Investor Relations, Presentation Ferrovial January.September 2015

1. 1
Ferrovial
Investing for Growth
9M 2015

2. 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 43.8AVERAGE AGE
8.9 9.5YEARS OF SENIORITY
77% 81%PERMANENT CONTRACT
85% 15%MANAGEMENT
2.9% 0.6%ROTATION INDEX
67% 33%NEW RECRUITMENTS
Present in 25countries
69,088
Workforce
Turnover index: 3.6%

3. 3
Ferrovial Overview & Strategy

4. 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. 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. 6
2014
Construction 236
Services 302
TollRoads (dividends) 255
Airports (dividends) 341
Taxes &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. 7
36 40 10
503
214
813
2015 2016 2017 2018 2019 >2020
-3.064
-1.987
-1.547
-1.172
31
907
1.484 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. 8
282 308
367
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. 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. 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%
159
220 242 255
177
2011 2012 2013 2014 9M'15

11. 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
300
460
600
680 730 750
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. 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)
SPAINUK
Revenues
EBITDA
Backlog
Performance by geography
Operating cash flow
€ million 9M’15 figures
FY’14
9M’15 %
Revenues 3,621 +13.1%
EBITDA 264 +7.2%
EBITDA % 7.30% -40 bp
Backlog 23,039 +3.0%
+17%
+2%
+8%
+6%
+9%
-7%
164
495
359
302
2011 2012 2013 2014

13. 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 countryBudimex Order Backlog (PLNbn)
€ million 9M’15 figures
FY14 figures
6.1
7.4
2014 9M'15
+22%
9M’15 %
Revenues 3,233 +10.1%
EBITDA 295 +15.2%
EBITDA % 9.14% +40 bp
Backlog 8,249 +1.9%

14. 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 CICAlinda 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 bp
Net debt 13,342 +3%

15. 15
63%
78% 79% 77%
2007 2014 9M 2014 9M 2015
96%
98% 98% 98%
2007 2014 9M 2014 9M 2015
3,62 3,65
3,76 3,77
3,81
3,89
3,93
3,97 3,98
4,02
4,09
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 2015Q4 2006 – 3Q 2015
European competitors European comparators
Baggage performanceDepartures
connect ratewithin 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
ASQscore(outof5)
European Average Heathrow European top quartile

16. 16
Thank you
Ferrovial Investor Relations
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

17. 17
Appendix
Introduction to 407ETR Toll road
Managed Lanes Toll roads
407ETR vs Managed Lanes
Historic consolidated & business units figures

18. 18
High density population area
Ring road of Toronto
108 km
407
407
East extension
Area of expansion
407 ETR
Location

19. 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. 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
Alternativesroutes 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. 21
525
14,577
1999 2015
Strong dividendflow
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
Initialequityinvest.(62%) -326 mn
dividends 1,565mn
10%Disposal 640 mn
NET CASH IN 1,879mn
28x

22. 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 77
88
70 74
55
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
85
145 120 135
190
300
460
600
680
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*
* Tariffincrease for light Vehiclesin 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. 23
18,9
15,4 15,4
14,1
11,7
15,6
1,5
7,2
12,6
10,8
9,7 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
3,4
2,8
1,9
3,1 3,2
2,6
2,0
1,2
-2,7
3,4
3,0
1,9 2,0
2,5
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EBITDA growth Traffic growth GDPgrowth (annual)
407 ETR
Value creation: EBITDA-GDP-Traffic
Strong EBITDA generation even with negative traffic and GDP
annual % growth

24. 24
Appendix
Introduction to 407ETR Toll road
Managed Lanes Toll roads
407ETR vs Managed Lanes
Historic consolidated & business units figures

25. 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. 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. 27
Time(min)
• 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
Time(min)
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. 28
LBJ
Dallas and Fort Worth Regional Map
Managed Lanes regional map
NTE 1-2
NTE
35W

29. 29
Toll rates – tariff threshold
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
Tariff threshold
0.84

30. 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. 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
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
Lyndon B Johnson
Opened on September 10th 2015, 3 months ahead of schedule
Shareholder structure
Financial structure
APG
51% 26% 16% 7%
24% 56% 19%

