Services 302Toll Roads (dividends) 255Airports (dividends) 341Taxes & other (58)TOTAL 1,076

1. Cash Flow Generation: sources and uses € million

OPERATING CASH FLOW FY2014

Sources & Uses

Balanced contribution from all businesses

2014 figures

c70% of OCF generated in UK, Canada & US

13% 65% 22%

22% 48%

15% 10% 5%

OCF

Investments

€1.076mn

€581mn

Including dividends from projects, net of

taxes

21%

27%22%

30%

Construction

Services

Toll Roads(dividends)Airports (dividends)

Investment

Operating CF

Dividends & Buy back

Other

Interest

7

36 40 10

503

214

813

2015 2016 2017 2018 2019 >2020

-3.064

-1.987-1.547

-1.172

31

9071.484 1.663 1.632

1.199

2006 2007 2008 2009 2010 2011 2012 2013 2014 9M´15

PARENT COMPANY

2. Profitable growth. Solid Financial Situation

Net debt evolution ex-infrastructure projects EX–INFRASTRUCTURE PROJECTS

TOLL ROADS* €7,221mn

* €270mn related to NTE 35W & I77, toll roads under construction. * €638mn related to R4 toll road in Spain which has filed for Bankruptcy

INFRASTRUCTURE PROJECTS

Debt maturities ex-infrastructure projects

NET CASH €1,199mn

€mn

€mn

NET DEBT €7,690mn

€ million 9M’15 figures

8

282 308367

917

477 510

2009 2010 2011 2012 2013 2014

3. Shareholder remuneration (CF Criteria)

Scrip Dividend

Scrip dividend eq. to 2013 complementary (Jul’14) 0.291

Scrip dividend eq. to 2014 interim (Nov’14) 0.381

TOTAL paid in 2014 0.672

2014: €235mn

Evolution

Share Buyback

Scrip dividend eq. to 2014 complementary (May’15) 0.304

Scrip dividend eq. to 2015 interim (Nov’15E) 0.398

TOTAL paid in 2015 0.702

2015: up to €250mn €217mn executed as of 30th September 2015

(To be executed May 26th to November 18th 2015)

€ per share

+81%

Strong growth in shareholder remuneration

€ million

2014

2015

+4.5%

+6%

9

Double digit revenues (+12%) & EBITDA (+16%) Supported by operational performance & FX impact

Significant traffic growth at key assets Airports, Highways (Canada, US, Europe) on the back of: • Lower oil prices • Economic recovery since 2H’14 • Third quarter standalone stronger than 1H’15 in most assets

Strong EBITDA performance of Eq. Ac. assets • 14.1% 407 ETR (local FX) • HAH (Heathrow Airports Holding) +6.6% LfL (+27.3% accounting) • AGS (UK non regulated Airports) +10.7% (local FX)

Higher dividends from 407ETR & Heathrow • +7% & +11%, respectively (€250mn for Ferrovial) • Two dividends paid by UK regional airports: GBP41mn

(€28mn for Ferrovial).

Strong construction & services backlog A combined €31,288mn (including JV) at 30th Sep 2015

New projects awarded • Toowoomba 2nd Range Crossing (Australia)

AUD1.100mn investment, 25Y duration from opening • Bucaramanga-Barrancabermeja (Colombia)

€880mn investment, 25Y duration from signing (+4 potential extension)

Ferrovial today: 9M’15 Results

Asset disposals • M3 & M4 stakes (75% & 46% respectively) sold for €61mn to

Dutch fund DIF. FER maintains 20% in each. • ITR sold by its creditors for USD5,725mn (USD50mn

compensation for FER)

Strong financial position Net cash (ex-infra projects) at €1,199mn (after €217mn of share repurchase programme executed)

Reducing borrowing costs & extending maturity • A-66 Benavente-Zamora, (Spain)

issued €185mn, 26Y, at 3.169% • Heathrow issued c.£1,200mn:

€750mn, 15Y, at 1.5% & CAD500mn at 10Y, at 3.25%) • ETR407 issued CAD650mn:

CAD150mn (30Y at 3.30%) & CAD500mn (31Y at 3.83%) • Liquidity Line increased & extended :€1.3bn (5Y, 50bps) signed

by 22 banks.

