Investor Relations Presentation. Ferrovial 2015

1. 1
Ferrovial
Investing for Growth
1Q 2015

2. 2
Human Resources
Total training hours: 1,281,414
Hours per employee: 19
Investment per employee: 258€
% of Co revenue: 0.20%
-38Reduction 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 Ferrovial?
DESIGN & CONSTRUCTION MAINTENANCE
OPERATION
Construction Services
Toll roads Airports
Design, Financing, Construction,Operation & Maintenance of infrastructure assets &
Provider of services to cities
1. CF Generation
2. Profitable Growth
3. Shareholder Remuneration
STRATEGY
INFRASTRUCTURE PROJECTS
EX-INFRASTRUCTURE PROJECTS
…

5. 5
INFRASTRUCTURE
PROJECTS
EX-INFRASTRUCTURE
PROJECTS
Capital intensive / Inflation protected / LT duration & financing
Controlling Shareholder 43%
Free float 57%
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
PARENT COMPANY
€ million 2014 figures

6. 6
1.Cash Flow Generation: sources and uses
21%
26%
22%
31%
Construction
Service
Toll Roads
Airports
€ million
OPERATING CASH FLOW FY2014
236
302
255
341
(58)
1,076
Construction
Services
Toll Roads (dividends)
Airports (dividends)
Taxes & Other
TOTAL
2014
Operating CF Other
Dividends & Buy-back Interests
Sources & Uses
Investment
c70% of OCF from UK, Canada & US
Balanced contribution from all businesses
2014 figures

7. 7
PARENT COMPANY
2.Profitable growth.Solid Financial Situation
Net debt evolution ex-infrastructure projects
3,064
1,987
1,547
1,172
31
907
1,484 1,663 1.632 1.583
2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q´15
EX–INFRASTRUCTURE PROJECTS
TOLL ROADS*
€7,586mn
* €1,475mn related to LBJ & NTE 35W, toll roads under construction.
INFRASTRUCTURE PROJECTS
Debt maturities ex-infrastructure projects
NET CASH
€1,583mn
€mn
€mn
NET DEBT
€7,988mn
55 33 10
502
136
814
2015 2016 2017 2018 2019 >2020
€ million 1Q’15 figures

8. 8
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 (TBC)
2015: up to €250mn
(To be executed May 26th to November 18th 2015)
282 308
367
917
477 510
2009 2010 2011 2012 2013 2014
€ per share
+81%
Strong growth in shareholder remuneration
€ million
2014
2015

9. 9
Ferrovial today: 1Q’15 Results
 Double digit revenues & EBITDA growth
Supported by operational performance & FX impact
 Significant traffic growth at key assets
Airports,Highways (Canada, US, Europe) on the back of:
 Strong financial position
Net cash (ex-infra projects) at €1,583mn.
 Reducing borrowing costs & extending maturity
Renewing liquidity line &^issuing bonds
• Heathrow issued c.£850mn (of which €750mn at 15Y,1.5%. Cost)
• ETR407 issued CAD150mn 30Y bonds at 3.30%
• Increased & extended €1.3bn liquidity line (5Y,50bps)
 Higher dividends from 407ETR & Heathrow
+7% & +11%,respectively (Ferrovial receives a combined €85mn)
 All time high combined construction & services backlog
>€32bn (including JV)
Better weather conditions vs 1Q’14
Easter holidays in March
Lower oil prices
Economic recovery since 2H’14

10. 10
Toll roads
€ million
TRAFFIC GROWTH
1Q’15 figures
1Q’15 %
Revenues 113 +23.9%
EBITDA 71 +28.6%
 €58mn dividends from 407ETR
 Traffic growth across our portfolio
Canada,US & Europe (Ireland,Portugal and Spain)
Traffic despite tariff increases
•Chicago Skyway: +4.6% with +13.2% in tariffs
•ETR407: +2.4% with c.+10% in tariffs
 NTE Managed Lanes (6 months of operations)
•Revenues +47%, traffic +3% vs 4Q’14
 New project awarded:
•I77, North Carolina,US (Managed Lanes)
•407 East extension phase II, Canada
 Other relevant events:
•Ocaña-La Roda deconsolidated (non-cash positive impact
of €63.7mn)
•ITR disposal (expected gain $50mn in 2015 for Ferrovial)
 Active pipeline:
Bidding in US / Australia / Canada
Monitoring of opportunities in other markets
159
220 242 255
59
2011 2012 2013 2014 1Q'15
Dividends from projects
Canada
407ETR +2.4%
USA
Chicago +4.6%
SH130 +19.0%
Ireland
M4 +5.2%
Portugal
Algarve +11.7% Spain
Ausol I +11.5%

