- The document summarizes Ferrovial's 2009 financial results, highlighting stable revenue performance despite weak economic conditions. EBITDA grew 8.9% to €2.54 billion through operational growth and cost control. Net debt excluding infrastructure projects declined 24.2% to €1.17 billion due to strong cash flow generation. The company continued awarding of toll road projects in the US totaling $4.7 billion.

1. 2009 - full year results

2. • Highlights
• Looking ahead
• Business Units
• Financial Results
• Final remarks
2
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

3. Highlights
Resilient asset portfolio despite weak economic conditions
Stable Revenue performance
Operational growth
Cash flow generation
Lower ex-infra project debt
Strong underlying results
3
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4. Accounting review
*
Revenue 12,095 -2.1%
EBITDA 2,540 8.9%
Net Income -92 n.s.
Net Income ex disposals 246
Net consolidated debt -22,271 5.2%
Net debt ex-infra projects -1,172 -24.2%
Construction backlog 8,800 3.6%
Services backlog 9,980 14.2%
* Excluding forex impact & perimeter changes
4
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5. Operational review
GROWTH
EBITDA growth across portfolio 85%
of EBITDA
growing
RESILIENCE
Traffic EBITDA
ETR/407 -1.7% +7% 50%
LHR -1.5% +22%
of EBITDA
FLEXIBILITY
DEBT
Net debt (ex-infra projects) 1,172 Mn 2.0X
594 Mn FCF
FCF (Construction & Services)
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6. Strategic review
Operational Asset
GROWTH ROTATION
Car park
Car pa
Gatwick rk
US Toll r Gatwickairport
US T oads Chilean airport
Birminoll roads ChileanToll road
Birm gg am r
h Toll road
s
Int´l cinn hamppoojet
r jec s
Int´l oontructio ct
c s struc n
tion Efficient
capital
allocation
Corporate Debt
SIMPLIFICATION OPTIMIZATION
Parent c
FER/Cin Par ompany
FER/Cinra merg
t
tra merg r
e BAA ent company
bond iss
BAA bo
e r NTE fina nd isuue
e
NTE fina cings
n
ncing
6
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7. • Highlights
• Looking ahead
• Business Units
• Financial Results
• Final remarks
7
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8. 2009
Review
JAN - FEB USD4.7bn toll roads projects awarded in US
JUNE Car park disposal
JULY Corporate debt restructuring
AUGUST Birmingham project
OCTOBER Ferrovial / Cintra merger approval EGM
OCTOBER Gatwick disposal
OCTOBER S&P / Fitch affirm BAA ratings, A- , outlook Stable
NOVEMBER BAA bond issuance (GBP935mn)
DECEMBER North Tarrant financing completed (USD2.0bn)
DECEMBER Chilean assets disposal
Delivering 8
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9. World class assets
2009
Performance during “economic weakness”
ETR-407 HEATHROW
Traffic -1.7%
-1.7% -1.5%
-1.5% Resilience
Revenue +2%
+2% +11%
+11%
&
EBITDA +7%
+7% +22%
+22% Growth
Combined EBITDA over € 1,000mn
“Probably the best two infrastructure assets in the world”
“Probably
(*) Figures in local currency, ETR under Canadian GAAP
9
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10. Leading infrastructure operator
FOCUS ON :
Complex toll roads
Highly congested corridors
Greenfield projects
ETR 407 North Tarrant Lyndon B. Johnson
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11. • Highlights
• Looking ahead
• Business Units
• Financial Results
• Final remarks
11
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12. Services
Strategy
I
I Growth
• Operational excellence and
II
II
innovation Operation
• Focus on LT and value added
• Backlog +14%
projects III
III
• Partnership with financial • Solid pipeline
players Infrastructure maintenance • Focus on Cash Flow
and waste
Cost & Capex control
Profitability threshold
Selective bidding