Financial close of new toll roads: • Toowoomba Second Range Crossing (Australia) • 407 East Partial Extension Phase II (Canada)

CAD880mn, 30Y duration from opening • I-77 (North Carolina)

$648mn, 50Y duration from opening

10

Toll roads: traffic growth and new concessions awarded € million

TRAFFIC GROWTH

9M’15 figures

9M’15 %

Revenues 389 +20.4%

EBITDA 261 +28.6%

€174mn 407ETR dividends (+7%). FY’15 div announced (+3%)

Traffic growth across our portfolio Canada, US, Europe. Especially strong 3Q • ETR407: +3.4% YTD (+4.2% in 3Q) with c.+10% in tariffs

NTE 1-2 Managed Lanes (1Y of operations) Continues to show strong improvements • Traffic +11% 3Q/2Q’15; +24% 2Q/1Q’15 • EBITDA +20% 3Q/2Q’15; +46% 2Q/1Q’15

LBJ Managed Lanes (opened Sep’15) 3 months ahead of schedule

Financial close reached: • Toowoomba Second Range Crossing, Australia • I-77, North Carolina, US (Managed Lanes) • 407 East extension phase II, Canada

New project awarded: • Toowoomba Second Range Crossing (Australia) • Bucaramanga-Barrancabermeja-Yondó (Colombia)

Other relevant events: • OLR deconsolidated: non-cash positive impact of €64mn • ITR disposal by its creditors: $50mn in 9M’15 for Ferrovial • M3 & M4 partial disposal: €61mn proceeds

Active pipeline: Bidding in US / Australia / Canada & monitoring opportunities elsewhere

After 9M2015 close: Sale of 55% in Chicago Skyway to 3 Canadian pension funds agreed EV US$2.8bn (US$269mn equity for Ferrovial’s stake)

Dividends from projects

Canada 407ETR +3.4%

USA Chicago -1.9% SH130 +17.4% Ireland

M4 +7.4%

Portugal Algarve +10.6%

Spain Ausol I +11.8%

159220 242 255

177

2011 2012 2013 2014 9M'15

11

407ETR CAD million USD million

Revenues +18.7%

EBITDA +19.3%

+3,4% traffic despite c.+10% in tariff (Feb 2015) +4.2% traffic in 3Q standalone

2015 Dividend c.+3% Strong Results (€mn)

1 year of operations now complete Traffic +11% 3Q/2Q’15; +24% 2Q/1Q’15 Avg. tariff per transaction $2.67 (+6% 3Q/2Q)

NTE 1-2 Texas (56.7% Global consolidation) 407-ETR (43%, Equity method)

Net debt / EBITDA

Dividends Average tariffs

9M’15 figures

Segment 1

NTE

4Q’15 dividend already announced by ETR407

Segment 2

Revenues

EBITDA 27x

08x

300460

600680 730 750

2010 2011 2012 2013 2014 2015

$6.4 mn

$9.4 mn

$12.5 mn

$14.7 mn

4Q'14

1Q'15

2Q'15

3Q'15

$2.2 mn

$6.4 mn

$9.4 mn

$11.2 mn

4Q'14

1Q'15

2Q'15

3Q'15

$1,14$1,42 $1,49 $1,61

4Q'14 1Q'15 2Q'15 3Q'15

$1,26$1,60 $1,69 $1,83

4Q'14 1Q'15 2Q'15 3Q'15

25% 5% 8% 27% 6% 8%

12

Services: Backlog close to all-time high

Strong revenue growth LfL (+5.6%) Spain +5.9%, UK +4.7% & International +33.8%

EBITDA margins slightly lower at 7.3% (vs 7.7% in 9M’14) • On the back of weaker performance of UK

