1. 1
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

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”. 2012 HAH results are accounted under “Equity-accounted affiliates”.
2
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3. Agenda
• Appendix
3
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

4. shaping the future
Sustainable infrastructures and cities
operational excellence and innovation,
creating value for society, investors, employees, customers…
4
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

5. How to manage
Financially
Operationally
5
Low level
of corporate
debt
Asset rotation
to support
growth
Efficient
asset
allocation
Operational
value
generation
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

6. Ferrovial Business Overview
2012 figures
€
145m n
Dividends from Airports
€
220m n
airport operator

INFRASTRUCTURE
Leading European

Ownership and manager of 4 UK
airports, including Heathrow
PROJECTS
Ring fenced debt
Dividends from Toll roads
Capital intensive / Inflation protected / LT duration & financing



Leading sponsor of tollroads
infrastructure development
worldwide
Key developer of ETR 407
Design, build, finance & operation
PARENT COMPANY
Controlling Shareholder 43%
Free float 57%

€
337m n
EXCL INFRA PROJECTS
EBITDA from Construction


Net cash position
€
314m n
EBITDA from Services
6


Non capital intensive / Backlog visibility / EPS accretive
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
One of the European
construction leading groups
Civil engineering, industrial
construction & water treatment
Leading provider of infrastructure
services
Infrastructure & Maintenance
management
Urban services & waste
management

7. Debt Structure
EX–INFRA PROJECTS
Net debt evolution ex-infra projects
1.489
NET CASH
€835n
907
31
1,987
1,547
1,172
Net debt (€mn)
3,064
2006
Infrastructures P R O J E C T S
2007
2008
2009
2010
2011
2012
9M13
Debt allocated at project level
Projects under development
not generating EBITDA
NET DEBT
€6,910mn
€mn
NTE
TOLL ROADS*
Net debt
542
LBJ
839
TOTAL
Debt €6,584mn
* €1.135mn related to R4 & OLR, both filed for creditor protection
7
835
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
1,388
21%
Of Toll roads
net debt

8. No meaningful maturities until 2018
Financial position (ex-infra projects)
2013-2021 maturities
1BN
€ million
60
22
2013
2014
82
21
2016
2015
11
2017
2018 +
Liquidity position
Sep 2013
€ million
1.013
3.102
2.090
Total cash
8
Undrawn lines
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Total liquidity

9. Highlights
(2013 year to date)
1
Financial
Co rp o ra te b o n d s
2
Future
E n te rp rise a c q u isitio n ( S e r v i c e s )
N e w m a n a g e d la n e s ( Te x a s )
3
Operations
€24b n b a c k lo g
Value
Airp o rts d iv e s tm e nt
H AH d iv e s tm e nt
(Stansted)
Net cash
L iq u id ity
4
(Construction & Services)
8.65% stake sale to UK pension fund (€463mn)
5
9
Cash Position
ex-infra projects
€835mn
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
/ €3.1bn

10. Business Overview
Airports
New concession award (USA) – NTE 35W “managed lanes”
M8 (Scotland)

Integration of Enterprise acquisition
Focus on cash flow

No global or volume ambitions

10
Focus on greenfield projects

C o n s t r u c t i on


Services
Q6 (2014-2019) Tariffs decision / January 2014 (proposal: RPI + 0%)

ro a ds
Focus on quality service – Higher traffic due to load – factor

Toll

Competitive tool for complex infrastructure projects
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11. Q&A
11
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12. Appendix
9M 2013 Results
Introduction
Managed
to
Lanes
4 0 7 E T R To l l
To l l r o a d s
Enterprise acquisition
2012 - Full year results
12
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road