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

33. 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. 34
Appendix
Introduction to 407ETR Toll road
Managed Lanes Toll roads
407ETR vs Managed Lanes
Historic consolidated & business units figures

35. 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. 36
Ferrovial today:
9M’15 Results

37. 37
9M 2015 9M 2014 Var% LfL
Construction 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% LfL
Construction 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. 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
€ million 9M’15 figures
Ex – Infrastructure Projects Infrastructure Projects
37% 13% 38% 12% 18% 44% 31% 6%

39. 39
Appendix
Introduction to 407ETR Toll road
Managed Lanes Toll roads
407ETR vs Managed Lanes
Historic consolidated & business units figures

40. 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
8,802
7,233
45% 38% 32% 31% 28%
55% 62% 68% 69%
72%
2011 2012 2013 2014 9M'15
Domestic International
819 927 934 983
815
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
591
663
538
137
365 461 596
2011 2012 2013 2014
Op. CF (Construction
& Services)
Dividensfrom infra
(Toll roads & Airports)
Holding& Others
Op. CF:
Construction 298 100 304 236
Services 164 491 359 302
Dividends:
Toll Roads 137 220 242 255
Airports 0 145 219 341
Holding & Others -21 -16 -27 -58

41. 41
Construction figures: 2011-9M’15 mn €
9M’15
9M’15
Operating & investment CF (ex-projects)
Backlog
Revenues
EBITDA & Margins
298
100
304
236
2011 2012 2013 2014
4,244 4,326 4,064 3,942
3,233
59% 53% 56% 54% 57%
31% 33%
27%
29%
28%
10% 14%
17% 17%
15%
2011 2012 2013 2014 9M'15
*F.Agroman Budimex Webber
20% 80%
Domestic
International
248
337 343 349
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
EBITDA
Margin
12% 8% 80%
Building
Industrial
Civil work
OCF ex-infra
EBITDAex-project 235 324 329 335
WorkingCapital 63 -223 -25 -99
Operating Cash Flow 298 100 304 236
Investment 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
9,997
8,699
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.Agroman Budimex Webber
21% 79%
Domestic
International
*”Ferrovial Agroman” unit was created in 2013, previous that, “Other markets” was the relevant unit.

42. 42
Services figures: 2011-9M’15 mn €
Operating & investment CF (ex-projects)
Backlog with JV’s
Revenues
EBITDA & Margins
9M’15
164
491
359
302
2011 2012 2013 2014
EBITDA 274 273 264 321
Dividends received 24 22 28 19
WorkingCapital -133 195 67 -38
Operating Cash Flow 164 491 359 302
Investment Cash Flow 605 -108 -528 -92
2,821 2,951
3,656
4,401
3,621
54% 49% 39% 36% 34%
46% 51% 59%
62%
63%
2011 2012 2013 2014 9M'15
Spain UK International
312 314 322
387
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
EBITDA
Margin 12,425 12,784
17,749
22,369 23,039
50% 56%
63%
68%
71%50% 44%
36%
30% 27%
2011 2012 2013 2014 9M'15
UK España Internacional
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. 43
Toll roads figures: 2011-9M’15
mn €
1,974 km
27 concessions
9 countries
(Km’s)
Dividends received Portfolio (Km’s)
Concession lengthYears to maturity
133
198 217 224
174
26
22
25 31
159
220
242 255
177
2011 2012 2013 2014 9M'15
407-ETR Others
18%
9%
9%
54%
10% Spain
EEUU
Canada
Europe
Others
83
46 46
31
21 15 16 18
407-ETR
NTE
LBJ
AusolI
Autema
Algarve
Norte-Litoral
M4
108
21 27
83
48
130
119
36
407-ETR
NTE
LBJ
AusolI
Autema
Algarve
Norte-Litoral
M4

44. 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
HAH
2011 2012 2013 2014 2015
Heathrow 69.4 70.0 72.3 73.4 75.0
AGS 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 ratingHeathrowas
Excellent orVery Good
1,287
1,355
1,441
1,541
1,457
2011 2012 2013 2014 9M'15
Capital expenditure
844
1,141
1,283
853
474
2011 2012 2013 2014 9M'15

45. 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.