Backlog remains close to all-time high • €23,039mn (Including JV) at 30th Sep 2015 • UK backlog represents 71%

Spain:

• Revenue growth of c.6% • Increased profitability: EBITDA margin 10.7% vs 10.4 in 9M’14 • EBITDA: +8.4% organic

UK: • Revenue growth helped by GBP appreciation (+4.7% LfL) • Lower margins than 9M’14 (5.4%), impacted by:

• Higher costs on finalization of investment phase in Birmingham contract (Negative €23mn impact at EBITDA)

• Ex-Birmingham, EBITDA & EBIT in line with 2014 • Higher backlog: +7.6% to €16.5bn (+2.4% LfL)

SPAIN UK

Revenues

EBITDA

Backlog

Performance by geography

Operating cash flow


FY’14

9M’15 %Revenues 3,621 +13.1%EBITDA 264 +7.2%EBITDA % 7.30% -40 bpBacklog 23,039 +3.0%

+17%+2%+8%

+6%+9%-7%

164

495

359302

2011 2012 2013 2014

13

21% 21% 21% 14% 22%

Spain Poland US UK RotW

298

100

304 236

2011 2012 2013 2014

Construction: Strong international performance

International represents 80% of total revenues Strong performance of international revenues (+14.3%)

Improved profitability Driven by end of projects

Strong growth in Poland (Budimex) • Revenues +5.7% (+5.0% LfL) • EBITDA +28.0% (+26.9% LfL) • Backlog +22.7% vs Dec’14 (+21.7% LfL)

Backlog +1.9% (-0.8%LfL) • Projects pending signature or signed post 30 Sep’15 to be included

• For example at Budimex c.EUR500mnto

• Civil works represent 80% • International backlog represents 79% • Maintaining selective criteria when tendering projects

Operating cash flow

Backlog by country Budimex Order Backlog (PLNbn)


FY14 figures

6.17.4

2014 9M'15

+22%

9M’15 %Revenues 3,233 +10.1%EBITDA 295 +15.2%EBITDA % 9.14% +40 bpBacklog 8,249 +1.9%

14

25% 20% 12,7% 11,2% 11,2% 10% 10%

Heathrow: New record number of passengers

Strong intercontinental traffic growth • More seats sold on larger aircraft • North America: increased frequencies • Middle East with increased flights & larger aircrafts • LatAm: Avianca new Colombia service, growth in Brazil and Mexico • Vietnam Airlines moved to Heathrow

Short haul led by European flights • Almost 1mn more passengers vs 9M’14 • European +4% growth reflects BA seat capacity increase

Proforma EBITDA +6.6% • Accounting EBITDA includes +GBP237mn of a non-recurring non-

cash positive impact on expenses, from change of pensions plan conditions agreed with the unions

Dividends to shareholders: GBP225mn (+11%) • €76mn for Ferrovial

Heathrow capacity expansion proposal recommended by Independent Commission. Government decision expected before year end

Heathrow passenger traffic (9M’15 vs 9M’14)

9M’15 figures

Africa 2.5m

-6.6%

M. East 4.8m

+5.5% Asia Pacific 7.9m

-0.4%

UK 4.0m

+0.8%

Europe 23.7m

+4.0%

Latin America 0.9m

+8.9%

North America 13.1mn +1.4%

56.9mn passengers (+2.3%)

Equity method, Ferrovial stake 25%

Equity method, Ferrovial stake 50%

Ferrovial Qatar Brittania GIC CIC Alinda USS

Heathrow Shareholders

UK Regional Airports (AGS):

Traffic: +6.7% YoY reached 10.8mn passengers

EBITDA +10.7%

Two dividends paid to shareholders (GBP41mn) €28mn for Ferrovial

GBPmn

9M’15 %Revenues 2,070 +4%EBITDA 1,457 +27%EBITDA % 70.39% +12.7 bpNet debt 13,342 +3%