13. 9M 2013 results
EUR MN
SEP´13
SEP ’13
SEP’12
Revenues
5,927
5,653
4.9%
6.8%
EBITDA
632
658
-4.1%
0.2%
EBITDA margin
10.7%
11.6%
Period depreciation
-181
EBIT
451
497
EBIT margin
7.6%
8.8%
Disposals & Impairments
22
-11
Financial results
-258
317
312
EBT
532
518
Corporate income tax
-78
-56
Construction backlog
Services backlog
CONSOLIDATED NET INCOME
454
462
Traffic evolution
VAR.% L-f-L%
-280
Equity-accounted affiliates
SEP´12
-161
L-f-L%
Construction
Toll Roads
Services
Others
Total
2,942.5
318.3
2,658.5
7.9
5,927.1
SEP´13
-9.3%
-4.0%
Construction
Toll Roads
Services
Others
Total
221.0
199.6
211.5
-0.4
631.6
Minorities
31
14
NET INCOME ATTRIBUTED
485
476
3,168.7
293.4
2,204.1
-13.6
5,652.6
SEP´12
240.7
226.9
215.0
-24.3
658.3
SEP´13
ETR-407 (VKT)
Discontinued operations
13
Var%
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
8,496
15,917
SEP´13
1,760,406
41,673
28,303
11,793
14,024
25,753
54.8
-7.1
8.5
20.6
n.s.
4.9
-5.9
8.9
23.8
6.8
VAR.% L-f-L%
-8.2
-12.0
-1.6
n.s.
-4.1
SEP´12
-5.9
-11.2
11.1
0.2
VAR%
8,699
12,784
-2.3
24.5
SEP´12
VAR%
1,745,396
42,803
27,749
13,420
14,694
25,625
53.0
0.9
-2.6
2.0
-4.6
0.5
0.5
3.6

14. Strong Backlog
(Construction & Services)
Backlog at Record levels
Highest ever International Contribution
Construction
24.4
27%
+66%
14.7
73%
15,9
Services
Domestic
Construction
International
(€ bn)
7,2
8,5
2005
International
7,5
9M'13
38%
68%
Services
35%
65%
Domestic
International
Strong backlog of €24.4bn as of 9M’13 (39 months of activity)
14
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

15. Operating improvement - Heathrow
Departures punctuality
Missed bags per 1,000 passengers
40
80%
63%
15
2007
2012
2007
% passengers rating Heathrow
“Excellent” or “Very good”
2012
Overall satisfaction with Heathrow
ASQ trend Q2 2006-2012
72%
48%
2007
15
2012
Heathrow
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
EU average
Top EU Quartile

16. Crystalizing value
Stansted
Edinburgh
(Completed in January 2013)
(Completed in 2012)
EV: GBP 1,500mn
EV: GBP 807mn
16x
16.7x
EBI TDA
EBI TDA
Proceeds applied to:
Proceeds applied to:
 Early debt repayment
 Early debt repayment
 GBP300mn streamed out of the
securitized group (debt
cancelation or dividends)
16
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17. Diversifying corporate financing
Enhancing maturities, reducing cost
From bank debt to capital markets
Size
Maturity
Spread
Rating
€500 mn
2018 (5 years)
+240 bps / 3.375% all-in
BBB- (S&P), BBB- (Fitch)
“Ferrovial's
track
record
of
conservative
financial
management, has led us to revise the company's
Size
Maturity
Spread
Rating
17
€500 mn
2021 (8 years)
+200 bps / 3.375% all-in
BBB (S&P), BBB- (Fitch)
financial risk profile upward.
We view Ferrovial's management and governance as
"strong." This reflects our view of the company's clear
strategic plans that are consistent with its capabilities,
and its experienced management team, which in our
view has good operational effectiveness and good depth
of expertise.”
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

18. Toll roads
€ million
9M13
∆%
Revenues
318
9%
EBITDA
200
-11%
EBITDA %
9M13 ∆%
L-f-L
L-f-L
62.7%
• Traffic solid in US, weak in Europe
• 407ETR
• EBITDA + 11%
• Dividend paid YTD CAD680mn (CAD430mn in 9M +
CAD250mn in Q4)
• Slight traffic growth (+0.9%), improvement in average
distance per journey (+0.8%) and a flat number of vehicles
Traffic
EBITDA
• New concession awards
+0.5
+3%
-2.6%
+12%
-12%
-15%
ETR 4071 (VKT)
+0.9%
+6%
Indiana Toll Road1
+2.0%
-3%
M4
Chicago Skyway
Ausol
• NTE 35W in Dallas
USD1.4bn, 48 years after construction (2018)
Financial close in Sep ‘13 (TIFIA debt & PAB bonds)
Rate: Moody’s = Baa3 / S&P = BBB• M8 in Scotland
GBP415mn new construction
33 years of revenue for operations, maintenance and
investment
1 Equity method
18
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19. Services
€ million
∆%
9M’13
Spain
UK
L-f-L
2,658
Backlog
-180 bps
15,917
EBITDA %
+11%
8,0%
EBITDA
24%
211
Revenues
+27%
+44%
Revenues
0%
+28%
EBITDA
-1.3%
+40%
BACKLOG
+7%
L-f-L
Geographical breakdown
Revenues
Backlog
• Spain resilient performance in a difficult
economic context
Spain
35%
Spain
40%
RoW
60%
19
RoW
65%
• Amey growth due to Enterprise’s
consolidation since 1st April
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

