1. Investing for growth
ferrovial
2014
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.
2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

3. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

4. EX-INFRASTRUCTURE
PROJECTS
Net cash position
Cash Flow Overview
Non capital intensive / Backlog visibility / EPS accretive
INFRASTRUCTURE
PROJECTS
Ring fenced debt
Capital intensive / Inflation protected / LT duration & financing
€343mn
EBITDA from Construction
€322mn
EBITDA from Services
2013 figures
PARENT COMPANY
Controlling Shareholder 43%
Free float 57%
€219mn
Dividends from Airports
€242mn
Dividends from Toll roads
4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

5. Where does our Operating CF come from?
GDP Forecast 2015 & 2016
2013 Operating CF
(€1,048mn)
Real GDP Growth exp.*
2015 2016
UK 34% 2.7% 2.5%
Canada 22% 2.5% 2.5%
USA 17% 3.1% 3.2%
Spain 13% 1.7% 2.2%
Poland 7% 2.8% 3.3%
Germany 0% 1.1% 1.8%
France 0% 0.7% 1.5%
Italy 0% 0.6% 1.1%
RoW 7% - % - %
* Source: Real GDP growth Expectations from European Commission (November 2014) & Bloomberg consensus (for Canada)
5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Over 70% of OCF from faster
growing economies
Almost no exposure to
Eurozone excluding Spain

6. Debt Overview
PARENT COMPANY
Net debt evolution ex-infrastructure projects
€mn
3,064
1,987
Projects under development* Net Debt
NTE 767
LBJ 1,047
NTE3 A3B 85
TOTAL 1,899
6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
1,547
1,172
31
907
1,484 1,663 1.533
2006 2007 2008 2009 2010 2011 2012 2013 9M´14
EX – INFRASTRUCTURE
PROJECTS
TOLL ROADS*
€7,241mn
Non-Recurrent to parent company
= 26%
of Toll roads net
debt
* €1,170mn related to R4 & OLR, both filed for creditor protection
9M’14 Figures
INFRASTRUCTURE PROJECTS
Debt allocated at project level
NET CASH
€1,533mn
€mn
NET DEBT
€7,587mn
*Projects under development not generating EBITDA

7. No meaningful maturities until 2018
Financial position (ex-infrastructure projects)
2014-2019 maturities
€m - September ‘14
43 14 18 11
Liquidity position
7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
501
96
811
2014 2015 2016 2017 2018 2019 >2019
3.067
3.935
868
Total cash Undrawn lines Total liquidity
€m - September ‘14

8. Diversified portfolio
Services Construction Toll Roads Airports
Non Capital Intensive
PROFIT GENERATION
CASH GENERATION
Fully consolidated Method
€934Mn
Capital Intensive
LONG DURATION
LONG TERM VALUE
30% 20%
32%
(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).
8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Proportional (1)
€1,681Mn
EBITDA
Services
Toll Roads
Construction
Airports
33%
37%
29%
19%
41%
Spain
17%
UK
17%
US
25%
RoW
22%
Spain
43%
UK
24%
US
11%
RoW
Ex – Infrastructure Projects Infrastructure Projects
FY ‘13 FY ‘13

9. 2014 Overview
Group Services largest division by revenues & Backlog
Operations
Financial
Highest ever backlog, €27bn (Construction & Services)
Volume and profitability expansion (Services)
Traffic growth across toll roads and airports portfolio
Credit rating upgrade by Fitch (from BBB- to BBB)
10y corporate bond issued in July (coupon 2.5% )
€1.5bn Net cash* / €3.9bn Liquidity
Corporate
transactions
Transfield services (TSE-AU) indicative non-binding proposal for 100%
Potential Aena privatization, bid as anchor investor
(Subject to IPO result)
Aberdeen, Glasgow & Southampton, acquisition agreement for 100%
(50/50 consortium with Macquarie Infrastructure Fund 4)
(*) Net Cash excluding infrastructure projects
9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