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13. Services
Solid and resilient P&L
• Growth across portfolio
EBITDA & margin
Like-for-Like (*) Total Amey Swissport Spain
Operating CF (highest ever)
Revenue -0.9% +5.7% -4.8% -2.0%
Backlog
EBITDA +1.4% +3.3% +12.6% -3.3%
• Organic growth EBITDA margin 10.0% 8.5% 7.2% 13.1%
+23bps -20bps +111bps -16bps
Amey:
EBIT margin 6.6% 6.9% 4.2% 8.2%
Backlog +X%
BACKLOG + 19% +14bps +1bps +81bps -35bps
Swissport: Backlog +14.2% +19.4% +9.9%
EBITDA ++13%
EBITDA 13% (*) Like-for-Like: Excluding forex impact
Spain:
Backlog +10%
BACKLOG + 10%
• Capital allocation
New partner for PFI projects
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14. Services
Focus on cash flow
EBITDA Operating cash flow
+1%
+24%
368 366 343
276
2008 2009 2008 2009
Current backlog (€10bn) secures future growth
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15. Toll Roads
Strategy
I
I Growth (USD4.7bn)
• Focus on greenfield projects
• Mature asset rotation II
II
• Car park / Chile
2009 Financing
• Capital structure Two major awards in 2009
• Equity ≅ 50% III
III
US :
• Local partners
• Cintra merger completed North Tarrant ETR-407 - Canada
LBJ (IH635)
Radial 4 - Spain
North Tarrant - US
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16. Toll Roads
Tariff vs. traffic
Like-for-Like (*) 2009 2008 ∆%
Revenue 935 923 1.3%
• Ebitda growth despite traffic decline
EBITDA 640 607 5.3%
Margin % 68.4% 65.8%
(*) Like-for-Like: Excluding forex impact & perimeter variations
TRAFFIC RECOVERY
ETR-407 CHICAGO
1.1%
4.9% Revenue 2009 2008 ∆%
Q1 Q4
Q1 Q4 ETR 407 354 345 +2.5%
-4.6%
-2.0% Chicago Skyway 47 46 +1.7%
AUSOL I AUTEMA
Indiana Toll Road 57 56 +2.2%
Q1 Q4
Q1 Q4 Spanish toll roads 147 154 -4.3%
-7.4%
-7.1%
-22.5% -11.3%
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17. Construction
Strategy
I
I Operations
II
Focus on cash flow II
Future
Profitability vs. volume International growth
III
III
International exposure EBIT:
Budimex +33% • International
to overtake domestic
Webber +15%
• Competitive tool
for complex
infrastructure projects
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18. Construction
International projects offset domestic decline
• Focus on Cash Flow Like-for-Like (*)
L-f-L Total Domestic International
OCF = €406mn Revenue -9.7% -17.8% +5.5%
EBIT -12.4% -26.2% +22.2%
• Profitable international projects EBIT margin 4.0% 4.2% 3.8%
-12bps -48bps +51bps
Backlog: Budimex +48%
Backlog 3.6% -15.5% +30.5%
Webber +53%
(*) Like-for-Like: Excluding forex impact
International backlog EBITDA Operating cash flow
4.617
-15% -12%
3,551 3,575
2,459
1,838 464
272
406
225
2005 2006 2007 2008 2009
2008 2009 2008 2009
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19. Airports
Strategy
I
I Improving
Operations (LHR)
• Improve service
standards
II
II
• Strengthen financial Improving
position
• Traffic BEST EVER AUG. Financials
• Invest to enhance
AUGUST - (6.4mn pax)
competitive position III
III
• Airport Service Quality
2007 worst in Europe Bond issuances
2009 2nd best in Europe
Strong EBITDA growth
• Security queue times
97.9% < 5min (08: 95.5%) • Tariff
• Resilient traffic
• Retail growth
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20. Airports
Tariff vs. traffic
Like-for-Like (*) 2009 2008 ∆%
• Ebitda growth despite traffic decline
Cost control Revenue 3,068 2,860 7.3%
Retail income per pax. EBITDA 1,338 1,161 15.3%
Tariff revision (RPI + 7.5% - LHR)
Margin % 43.6% 40.6%
(*) Like-for-Like: Excluding forex impact & perimeter variations
TRAFFIC RECOVERY
BAA HEATHROW
1.1%
Q1 Q4
Operating Figures 2009 Pax. ∆%
Q1 Q4
-0.8%
TOTAL 112.2 -4.3%
-9.1% -6.4%
Heathrow 65.9 -1.5%
STANSTED LONG HAUL