20. Construction
€ million
9M13
∆%
2,942
-6%
198
-4%
Budimex
L-f-L
Webber
Spain
&RoW
EBIT
6.7%
Backlog
0%
Backlog
Geographical breakdown
Domestic
International*
38%
US
20
Residential
2%
27%
Spain
Industrial
& other
17%
6,175
+26%
0%
-24%
+24%
-1%
-1%
-1%
0%
Backlog
• Growth in Texas partially offset declines
Work breakdown
2,321
-26%
+30 bps
8,496
EBIT %
Revenues
EBIT
Revenues
in Poland and Spain
• International backlog 73%
81%
14%
21%
Civil works
Poland RoW
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

21. HAH
(Equity method, FERROVIAL stake 33.65%)
100% GBP million
9M13
∆%
•
L-f-L
Revenues
1,967
1,079
+21%
EBITDA %
54.8%
+420bps
NET DEBT
12,583
higher load-factors & larger aircraft.
+12%
EBITDA
The positive traffic growth was due to
-2.7%
•
Terminal 5 voted world´s best terminal
•
Dividend paid in the first 9M, GBP491mn,
including GBP300mn related to the sale of
Traffic
9M13
(PAX Mn)
Stanstead
∆%
•
•
Shareholders
Ferrovial
21
20.00%
Qatar
13.29%
Brittania
11.88%
GIC
In October Ferrovial sold an additional
3.6%
54.8
25.00%
Debt reduced due to Stansted disposal
•
Heathrow
Double digit EBITDA growth
10.0% 11.18% 8,65%
8.65% stake in HAH to UK pension fund USS
CIC
(€463mn), FER: 25% current participation
Alinda
USS
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

22. Appendix
9M 2013 Results
Introduction
Managed
to
Lanes
407 ETR Toll
To l l r o a d s
Enterprise acquisition
2012 - Full year results
22
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road

23. 407 ETR
Would you buy this company…?
Figures in $CAN million
Shareholder's fund
Net debt
1999:
1999
775
1,937
27x
Debt/Ebitda
23
-1,262
5,219
Accounting
losses
2012
High
debt
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

24. 407 ETR
Ferrovial bought this company…
Figures in € million
Cash generation
Initial equity investment (62%)
Valuation
407 ETR
(1999 – 2012)
(326mn)
Dividends (00 - 12)
640mn
100% pay-back
7,575
834mn
10% disposal
(100%)
NET CASH IN
1,474mn
14x
first 10 years
Valuation x14
525
1999
Maturity
2098
85 years to maturity
Strong dividend flow
Equity valuation sharp increase
* December´12 analysts consensus
24
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2012*

25. 407 ETR
Location
Area of expansion
407
East extension
High density population area
Ring road of Toronto
108 km
407
25
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26. 407 ETR
All Electronic Roadside Tolling System
26
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27. Fast
407 ETR
Safe
R eliable
LOCATION
Greater Toronto Area
23% of Canada
population
HIGH
HOUSEHOLD INCOME
46% higher
than Canada average
SPEED
NO REGULATORY
REVIEWS
Alternatives routes
40kph vs 100kph at
During concession
life (99 years)
407
TOLL RATE HIGH
FLEXIBILITY
TRAFFIC
Alternatives routes
are highly congested
Including segment,
direction, time of
the day
NON-STOP TOLL
FACILITY
Fully electronic with
interchanges
every 3km
27
FAST
Reliable travel times
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