10. Spain 2014
… Better collections
(Services)
€ bn +55%
10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Traffic Ausol I
-9,8%
FY 2013 1H´14 3Q'14
201 211
1,8%
146
5,2%
120 116
2010 2011 2012 2013 9M´14
… Better traffic
(Toll roads)
… Higher volumes
(Services)
Tons
Days of sales outstanding
Waste
-6,6% -5,3%
5,2%
1H'13 FY 2013 9M´14
public bidding in Spain
5,8
8,9
8M'13 8M'14
… Higher public bidding
(Construction)

11. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

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

13. Shareholder remuneration
Dividends
Interim dividend (paid Dec´13) 0.40
Scrip dividend equivalent to the ´13 complementary dividend (paid Jul’14) 0.291
TOTAL 0.691
Scrip dividend equivalent to the ´14 interim dividend (to be paid Nov’14) 0.381
2013
2014
13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
0.381
2009 2010 2011 2012 2013 YTD´14
(€/share)
0.40 0.42 0.45
1.25
0.691
Dividend evolution
(*) 2014 Scrip dividend amount based on VWAP of Ferrovial´s shares on 23rd, 24th, 27th, 28th and 29th October.
*
*

14. Why Ferrovial?
Dividend generation Highest ever
14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Net cash position
(2018 & 2021 main maturities)
34% 17%
13% 29%
Strong
Backlog
Operating
cash flow*
diversification
Solid Financial
Position
High Quality
Assets
7%
*2013 Operating Cash Flow incl-dividends

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

16. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

17. Record Backlog (Construction & Services)
14.7
7,2
28.4
20,7
+93%
7.5 7.7
2005 9M´14
Services
Construction
(€ bn)
International
38% 68%
17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
32%
68%
Domestic
International
26%
74%
Domestic
International
€28.4bn (42 months of activity)
Construction
Services
Backlog growth

18. Toll roads
Traffic growth across our portfolio
Solid growth in Canada Europe (Ireland, Portugal
and Spain)
Very active pipeline
Bidding in US / Australia / Canada and selective
monitoring of opportunities in other markets
New projects awarded
I77, North Carolina, US (Managed Lanes)
Opening of NTE “Managed Lanes”
(dynamic tolling) 4th October, 9 months
ahead of schedule
ITR filed for chapter 11 pre-packed
debt restructuring agreed with lenders
2 - Equity method, *Ausol I Traffic
2014 Δ%
18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Traffic evolution
9M 3Q
Ausol I (Spain) +3.3% +5.2%
Algarve (Portugal) +10.0% +8.9%
M4 (Ireland) +3.6% +2.0%
ETR 407
2
+3.4% +2.8%
Chicago skyway -0.6% +0.6%

19. 407ETR (Equity method, FERROVIAL stake: 43%)
Traffic and EBITDA above expectations
No relevant maturities until 2015
10y bond issuance CAD250mn in May
2014 (3.35% coupon)
2014 dividend up +7%
Revenues
19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
660 +10.5%
EBITDA 557 +10.2%
EBITDA % 84.4% -30bps
Net debt 5,898 +8.7%
408
665
557
2007 2008 2009 2010 2011 2012 2013 9M2014
300
460
600
680 730
2010 2011 2012 2013 2014
CAD million
407ETR
Resilient performance (EBITDA)
CAD million
Dividend
CAD million
9M´14 Δ%

20. 9M´14 Δ%
Revenues 3,202 +22.2%
EBITDA 246 +16.5%
EBITDA % 7.7% -40 bps
Backlog (Inc. JV) 20,675 +11 %
Services
UK Spain
+30%
+52%
+17%
20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
+11%
-4%
+0%
Revenues
EBITDA
BACKLOG
Largest division in the group by
revenues and backlog
Strong revenue growth in Spain UK
(combined organic growth +7.8%)
Enterprise integration on track
Volume and profitability expansion
Increase in margins
(9M 7.7% vs 1Q 6.7%)
New all-time high in backlog
€20.675mn (Including JV)
Selective MA
indicative non-binding offer for 100% of
Transfield Services in Australia (TSE-AU)
66% 32%
UK Spain
Other 2%
* Excluding forex impact, integration and restructuring costs.
€ million
Services
Performance by Geography
Backlog by geography