15

63%78% 79% 77%

2007 2014 9M 2014 9M 2015

96%

98% 98% 98%

2007 2014 9M 2014 9M 2015

3,62 3,653,76 3,77 3,81

3,89 3,93 3,97 3,98 4,024,09 4,13 4,16

LHR

Heathrow: Best ever passenger service levels

Passenger satisfaction European ranking

9M’15 figures

Best Airport in Western Europe 2015 World’s Best Airport Shopping 2010, 2011, 2012, 2013, 2014, 2015 Terminal 5 – World’s Best Airport Terminal 2012, 2013, 2014, 2015

Quarterly passenger satisfaction

3Q 2015 Q4 2006 – 3Q 2015

European competitors European comparators

Baggage performance Departures connect rate within 15 minutes of schedule

Europe’s best airport 2015 (over 25mn passengers) 2015 Eco-innovation award

3,20

3,40

3,60

3,80

4,00

4,20

Q4-

06

Q2-

07

Q4-

07

Q2-

08

Q4-

08

Q2-

09

Q4-

09

Q2-

10

Q4-

10

Q2-

11

Q4-

11

Q2-

12

Q4-

12

Q2-

13

Q4-

13

Q2-

14

Q4-

14

Q2-

15

ASQ

scor

e (o

ut o

f 5)

European Average Heathrow European top quartile

16

Thank you

Ferrovial Investor Relations E-mail: [email protected] – Tel: +34 91 586 27 30

17

Appendix

Introduction to 407ETR Toll road

Managed Lanes Toll roads

407ETR vs Managed Lanes

Historic consolidated & business units figures

18

High density population area

Ring road of Toronto 108 km

407

407

East extension

Area of expansion

407 ETR

Location

19

407 ETR

All Electronic Roadside Tolling System

Sophisticated electronic toll highway

NO toll-booths, “closed ticket” tolling scheme (on/off ramps)

NO stopping or slow-downs to pay

ALL vehicles able to use highway

Transponder not required. If valid transponder is not detected, digital

images are taken at entry and exit and invoices posted to registered

car owner

Tolls billed monthly

20

407 ETR

LOCATION

Greater Toronto Area 23% of Canada population

TRAFFIC

Alternatives routes are highly congested

HIGH HOUSEHOLD INCOME

46% higher than Canada average

NO REGULATORY REVIEWS

During concession life (99 years)

SPEED

Alternatives routes 40kph

vs 100kph at 407

NON-STOP TOLL FACILITY

Fully electronic with interchanges

every 3km

TOLL RATE HIGH FLEXIBILITY

Including segment, direction, time of

the day

FAST

Reliable travel times

Fast Safe

Reliable

21

525

14,577

1999 2015

Strong dividend flow

Equity valuation sharp increase

2098

100% pay-back

in first 10 years

Valuation x28

* December 2015 analysts consensus

407 ETR

83 years to maturity

407 ETR

Cash flow and valuation overview

€ million

Cash Generation (1999-9M’15)

Valuation (100%)

€ million

Maturity

Initial equity invest.(62%) -326 mndividends 1,565 mn10%Disposal 640 mn

NET CASH IN 1,879 mn

28x

22

420

888

2005 2014

104

152

2005 2014

316

736

75%

77%

79%

76%

80%

82%83% 83% 83% 83%

2005 2014

49

97 90

38

72 7788

70 7455

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

85145 120 135

190300

460

600680

730

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

27X

8,1

1999 2014

83 years to maturity

100% pay-back in first 10 years

Free-tariff revision

≅ 8% CAGR 02-15*

* Tariff increase for light Vehicles in Peak hours regular zone (%)

407 ETR

Financial overview ($CAD million)

Revenues

EBITDA

OPEX

Capital Expenditure

Dividends

Net Debt / EBITDA X

2014 figures

CAGR: 8.7%

CAGR: 4.3%

CAGR: 9.8%

23

18,9

15,4 15,4

14,1

11,7

15,6

1,5

7,2

12,6

10,89,7 9,7

10,3

13,2

1,0

7,5

5,4

2,9

6,1

0

-1,7

5,5

-0,5

0,6 0,7

3,42,8

1,9

3,1 3,22,6

2,01,2

-2,7

3,4 3,01,9 2,0

2,5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBITDA growth Traffic growth GDP growth (annual)