28. 407 ETR
Financial overview ($CAD million)
Capital Expenditure
Revenues
734
CAGR: 8.3%
97
72
420
85 years to maturity
2005
49
77
88
70
38
2005 2006 2007 2008 2009 2010 2011 2012
2012
OPEX
Dividends
126
CAGR: 2.8%
104
90
600
100% pay-back in first 10
years
460
300
190
85
2005
80%
608
135
Net Debt / EBITDA X
EBITDA %
CAGR: 9.8%
120
2005 2006 2007 2008 2009 2010 2011 2012
2012
EBITDA
145
Free-tariff revision
27
≅ 8% CAGR 02-12*
82%
79%
316
77%
8.6
76%
75%
2005
28
2012
* Tariff increase for light Vehicles in Peak hours regular zone (%)
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
1999
2012

29. 407 ETR
Recurrent presence in the bond market
Extending maturities at historically low cost
(June’13)
CAD 2,950mn issued since 2009
500
Maturity
3,49%
40
3,58%
30
39
years
400
300
300
200
2009
2010
2010
2010
2011
2012
2012
2013
510
1,39%
287
9
313
311
184
5
2009
2010
2011
2012
2012
2013
10
2014
14
11
2013
29
2010
Yearly average maturity: Only 3% of total debt
1,56% 1,60%
1,70%
2009
200
30
Spread
3
400
200
2009
1,58%
300
350
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2015
2016
2017
14
2018
2019
2020

30. Appendix
9M 2013 Results
Introduction
Managed
to
Lanes
4 0 7 E T R To l l
Toll roads
Enterprise acquisition
2012 - Full year results
30
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
road

31. Managed Lanes
New assets landmark
“Express Tollway within an Existing Highway”
Free
Tolled Lanes
Free
Lanes
Speed >50mph
Lanes
A solution to congestion on “existing urban corridors”
by means of
Active management of “newly added capacity” through tolling
31
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

32. Managed Lanes
Level of demand
NTE
407ETR
(untolled)
(tolled)
Peak period
Westbound
Eastbound
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
Time of the day
32
6.00
8.00
10.00
12.00
2.00
4.00
Time of the day
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
6.00
8.00
10.00
12.00

33. Managed Lanes
Travel time reliability (NTE)
Based on NTE data
ML will provide users a reliable and certain travel time
Travel Time (Minutes)
7 miles
45
40
35
30
30-40min
25
20
15
10
5
0
0
1
2
3
4
5
6
7
Distance (miles)
For a 7 mile trip,
a user can save up to 30-40min
in rush hour if using the ML
(NTE Eastbound lanes)
(*) Peak period observations
33
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34. Managed Lanes
Lyndon B Johnson
KEY CHARACTERISTICS
DESCRIPTION:
108K m
Electronic toll
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
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 250.000 cars per day
●
No toll-booths, fully electronic free flow tolling
SHAREHOLDERS’ STRUCTURE
51%
system
●
Tollway within a freeway: Motorists will be provided
42%
CINTRA
MERIDIAM
with a choice of driving in non-tolled GP lanes or
7%
DALLAS
FIRE&POLICE
PENSION SCHEME
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
●
FINANCIAL STRUCTURE
25%
Physically separated from the GP lanes with
54%
EQUITY
DEBT
controlled access
34
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20%
PUBLIC FUNDS

35. Managed Lanes
North Tarrant Express
KEY CHARACTERISTICS
DESCRIPTION:
Dallas-Fort Worth Metroplex, Major thoroughfares
between Fort Worth and DFW Airport
LENGTH:
CONCESSION PERIOD:
TARIFF POLICY:
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
●
Heavy congested area , almost 200.000 cars per day
●
No toll-booths, fully electronic free flow tolling
SHAREHOLDERS’ STRUCTURE
57%
system
●
Tollway within a freeway: Motorists will be provided
33%
CINTRA
MERIDIAM
with a choice of driving in non-tolled GP lanes or
10%
DALLAS
FIRE&POLICE
PENSION SCHEME
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
●
FINANCIAL STRUCTURE
21%
Physically separated from the GP lanes with
EQUITY
controlled access
35
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
52%
27%
DEBT
PUBLIC FUNDS