21. Amey: profitable growth
2013: Enterprise Proven organic growth synergies on track
0.7
Amey Sales
1.2
2007 2012
Amey/Enterprise active bids
21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
7
35 40
7.5
11.2
2012 2013
£ billion
16
19
Synergies
Net
Costs
-9 +16 +40
19% organic growth
12.3
14.6
2011 2013
2011 date includes Enterprise’s bids
£ million
2013 2014 (e) 2015 (e)
UK Services market is growing Backlog: anticipating future growth
€ billion

22. Spain: resilient operations financial performance
Sales
Stability
1.39 1.42
2007 2013
-28%
€ billion
€ billion
22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Acumulative 2007 - 2013
1.33 1.37
EBITDA OCF
5.2
6.3
2012 2013
34.2
24.7
2007 2012
Source: Presupuestos anuales de las Entidades Locales –
Ministerio de Hacienda y Administraciones Públicas
100% EBITDA / Cash flow conversion
Local government operating spend Backlog: Anticipating future growth
€ billion € billion

23. Backlog by geography
España
25%
23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
74% 26%
USA
33%
Polonia
15%
R.Unido
11%
Canadá
3%
Otros
13%
Construction
No global or volume ambitions
Competitive tool for infrastructure
projects
2014 (9M):
• Backlog (-1.8% vs Dec 13) doesn’t include €800mn
already awarded
• Sales -0.2% EBITDA +16.1%
• International turnover 77%
• Poland: infrastructure roads plan 2014-19, €10.0bn
• Spain: higher Public bidding (+55% year to August)
International Domestic

24. 100% GBP million
*Var % vs Dec 2013
24 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
HAH
9M´14 Δ%
Traffic
9M´14 Δ%
Heathrow 55.7 +1.5%
Glasgow 5.9 +3.7%
Southampton 1.4 +4.2%
Aberdeen 2.8 +8.2%
TOTAL HAH 65.8 +2.0%
HAH (Equity method, Ferrovial stake 25.0%)
Revenues 2,125 +8.1%
EBITDA 1,199 +11.2%
EBITDA % 56.4% +160 bps
NET DEBT* 12,798 +0.9%
Heathrow T2 opened on 4 June
(c.350m flights per day)
Heathrow’s proposal for 3rd runway
shortlisted for further analysis
(Airports Commission)
Highest ever passenger satisfaction
2014 traffic estimate growth doubles
to 1.5% (73.4mn passengers)
9M 2014:
• Double digit EBITDA growth
• Heathrow: traffic up 1.5% driven by
intercontinental demand.
Ferrovial airports
• Has reached an agreement to acquire (50/50
consortium with Macquarie Infrastructure Fund 4)
100% of Aberdeen, Glasgow and Southampton
airports.
• Has made an offer for a stake in Aena in the
context of the potential privatisation, subject to
the outcome of the IPO.
(PAX million)
Shareholders
25.00% 20.00% 13.29% 11.88% 11.18% 10.0% 8,65%
Ferrovial Qatar Brittania GIC Alinda CIC USS

25. Heathrow - Best ever passenger satisfaction
63%
79%
2007 9M´14
25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
40
19
2007 9M´14
48%
78%
2007 9M´14
Over 78% of passengers surveyed rated their experience as
Excellent or very good
Missed bags
per 1,000 passengers
% passengers rating
Heathrow “Excellent” or
“Very good”
Departures
punctuality

26. Income Statement Revenues
JUN’14
Var%
6,488
701
10.8%
-189
512
7.9%
0
-291
91
313
-76
237
-
33
270
10.2%
11.1%
13.7%
-44.4%
Construction
9M’13
26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Airports
Toll Roads
Services
Others
Total
9M´14 9M´13 VAR.% LfL%
2,936
4
323
3,202
21
6,488
2,942
5
318
2,620
3
5,889
-0.2
-20.5
1.6
22.2
n.s
10.2
2.7
-20.5
2.0
18.5
n.s
10.2
Construction
Aeropuertos
Toll Roads
Services
Others
Total
9M´14 9M´13 VAR.% LfL%
256
-11
203
246
7
701
221
-9
200
211
9
631
16.1
-16.4
1.5
16.5
-23.4
11.1
15.0
-12.3
4.8
10.6
-44.8
9.3
5,889
631
10.7%
-181
451
7.7%
22
-258
317
532
-78
454
-
31
485
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
VAR%
7,726
20,675
9M´14
1,820,860
41,424
28,692
12,177
14,368
26,670
56
7,867
18,624
9M´13
1,760,406
41,673
28,303
11,793
14,024
25,753
55
-1.8
11.0
VAR%
3.4
-0.6
1.4
3.3
2.5
3.6
1.5
9M´14 DEC´13
LfL%
10.2%
9.3%
11.1%
9M 2014 Results
€mn
Revenues
EBITDA
EBITDA margin
Period depreciation
EBIT
EBIT margin
Disposals Impairments
Financial results
Equity-accounted affiliates
EBT
Corporate income tax
CONSOLIDATED NET INCOME
Discontinued operations
Minorities
NET INCOME ATTRIBUTED
EBITDA
Operating Indicators
9M’

27. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

28. 407 ETR
Would you buy this company…?
775 1,937
-1,694 5,759
CAN million
Accounting
losses
High
debt
28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
1999:
27x
Debt/Ebitda
1999
2013
Shareholder’s Equity Net debt

29. 407 ETR
Ferrovial bought this company…
Initial equity investment (62%) (326mn)
Dividends (00 - 13) 1,051mn
10% disposal 640mn
NET CASH IN 1,365mn
100% pay-back
in first 10 years
Valuation x21
Strong dividend flow
Equity valuation sharp increase
2,098
* Sept ’14 analysts consensus
29 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
525
10.918
21x
1999 Sept´14
407 ETR
84 years to maturity
€ million
Cash Generation
(1999-2013)
Valuation
(100%)
€ million
Maturity

30. 407
High density population area
Ring road of Toronto
108 km
407 ETR
Location
407
30 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
East extension
Area of expansion

31. 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
31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

32. 407 ETR
LOCATION
Greater Toronto Area
23% of Canada
population
TRAFFIC
Alternatives routes
are highly congested
HIGH
HOUSEHOLD INCOME
46% higher
than Canada average
32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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

33. 407 ETR
Financial overview ($CAD million)
420
801
2005 2013
316
665
75%
77%
OPEX
CAGR: 3.4%
79%
76%
80% 82%
83%
2005 2013
33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
97
2005 2006 2007 2008 2009 2010 2011 2012 2013
27
70 74
8.4
90
38
72 77
88
1999 2013
49
85
145 120 135
190
300
460
600
680
2005 2006 2007 2008 2009 2010 2011 2012 2013
84 years to maturity
100% pay-back in first 10
years
Free-tariff revision
8% CAGR 02-13*
* Tariff increase for light Vehicles in Peak hours regular zone (%)
CAGR: 8.4%
CAGR: 9.7%
104
136
2005 2013
EBITDA %
Revenues
EBITDA
Capital Expenditure
Dividends
Net Debt / EBITDA X

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

35. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

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

37. 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
Westbound
Eastbound
37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Time of the day
Peak period
Managed Lanes
Level of demand
NTE (untolled) 407ETR (tolled)

38. Paying for predictability
Travel time variability
Travel Time Variability
Time (min)
70
60
50
40
30
20
10
0
NB AM NB MD NB PM SB AM SB MD SB PM
• 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
Time (min)
38 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012
Free Flow Travel
Mean
NB - North bound SB - South bound

39. Toll rates – tariff threshold
Tariff threshold
39 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Toll Rate Cap 0.75 c/mi
Demand threshold 3300 pce/h
2-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 12:00
Hour starting
Analysis by segment and direction
Freedom under the cap TOTAL FREEDOM Freedom under the cap
Speed
Demand
Toll Rate

40. NTE
3
NTE 1-2
40 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
LBJ
Dallas and Fort Worth Regional Map
Managed Lanes regional map

41. Shareholder structure
CINTRA MERIDIAM
41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
DALLAS
FIREPOLICE
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
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
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
Financial structure
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
Lyndon B Johnson
Construction expected to be concluded in 2015
51% 42% 7%
25% 54% 20%

42. 42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Key characteristics
Shareholder structure
CINTRA MERIDIAM
DALLAS
FIREPOLICE
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
● Heavy congested area, almost 200,000 cars per day
● 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
Financial structure
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
North Tarrant Express
Opened on October 4th, 9 months ahead of schedule
57% 33% 10%
21% 52% 27%