407 ETR

Value creation: EBITDA-GDP-Traffic

Strong EBITDA generation even with negative traffic and GDP

annual % growth

24

Appendix





25

A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Free

Lanes

Free

Lanes

Tolled Lanes Speed >50mph

“Express Tollway within an Existing Highway”

Managed Lanes

New assets landmark

26

Time of the day

Eastbound Westbound

00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00

Time of the day

Peak period

Managed Lanes

Level of demand

NTE (untolled) 407ETR (tolled)

27

Tim

e (m

in)

• Free flow time of 14 minutes at 6.00am

• The average travel time during all time periods is significantly higher

• In some periods, the average travel time is double the free flow speed and can go up to almost 50 – 60 minutes

0

10

20

30

40

50

60

70

NB AM NB MD NB PM SB AM SB MD SB PM

Tim

e (m

in)

Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012

Paying for predictability

Free Flow Travel

Mean

NB - North bound SB - South bound

Travel time variability

28

LBJ

Dallas and Fort Worth Regional Map

Managed Lanes regional map

NTE 1-2

NTE 35W

29

Toll rates – tariff threshold

Toll Rate Cap 0.75 c/mi

Demand threshold 3300 pce/h2-lane sections

Speed Threshold 50 mi/h

12:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00Hour startingAnalysis by segment and direction

Freedom under the cap TOTAL FREEDOM Freedom under the cap

Speed

Demand

Toll Rate

Tariff threshold

0.84

30

CINTRA MERIDIAM DALLAS

FIRE&POLICE PENSION SCHEME

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

Dallas-Fort Worth Metroplex, Major thoroughfares

between Fort Worth and DFW Airport

13 mile section (IH 820 & SH 183 in Tarrant County)

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

● 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

● As demand grows and capacity becomes scarce, pricing power

increases

● Physically separated from the GP lanes with controlled access

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

North Tarrant Express Opened on October 2014, 9 months ahead of schedule

Key characteristics

Shareholder structure

Financial structure

57% 33% 10%

21% 52% 27%

31

CINTRA MERIDIAM DALLAS FIRE&POLICE

PENSION SCHEME

Key characteristics

108Km Electronic toll

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

IH 635 (Dallas County), the most populous county in Texas

13 mile section of the IH 635 and IH 35E

52 years



50 mph

● No toll-booths, fully electronic free flow tolling system



lanes



increases

● Physically separated from the GP lanes with controlled access

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

Lyndon B Johnson Opened on September 10th 2015, 3 months ahead of schedule


Financial structure

APG

51% 26% 16% 7%

24% 56% 19%

32

CINTRA MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

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)

48 years



50 mph

● 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



lanes



increases

● Physically separated from the GP lanes with controlled access EQUITY DEBT PUBLIC FUNDS

APG

Managed Lanes

North Tarrant Express 35W Expected to open in mid-2018

Key characteristics


Financial structure

50% 26% 14% 10%

32% 59% 9%

33

• First privately-financed road development project of its kind to reach financial close in 2010.

• Texas’ third big recent road project to reach financial close since 2008.

• First combination of TIFIA and tax exempt PABs.

• First private activity bond issuance for a toll road.

• First time that a U.S.-based pension fund made a direct investment in a highway concession.

21%

52%

27%

24%

56%

19%

Figures in US Dollars

Managed Lanes

Financial Overview

31%

60%

9%

• Very competitive capital structure in spite of the difficult market conditions.

• Strong portion of the debt from TIFIA program with its flexible amortizing structure during the first 25 years.