36. Managed Lanes
North Tarrant Express 35W
KEY CHARACTERISTICS
DESCRIPTION:
2 “managed lanes” in each direction of the IH-35W, segments
3A and 3B (3B segment to be built by TxDOT)
LENGTH:
CONCESSION PERIOD:
TARIFF POLICY:
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
●
The corridor south to the 3A segment is currently
SHAREHOLDERS’ STRUCTURE
ranked as the most congested roadway in Texas.
50%
●
No toll-booths, fully electronic free flow system
●
Tollway within a freeway: Motorists will be provided
39%
CINTRA
MERIDIAM
with a choice of driving in non-tolled GP lanes or
1%
10% APG
DALLAS
FIRE&POLICE
PENSION SCHEME
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
FINANCIAL STRUCTURE
32%
from
the
GP
lanes
with
EQUITY
controlled access
36
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
59%
DEBT
9%
PUBLIC FUNDS

37. Managed Lanes
Financial Overview
Figures in US Dollars
Total Investment:
Private Equity:
2.05 bn
21%
Cintra:
Meridiam:
DPFPS:
APG:
2.70 bn
427 m
25%
243 m (57%)
141 m (33%)
43 m (10%)
52%
Total Debt:
PABs:
TIFIA:
27%
54%
1,050 m
32%
20%
537 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.
•
59%
1,465 m
805 m
274 m
531 m
9%
496 m
First time that a U.S.-based pension
fund made a direct investment in a
highway concession.
430 m
215 m (50%)
167 m (39%)
43 m (10%)
4 m (1%)
615 m
850 m
•
37
665 m
339 m (51%)
282 m (42%)
44 m (7%)
400 m
650 m
Public Funds:
1.36 bn
127 m
•
First
privately-financed
road
development project of its kind to
reach financial close in 2010.
•
Very competitive capital structure
in spite of the difficult market
conditions.
•
Texas’ third big recent road project
to reach financial close since 2008.
•
Strong portion of the debt from
TIFIA program with its flexible
amortizing structure during the
first 25 years.
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

38. Appendix
9M 2013 Results
Introduction
Managed
to
Lanes
4 0 7 E T R To l l
To l l r o a d s
Enterprise acquisition
2012 - Full year results
38
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
road

39. 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
39
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

40. Amey+Enterprise
Solid Foundations for Profitable Growth
Amey +
Enterprise
2012 data
Revenues
£2.3bn
Order Book
£5.9bn
£2.3bn
£8.2bn
£8bn
£12bn
£19.5bn
EBITDA
Operational
Efficiency
£1.1bn
CAGR 2010-12
13.7%
Pipeline
Revenue
Growth
£1.2bn
£95.9m
£59.9m
£155.8m
£8.5m
£18.6m
£27.1m
EBITDA Margin
Capex
7.9%
Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally
40
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
4.6%
5.4%
9.1%
6.7%

41. Enterprise - Major UK Services Provider
2012 Revenues: £1.1 billion
Wide geographical coverage
• Water
Utilities &
Defence
224
• Power
181
• Gas
112
• Defence
111
251
• Environment
Government
Services
• Local Roads
• Social Housing
& FM
129
76
c.20 utilities
Note: Enterprise Mouchel JV not included. Defence JVs consolidated proportionally
41
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
c.50 councils

42. Strategic Rationale
1
Entry into Utilities services
2
Cost synergies
3
Leading UK services provider
Service enhancement through Amey’s
asset management skills
4
5
42
Balanced portfolio of activities
Scale and geographic coverage in UK
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
with broad capabilities,
diverse markets and
comprehensive geographical
coverage

43. Diverse and Balanced Portfolio
Major Player in the UK
Revenue £1.2bn
Revenue £2.3bn
Revenue £1.1bn
2012 data
Environm. 1%
Roads
12%
Consulting
19%
FM
20%
Roads &
Rail 60%
FM
17%
Utilities
48%
Environm.
23%
Consult.
10%
Environm.
11%
FM
18%
Utilities
22%
Note: EnterpriseMouchel JV not included. Defence JVs consolidated proportionally. Breakdown of Enterprise activities: FM includes Defence and Social Housing
43
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Roads &
Rail 39%