43. Key characteristics
Shareholder structure
50% 14% 10%
APG
CINTRA MERIDIAM
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DALLAS
FIREPOLICE
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
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
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
32% 59% 9%
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
North Tarrant Express 35W
Expected to open in mid-2018
26%
Financial structure

44. 25%
54%
20%
• 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.
Managed Lanes
Financial Overview
21%
52%
27%
• 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.
• First time that a U.S.-based pension
fund made a direct investment in a
highway concession.
Figures in US Dollars
44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
32%
59%
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.
2.05 bn
427 m
243 m (57%)
141 m (33%)
43 m (10%)
1,050 m
400 m
650 m
537 m
2.70 bn
665 m
339 m (51%)
282 m (42%)
44 m (7%)
1,465 m
615 m
850 m
496 m
1.36 bn
430 m
215 m (50%)
167 m (39%)
43 m (10%)
4 m (1%)
805 m
274 m
531 m
127 m
Total Investment:
Private Equity:
Cintra:
Meridiam:
DPFPS:
APG:
Total Debt:
PABs:
TIFIA:
Public Funds:

45. Agenda
Group overview
Looking Ahead
Appendix
2014 – 9M Results
Introduction to 407ETR Toll road
Managed Lanes Toll roads
2013 – Full year results
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46. Income Statement Revenues
DEC’12
DEC’13 Var%
8,166
934
11.4%
-233
701
8.6%
126
-333
375
869
-168
701
26
727
7.0%
0.8%
-1.0%
Construction
Toll Roads
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Services
Others
Total
DEC´13 DEC´12 VAR.% LfL%
4,063.6
429.0
3,656.3
17.6
8,166.5
4,325.6
381.4
2,895.0
28.3
7,630.3
-6.1
12.5
26.3
n.s.
7.0
-4.5
13.0
29.3
n.s.
9.0
Construction
Toll Roads
Services
Others
Total
342.8
276.3
321.5
-6.3
934.3
336.9
271.6
313.4
4.6
926.6
VAR.% L-f-L%
1.8
1.7
2.6
n.s.
0.8
4.0
2.9
15.0
n.s.
4.8
7,630
927
12.1%
-219
708
9.3%
52
-301
275
733
-106
628
64
692
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
VAR%
7,867
17,749
DEC´13
2,356,343
41,251
27,924
11,307
13,629
25,591
72.3
8,699
12,784
DEC´12
2,340,004
42,228
27,459
12,537
14,099
25,306
70.0
-9.6
38.8
VAR%
0.7
-2.3
1.7
-9.8
-3.3
1.1
3.4
DEC´13 DEC´12
DEC´13 DEC´12
L-f-L%
9.0%
4.8%
4.0%
FY 2013 results
EUR MN
Revenues
EBITDA
EBITDA margin
Period depreciation
EBIT
EBIT margin
Disposals Impairments
Financial results
Equity-accounted affiliates
EBT
Corporate income tax
CONSOLIDATED NET INCOME
Discontinued operations
Minorities
NET INCOME ATTRIBUTED
EBITDA
Operating Indicators

47. Revenue EBITDA
% International
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EX-INFRASTRUCTURE
PROJECTS
Revenue EBITDA
95%
71%
INFRASTRUCTURE PROJECTS
PARENT COMPANY
Accounting overview
2013 figures
Revenue EBITDA
5%
29%
% National
construction
services

48. EX-INFRASTRUCTURE PROJECTS
Accounting overview
PROPORTIONAL CONSOLIDATED FULLY CONSOLIDATED
construction services construction services
42%
19% 20%
Revenue
EBITDA
95%
INFRASTRUCTURE PROJECTS
39%
Revenue
50%
45%
37% 35%
81%
PROPORTIONAL CONSOLIDATED FULLY CONSOLIDATED
2013 figures
EBITDA
PARENT COMPANY
11% 8%
32% 29%
Revenue
EBITDA
48 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
- 5%
- 30%
Revenue
EBITDA
19%
61%
5%
29%
39%
71%

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