2.10 bn

427 m

243 m (57%) 141 m (33%) 43 m (10%)

1,102 m

398 m 704 m

573 m

2.6 bn

672 m

343 m (51%) 107 m (16%)

44 m (7%) 177 m (26%)

1,456 m

606m 850 m

490 m

1.41 bn

430 m

216 m (50%) 60 m (14%) 43 m (10%) 112 m (26%)

847 m

274 m 573m

126 m

Total Investment: Private Equity:

Cintra: Meridiam: DPFPS: APG:

Total Debt:

PABs: TIFIA:

Public Funds:

2014 figures

34

Appendix





35

How does the 407ETR compare to the new Managed Lanes? 407ETR Managed Lanes (NTE1-2)

• 56.7%. Global consolidation • Meridiam (33%), Dallas fire & police pension scheme (10%) • 52 years

Opened October 2014 (51 years remaining)

• Dallas-Fort Worth Metroplex, between Fort Worth & DFW Airport • 13 miles. 2 segments.

2 lanes per direction Tollway within a freeway

• Predictability & reliable travel times (minimum speed 50m/hr) Higher speed allowed on NTE (60mph in free lanes, 70mph NTE) Safety & comfort

• Yes. No toll booths, fully electronic, free flow system • Freedom to set tariffs up to cap ($0.84, updated with inflation)

Cap is lifted if av. speed <50m/hr of cars >3,300pce/h (2 lanes) Dynamic tolling (tariffs can be changed every 5 minutes) Different tariffs depending on segment, direction, time, day..

• Not a regulated activity, but a contractual agreement • From TxDOT (who charges the drivers). No collection risk

• 5 initial years lock-up

• 43%. Equity consolidated • SNC Lavalin (17%), CPPIB (40%) • 99 years

Opened 1999 (83 years remaining)

• Greater Toronto Area (Ontario province) • 108kms. 24 segments

From 2+2 lanes up to 5+5 lanes per direction (dep on segment) Separate toll road

• Predictability & reliable travel times Alternative routes are highly congested Average speed: 100km/h vs 40km/h on the alternative Safety & comfort

• Yes. No toll booths, fully electronic, free flow system • Freedom to set tariffs

Penalty paid if traffic falls below threshold Tariffs can be changed every 30 days Different tariffs depending on segment, direction, time, day..

• Not a regulated activity, but a contractual agreement • From drivers. Licence plate not renewed if tolls not paid.

• Strong growth (from CAD85mn 2005 to 750mn 2015E)

Participation: Partners: Concession period: Location: Length: Benefits: Open tolling? Tariff Policy: Regulatory risk? Collection: Dividends:

36

Ferrovial today:

9M’15 Results

37

9M 2015 9M 2014 Var % LfLConstruction 3,233 2,936 10.1% 2.4%

Airports 4 4 3.2% 3.2%

Toll Roads 389 323 20.4% 19.2%

Services 3,621 3,202 13.1% 5.6%

Other -14 21 -167.0% -165.9%

Total 7,233 6,488 11.5% 4.2%

9M 2015 9M 2014 Var % LfLConstruction 295 256 15.2% -0.6%

Airports -11 -11 -6.5% -6.5%

Toll Roads 261 203 28.6% 25.8%

Services 264 246 7.2% -3.8%

Other 6 7 -4.1% -4.7%

Total 815 701 16.2% 5.2%

9M 2015 Dec-14 Var %Construction Backlog 8,249 8,091 1.9%

Services Backlog inc.JVs 23,039 22,369 3.0%

Traffic evolution 9M 2015 9M 2014 Var % ETR 407 (Kms 000) 1,882,267 1,820,860 3.4%