Stansted 20.0 -10.7%
Q1 Q4 0.9% Domestic 23.9 -8.3%
Q1 Q4 Europe 46.6 -5.0%
-5.7%
-2.9%
Long haul 36.4 -0.2%
-14.6%
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21. Heathrow's traffic
LONDON FRANKFURT PARIS MADRID AMSTERDAM
TRAFFIC
TRAFFIC LHR FRA CDG MAD SCH
YTD Dec’09%
’
YTD Dec
Dec’09%
-1.5%
2009 monthly var.%
-4.7%
-4.9% -5.1%
Traffic
-8.1%
resilience
& Cost control
Annual tariff
EBITDA growth increase
2009-12:LHR +7.5%+RPI
Retail per pax 22,5%
11,0%
-1,5%
TRAFFIC REVENUES Ebitda
TRAFFIC REVENUES Ebitda
21
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22. • Highlights
• Looking ahead
• Business Units
• Financial Results
• Final remarks
22
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23. Profit & Loss
BEFORE FAIR FAIR
VALUE VALUE TOTAL VAR.
ADJUSTMENTS ADJUSTMENTS L-f-L(1)
Net Revenue 12,095 12,095 -2.1%
EBITDA 2,543 (3) 2,540 8.9%
Depreciations (1,009) (1,009) 7.2%
EBIT 1,534 (3) 1,531 10.4%
Disposals & impairments (*) (620) (90) (710)
Net Financial Result (1,491) (50) (1,541) 27.8%
Equity accounted 70 16 86
EBT (507) (127) (635)
Taxes 94 41 135
Minorities 346 61 407
NET PROFIT (67) (25) (92)
Disposals (338)
Net Profit ex –disposals +246
Dividend policy, set yearly at Annual General Meeting
(*) Included under EBIT in statutory accounts (1): Like-for-Like: Excluding forex impact & perimeter variations
23
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24. Consolidated Cash flow
EX-INFRA
EX- INFRA
TOTAL PROJECTS PROJECTS ELIMINATIONS
EBITDA 2,540 558 1,981
Tax payment -49 -38 -11
Dividends 10 129 0 -119
Working capital 32 191 -160
OPERATING CASH FLOW 2,533
2,533 840
840 1,810
1,810 -119
-119
Investment cash flow -2,120 -504 -1,901 285
Divestment cash flow 2,106 534 1,582 -11
Interest flow -1,357 -142 -1,215
Dividends & capital flow -211 -303 244 -152
Forex -1,136 -5 -1,131
Others -915 -48 -867
Net debt initial position -21,172 -1,547 -19,634 8
Net debt final position -22,271 -1,172 -21,110 11
Net debt variation -1,099 374 -1,476 3
€ 2.5 bn yearly Operating Cash Flow
24
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25. Cash Flow ex-infra projects
OPERATING NET
CASH FLOW INVESTMENT
Construction 406 (29)
Services 343 (126)
Toll Roads 134 347
Airports (18) (201)
Other 14 40
Taxes (38)
TOTAL 840 30
871
Remarkable cash flow generation
25
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26. Working capital focus (Construction & Services)
EBITDA Operating Cash Flow
-16% +39%
749
703 740
643
591 538
2007 2008 2009 2007 2008 2009
Focus on Operating cash flow generation
26
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27. Debt reduction and simplification
December 2009 Debt ex-infra projects
21,099
NET DEBT
1.8 €1,172MN
1.2 Equity Dividend
flow flow
Infrastructure projects debt
2.0X
TOLL ROADS
2007
2007 2009
2009
FCF*
Debt 7,104
NET DEBT
1,172 NET DEBT
€21,099MN AIRPORTS
€21,099MN Debt 13,853
Ex-infra Infra
projects projects OTHER
Debt 143
65% of infra projects debt with investment grade
*FCF Construction & Services
27
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28. • Highlights
• Looking ahead
• Business Units
• Financial Results
• Final remarks
28
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

29. Final remarks
• A leading international infrastructure company (85% EBITDA)
Focus on US, UK, Canada and Poland
• Superior growth potential
c50% EBITDA linked to inflation +
Traffic recovery
Growing Services division
International construction
29
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

30. INVESTOR RELATIONS DEPARTMENT
C/ Príncipe de Vergara, 135
28002 MADRID (Spain)
Tlf: +34 91 586 27 30
Fax: +34 91 586 28 69
e-mail: ir@ferrovial.es
website: www.ferrovial.com