44. High Potential of Value Creation
Market Growth
Synergies
 Cost reduction £28m pa
 Utilities 5-7%
 Asset Management
contribution £11m pa
 Local Government 3-5%
Value Creation
• IRR c.15%
• Capabilities to be
exported to other
countries
Efficient Execution
 Rigorous and systematic approach
 Ferrovial Services proven track record
44
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

45. Platform for Growth in Attractive UK Markets
Market
size
CAGR
2013-15E
Growth drivers
• Focus on maintenance spend
Entry to
Utilities
market
Acceleration
of growth in
Local
Government
in new regulatory cycles
£19bn
£14bn
5-7%
3-5% 1)
• Asset management approach
• Outsourcing
• Smart infrastructure
• Outsourcing
• Service Integration
• Development of new
treatment capacity
Enterprise
customer base
(examples)
• Severn Trent
• United Utilities
• Western Power
• 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
45
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

46. £40m Recurring Synergies from 2015
c.£40m recurring synergies in 2015
39
31
Additional
revenue
11
Systematic approach to integration
• Focus on key cost and revenue drivers
− Procurement and direct costs
− Central and divisional overheads
− Integrated sale of asset management
and consulting services
• Integration Plan implemented by a Project
14
Cost
reduction
28
Office with dedicated resources
• Assessment and retaining of Enterprise´s
talent and best operational practices
• Estimated one-off investment c.£40m
2013
46
2014
2015
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

47. Appendix
9M 2013 Results
Introduction
Managed
to
Lanes
4 0 7 E T R To l l
To l l r o a d s
Enterprise acquisition
2012 - Full year results
47
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
road

48. FY 2012 results
EUR MN
DEC’12
DEC’11
Revenues
7,684.4
7,445.8
+3.2%
EBITDA
926.8
817.2
+13.4%
+11.2%
EBITDA margin
12.1%
218.8
192.0
EBIT
708.0
625.2
EBIT margin
9.2%
8.4%
Disposals & Impairments
52.0
98.8
Financial results
-289.6
-303.3
Equity-accounted affiliates
283.7
754.1
440.3
VAR.-% L-f-L%
19.6
EBT
DEC´11
11.0%
Period depreciation
DEC´12
+0.9%
Corporate income tax
-108.2
-61.2
CONSOLIDATED NET INCOME
645.8
379.1
Discontinued operations
844.1
Minorities
63.9
19.4
NET INCOME ATTRIBUTED
709.7
1,242.5
48
Var%
L-f-L%
Construction
Toll Roads
Services
Others
Total
4,325.6
381.4
2,951.1
28.2
7,686.4
DEC´12
+13.2%
+10.6%
Construction
Toll Roads
Services
Others
Total
336.9
271.6
313.6
4.6
926.8
4,243.8
389.7
2,820.6
-8.3
7,445.8
DEC´11
246.4
283.2
311.8
-24.0
817.2
1.9
-2.1
4.6
n.s.
3.2
0.1
-3.1
1.3
0.9
VAR.% L-f-L%
36.8
-4.1
0.6
n.s.
13.4
33.0
-5.1
-2.0
11.2
+4.5%
DEC´12
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Autema (ADT)
Ausol I (ADT)
Ausol II (ADT)
Heathrow (million passengers)
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
8,699
12,784
DEC´12
2,340,004
42,228
27,459
15,056
12,537
14,099
70.0
DEC´11
VAR%
9,997
12,425
-13.0
2.9
DEC´11
VAR%
2,325,517
42,066
27,142
19,114
14,254
15,576
69.4
0.6
0.4
1.2
-21.2
-12.0
-9.5
0.9

49. Solid Cash Flow Generation
Infrastructure Projects
Ex - Infrastructure Projects
(operating cash flow)
731
(dividends)
739
649
503
527
464
283
406
373
591
100
462
288
79
33
34
187
205
188
2006
2007
2008
Swissport
(sold in 2011)
406
298
92
111
241
2009
209
188
165
2010
2011
130
164
Construction
387
491
2012
2006
2007
2008
2009
178
182
2010
2011
Services
Strong cash flow generation from
construction and services activities
Cash flow upstream from
infrastructure projects
Resilient performance through the crisis
49
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2012