Chicago Skyway (IMD) 40,620 41,424 -1.9%

Ausol I (IMD) 13,610 12,177 11.8%

Ausol II (IMD) 15,733 14,368 9.5%

M4 (IMD) 28,642 26,670 7.4%

Heathrow (Mn pax) 56.9 55.7 2.3%

AGS (Mn pax) 10.8 10.1 6.7%

9M’15 Results

Income Statement Revenues

EBITDA

Operating Indicators

€ million

9M 2015 9M 2014 Var % LfL

Revenues 7,233 6,488 11.5% 4.2%

EBITDA 815 701 16.2% 5.2%

EBITDA margin 11.3% 10.8%

Period depreciation 205 189

EBIT 609 512 19.0% 4.0%

EBIT margin 8.4% 7.9%

Disposals & Impairments 39 0

Financial results -321 -291

Equity-accounted affiliates 204 91

EBT 531 313

Corporate income tax -71 -76

CONSOLIDATED NET INCOME 461 237

Discontinued operations 0 0

Minorities 22 33

NET INCOME ATTRIBUTED 483 270 79.0%

38

36%

32%

32%-1% 17%

19%

29%

36%

(1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project (mainly ETR 407 toll road in Canada and UK airports).

Diversified portfolio

Services Construction Toll Roads Airports

Non Capital Intensive PROFIT GENERATION CASH GENERATION

Fully consolidated Method

€815Mn Proportional (1)

€1,488Mn

Capital Intensive LONG DURATION

LONG TERM VALUE

EBITDA

Services

Toll Roads

Construction

Airports

Spain UK US & Canada RoW Spain UK US & Canada RoW


Ex – Infrastructure Projects Infrastructure Projects

37% 13% 38% 12% 18% 44% 31% 6%

39

Appendix





40

Historic consolidated figures: 2011-9M’15 Operating CF ex-infra projects

EBITDA & Margins

mn €

• Net cash at parent company

• Net debt at infra projects level (non recourse to parent company)

Revenues

Net debt OCF ex-infra ND

-6,077 -6,595 -7,015-7,862 -7,690

907 1,489 1,663 1,632 1,199

2011 2012 2013 2014 9M'15

N. CASH EX-INFRA

INFRA PROJ.

-5,171 -5,106 -5,352 -6,230 -6,491

7,446 7,686 8,166 8,8027,233

45% 38% 32% 31% 28%

55% 62% 68% 69%72%

2011 2012 2013 2014 9M'15

Domestic International

819 927 934 983815

11.0%

12.1%

11.4%11.2% 11.3%

9 .0 %

9 .5 %

1 0. 0%

1 0. 5%

1 1. 0%

1 1. 5%

1 2. 0%

0

2 00

4 00

6 00

8 00

1 ,0 00

1 ,2 00

2011 2012 2013 2014 9M'15

EBITDA Margin

578 939 1,097 1,076

-21 -16 -27 -58

462

591663 538

137365 461 596

2011 2012 2013 2014

Op. CF (Construction& Services)

Dividens from infra(Toll roads & Airports)

Holding & Others

Op. CF:Construction 298 100 304 236Services 164 491 359 302

Dividends:Toll Roads 137 220 242 255Airports 0 145 219 341

Holding & Others -21 -16 -27 -58

41

Construction figures: 2011-9M’15 mn €

9M’15

9M’15

Operating & investment CF (ex-projects)

Backlog

Revenues

EBITDA & Margins

298

100

304236

2011 2012 2013 2014

4,244 4,326 4,064 3,9423,233

59% 53% 56% 54% 57%

31% 33% 27%29%

28%

10% 14%17% 17%

15%

2011 2012 2013 2014 9M'15

*F.Agroma n Budimex Webber

20% 80% Dom esticInternational

248337 343 349

295

5.8%

7.8%8.4% 8.8% 9.1%

0 .0 %

1 .0 %

2 .0 %

3 .0 %

4 .0 %

5 .0 %

6 .0 %

7 .0 %

8 .0 %

9 .0 %

1 0. 0%

0

5 0

1 00

1 50

2 00

2 50

3 00

3 50

4 00

2011 2012 2013 2014 9M'15

EBITDAMargin

12% 8% 80%BuildingIndustrialCivil work

OCF ex-infra

EBITDA ex-project 235 324 329 335Working Capital 63 -223 -25 -99

Operating Cash Flow 298 100 304 236Investment Cash Flow -83 -26 25 -32

EBITDA Margin

*F.Agroman 6.3% 11.1% 11.9% 11.1% 9.6%

Budimex 5.5% 4.0% 4.1% 4.8% 5.3%

Webber 4.0% 3.9% 3.9% 8.7% 14.3% 9M’15

9,9978,699

7,867 8,091 8,249

64% 71% 73%71% 69%

19% 14% 13% 18% 21%

17%15%

14% 11% 9%

2011 2012 2013 2014 9M'15

*F.Agroma n Budimex Webber

21% 79% Dom esticInternational

*”Ferrovial Agroman” unit was created in 2013, previous that, “Other markets” was the relevant unit.

42

Services figures: 2011-9M’15 mn €

Operating & investment CF (ex-projects)

Backlog with JV’s

Revenues

EBITDA & Margins

9M’15

164

491

359302

2011 2012 2013 2014

EBITDA 274 273 264 321Dividends received 24 22 28 19Working Capital -133 195 67 -38

Operating Cash Flow 164 491 359 302Investment Cash Flow 605 -108 -528 -92

2,821 2,9513,656

4,4013,621

54% 49% 39% 36% 34%

46% 51% 59%62%

63%

2011 2012 2013 2014 9M'15

Spain UK International

312 314 322387

264

11.1% 10.6%

8.8% 8.8%7.3%

0 .0 %

1 .0 %

2 .0 %

3 .0 %

4 .0 %

5 .0 %

6 .0 %

7 .0 %

8 .0 %

9 .0 %

1 0. 0%

1 1. 0%

1 2. 0%

0

5 0

1 00

1 50

2 00

2 50

3 00

3 50

4 00

2011 2012 2013 2014 9M'15

EBITDAMargin 12,425 12,784

17,74922,369 23,039

50% 56%63% 68%

71%50% 44%36%

30% 27%

2011 2012 2013 2014 9M'15

UK España Internac ional

OCF ex-infra

Services backlog includes JV’s from 2014 to 9M’15.

EBITDA Margin

España 12.9% 13.4% 12.4% 10.7% 10.7%

UK 8.8% 7.9% 6.3% 7.7% 5.4%

34% 66%Domestic

International

43

Toll roads figures: 2011-9M’15

mn €

1,974 km

27 concessions

9 countries

(Km’s)

Dividends received Portfolio (Km’s)

Concession length Years to maturity

133198 217 224

174

26

2225 31

159

220242 255

177

2011 2012 2013 2014 9M'15

407-ETR Others

18%

9%

9%54%

10% Spain

EEUU

Canada

Europe

Others

83

46 4631

21 15 16 18

407-

ETR

NTE

LBJ

Auso

l I

Aute

ma

Alga

rve

Nort

e-Li

tora

l

M4

108

21 27

83

48

130 119

3640

7-ET

R

NTE

LBJ

Auso

l I

Aute

ma

Alga

rve

Nort

e-Li

tora

l

M4

44

Airports figures: 2011-9M’15

mn € Dividends received from airports

Heathrow (25% stake)

2 runways 185 destinations

*AGS (50% stake) Aberdeen Glasgow Southampton

Traffic mn passengers HAH EBITDA (mn £)

Operational improvements Portfolio Heathrow

*Ferrovial increased its stake in AGS from 25% (held through HAH) to 50% in 2014.

76

28

145

219

341

104

2012 2013 2014 9M'15

AGS

HA H

2011 2012 2013 2014 2015

Heathrow 69.4 70.0 72.3 73.4 75.0AGS 11.8 12.3 12.6 13.3 14.0

Glasgow 6.9 7.2 7.4 7.7 8.7

Aberdeen 3.1 3.4 3.5 3.8 3.5

Southampton 1.8 1.7 1.7 1.8 1.8

63%77%

2007 9M'15

Punctuality

48%

81%

2007 9M'15

% Passengers rating Heathrow as Excellent or Very Good

1,287

1,355

1,441

1,541

1,457

2011 2012 2013 2014 9M'15

Capital expenditure

844

1,1411,283

853

474

2011 2012 2013 2014 9M'15

45

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.