50. What have we done in 2012?
Operational Growth
(Tariffs)
New Contracts
Heathrow +12.7%
407ETR ≅ +8%
US 406 Virginia
Balance Sheet
50
Sheffield maintenance
16.34% HAH
Stansted
airport
Edinburgh
airport
X16.0 EV/EBITDA
Assets rotation
407ETR extension
X16.7 EV/EBITDA
BAA Initial dividend
407ETR dividend
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
LT bond issuance

51. Toll roads
€ million
2012
∆%
• €220mn dividends from projects (2011, €159mn)
L-f-L
Revenues
381
-3%
EBITDA
272
-5%
EBITDA %
• Traffic recovery in US, weak in Europe
• New projects awards
71.2%
ETR East Extension (Canada) CAD1,100 mn
2012 ∆%
L-f-L
1
Traffic
EBITDA
-21%
+35%
+0.4%
+5%
-11%
-9%
ETR 4072
+0.6%
+10%
Indiana Toll Road2
+1.2%
A66 (Spain) €192 mn
+4%
Autema
Chicago Skyway
Ausol
• Pipeline
Focus on the US
New office in Australia & Colombia
Selective monitoring of emerging markets
1 Financial asset
2 Equity method
51
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

52. 407ETR
(Equity method, FERROVIAL stake: 43%)
CAD million
∆%
2012
L-f-L
82.9%
Net debt
+90bps
5,219
EBITDA %
+10%
+8%
300
600
190
2009
2010
2011
2012
• EBITDA growth (+10%)
Traffic (+0.6%)
Resilient performance
Opex optimization (+3,8%)
Tariff growth
EBITDA
(CAD million)
608
• Long term bond issuances
30 years / CAD400mn / 4.19%
353
40 years / CAD200mn / 3.98%
No relevant maturities until 2015
2006
52
2007
2008
2009
2010
2011
2012
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Dividend
608
EBITDA
+9%
459
(CAD million)
734
Revenues
• Sharp increase in dividend

53. Services
€ million
∆%
2012
UK
Spain
L-f-L
2,951
+1%
314
-2%
EBITDA %
10.6%
-50 bps
Backlog
12,784
+2 %
Revenues
EBITDA
Geographical breakdown
Revenues
+8%
Revenues
-5%
-3%
EBITDA
-1%
+12%
BACKLOG
-10%
L-f-L
• Strong cash flow generation €491mn
Backlog
(2011, €164mn)
• Resilient performance in a difficult
UK
51%
Spain
49%
Spain
44%
economic context
UK
56%
• Record backlog at year end
53
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

54. Construction
€ million
∆%
2012
Budimex
L-f-L
4,326
0%
298
ex_PNI*
Webber
Spain
&RoW
+35%
EBIT
6.9%
Backlog
-14%
Backlog
Geographical breakdown
Domestic
2.640
+4%
+28%
-9%
+8%
+41%
+63%
Backlog
-27%
-21%
-3%
+190 bps
8,699
EBIT %
Revenues
EBIT
Revenues
• Cash flow generation (€100mn) despite
Work breakdown
Residential
3%
Industrial
& other
18%
declining Spanish sales
• International growth offsets Spanish
performance
International
6.060
79%
• International backlog 70% of total
S e i 1
r e
Civil works
54
*PNI was excluded from Budimex’s consolidation perimeter in November 2012, after filling for creditor protection.
PNI impact: EBIT -€35mn
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

55. HAH
(Equity method, FERROVIAL stake 33.65%)
100% GBP million
2012
∆%
•
€143mn dividends from HAH
L-f-L
Revenues
2,646
EBITDA
1,355
+11%
EBITDA %
51.2%
+125 bps
NET DEBT
12,931
HAH 100% 2012 dividend (GBP 240mn)
+8%
•
Second consecutive year of record Heathrow
traffic and passenger satisfaction
•
•
Traffic
2012
(PAX Mn)
Double digit EBITDA growth
Capital structure strengthened
∆%
Heathrow
70.0
10.5
5.5%
UK airports
99.7
0.5%
Extending maturities, markets & currencies
0.9%
Scotland
GBP3.0bn issued in 2012
•
Successful divestments above expectations
100% HAH implied equity value GBP4,500mn
Stansted
33.65%
Ferrovial
55
20.00%
Qatar
13.29%
Brittania
11.88%
GIC
GBP1.5bn (x16.0 EV/EBITDA)
Edinburgh
Shareholders
GBP807mn (x16.7 EV/EBITDA)
10.0% 11.18%
CIC
Alinda
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

56. HEATHROW – Financial improvement
Resilient performance*
Financing transformed
EBITDA
(GBP million)
Dec’ 2011
Average life of
debt
9.8 years
10.1 years
Debt due
within 3 years
£3.7 billion
£1.8 billion
1,103
Dec’ 2012
Bond
proportion of
total debt
77%
94%
529
2006
2007
2008
2009
2010
2011
2012
* Heathrow airport, excluding Heathrow express
 Over £3 billion in bond issuance in 2012
 £1.7 billion undrawn revolving credit
facilities
Liquidity
horizon
20 months
*Including impact of Stansted disposal proceeds
56
30 months*
 HAH can meet capital investment, debt
maturities, interest and distributions till
mid-2015
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

57. HAH Financing Structure
2008 Refinancing
2012 HAH Capital structure
FGP Top Co
FGP Top Co
Toogle Facility
£702Mn
Senior Loan
Facility
£600Mn
ADIL
NewCo
BAA Ltd
Des
Sub-Holdco
Sub-Holdco
Security
Parent
Designated
Airports
57
Subordinated
Facility £1,566Mn
Heathrow Airport
Holding
Non
Designated
Holdco
Non
Designated
Group
ADIL
Heathrow
Finance
Subordinated
Facility £728Mn
Non-Designated bank Financing:
£406m
Non-Designated Facilities
Bank facility: £1,000m
Capex & WC facility: £255m
Heathrow
Airport
Security Group Facilities
Existing Bonds: £4,499m
Refinancing Facility: £4,400m
Capex Facility: £2,700m
Working Capital Facility: £50m
EIB Facility: £435m
Liquidity Facility: £600
Non
Designated
Airports
Heathrow
funding
Bank facilities:
£712m
Bond facilities:
£10,240m

58. Diversified portfolio
Ex – Infrastructure Projects
Services
Infrastructure Projects
Construction
Toll Roads
Airports
Non Capital Intensive
Capital Intensive
PROFIT GENERATION
LONG DURATION
CASH GENERATION
LONG TERM VALUE
Fully consolidated Method
Proportional (1)
€927Mn
29%
€1,671Mn
EBITDA
FY´12
34%
33%
Services
Toll Roads
37%
64%
Spain
16%
UK
Construction
12%
US
8%
RoW
34%
Spain
(1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project.
58
19%
Airports
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
42%
UK
19%
29%
21%
US
3%
RoW

59. Cash generation through the group
(2007-2012)
P arent
Dividends
Asset rotation
€1.4bn
€3.4bn
Equity contribution to new projects
Cintra dividends over the period comparable to
equity investment (current portfolio)
Operating Cash flow
€3.5bn
Asset rotation €0.9bn
€1.9bn
€1.7bn
I nfrastructure P rojects
(1)
• Dividend payment to parent
• Asset rotation
Ex – I nfrastructure P rojects
• Limited investment requirements
• Strong CF generation - upstream
to parent
(1) Includes projects from airports, toll roads, construction and services
59
59
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

60. Cash Flow generation 2010-2012
Activity Cash Flow
Ex-Infra projects
Excluding M&A operations
61%
24%
23%
Dividends
From infra projects
62%
21%
RoW
17%
Equity Invested
In infra projects
60
77%
10%
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
RoW
13%

61. Shareholder remuneration
Dividend 2012
(Euros/share)
Interim
1.00
Complementary 0.25
TOTAL
1.25
1.25
0.40
0.45
2009
61
0.42
2010
2011
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2012

62. 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
62
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30