11. 11
407ETR NTE
CAD million USD
Revenues +15.5%
EBITDA +14.8%
 +2.4% traffic despite c.10% in tariff (Feb 2015)
 Dividend up +7%
300
460
600
680
730
188
2010 2011 2012 2013 2014 1Q'15
 Revenues +47% vs 4Q’14 to $9.4mn
 Traffic up +3.1% vs 4Q’14
 The avg.tariff per transaction was $2.38
27,1X
8,1X
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Equity method, Ferrovial stake 43%
NTE 1-2 Texas407-ETR
56.7% Global consolidation
Net debt / EBITDA
Dividends
Average tariffs (peak hours)
1Q’15 figures
$2,07
$2,91
4Q'14 1Q'15
Segment 1
Maximum tariffs
$2,34
$3,30
4Q'14 1Q'15
Segment 2
$2,75
$4,15
4Q'14 1Q'15
Segment 1
$3,35
$4,25
4Q'14 1Q'15
Segment 2
+41%
+51%
+41%
+27%

12. 12
Services
 Largest division by revenues,EBITDA & OCF (FY14)
 Strong revenue growth LfL
Spain +6.7%,UK +2.4% & International +35.6%
 Accounting margins in line with 1Q’14
 New all-time high backlog
• €23,549mn (Including JV)
• UK backlog represents 70%
 Spain:
• Higher volumes: +10.9% in urban waste
• Slightly margins: 10.4% vs 10.3% in 1Q’14
• EBITDA: +8% organic
 UK:
• Stable margins YOY 4.7%.
Usually 1Q has lower margins given:
• Seasonality: worse weather conditions in 1Q
• New project start-up costs
• Higher costs on finalization of investment phase in Birmingham contract
• Higher backlog: +8.2% to €16.6bn (+1% LfL)
SPAINUK
+15%
+14%
+8%
+7%
+8%
-2%
Revenues
EBITDA
Backlog
164
495
359
302
2011 2012 2013 2014
1Q’15 %
Revenues 1,162 +13%
EBITDA 77 +12%
EBITDA % 6.7% =
Backlog 23,549 +5%
Performance by geography
Operating cash flow
€ million 1Q’15 figures
FY’14

13. 13
Construction
 International represents 72% of total revenues
 Improved profitability
Driven by Budimex (Poland)
 Strong growth in Poland
• Revenues +22.5% (+20.9% LfL)
• EBITDA +79.4% (+76.5% LfL)
• Backlog +10% vs Dec’14 (+4.7% LfL)
 Backlog +6% (stable LfL)
Civil works represents 80%
Maintaining selective criteria as regards tendering projects
1Q’15 %
Revenues 883 +11%
EBITDA 65 +15%
EBITDA % 7.4% +36bp
Backlog 8,600 +6%
298
100
304
236
2011 2012 2013 2014
Operating cash flow
Backlog by countryBudimex Order Backlog (PLNbn)
6,1
6,4
2014 1Q´15
+4.7%
22% 18% 32% 9% 19%
España Polonia USA Reino unido Resto
€ million 1Q’15 figures

14. 14
Heathrow: traffic growth reflects strong demand
 Strong intercontinental traffic growth
•North America: new destinations & increased frequencies
•Middle East with increased flights & larger aircrafts
•LatAm: Avianca’s new Colombia service & growth in Mexico
 Vietnam Airlines moved to Heathrow
 Short haul led by European flights
• European growth reflecting BA seat capacity increase
 Cargo +4.5% driven by North America,India & HK
 Heathrow capacity expansion proposals shortlisted
for further analysis (Airports Commission)
Heathrow passenger traffic (1Q15 vs 1Q14)
1Q’15 figures
Africa
0.8m
-3.4%
M.East
1.5m
+5.6% Asia Pacific
2.5m
-0.6%
UK
1.2m
+3.9%
Europe
6.5m
+1.0%
Latin America
0.3m
+12.6%
North America
3.5mn
+4.4%
1Q’15 %
Revenues 623 +8%
EBITDA 342 +11%
EBITDA % 54.9% +131pb
Net debt 13,137 +1%
16.4mn passengers (+2%)
Equity method, Ferrovial stake 25%
Equity method, Ferrovial stake 50%
25% 20% 12,6% 11,2% 11,2% 10% 10%
Ferrovial Qatar Brittania GIC CICAlinda USS
Heathrow Shareholders
UK Regional Airports (AGS):
 1Q’15 reached 2.8mn passengers
+9.3% YoY
 Revenues +7%,EBITDA +13%

15. 15
Best ever passenger service levels
Passenger satisfaction European ranking
1Q’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
Q1 2015Q4 2006 – Q1 2015
4,12
3,30
3,50
3,70
3,90
4,10
4,30
4,50
LHR
ASQscore(outof5)
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
Q1-15
ASQscore(outof5)
European competitors European comparatorsHeathrow European averageEuropean top quartile
Baggage performanceDepartures
misconnect rate per 1,000 passengerswithin 15 minutes of schedule
63%
78%
84% 81%
2007 2014 Q1 2014 Q1 2015
40
19
14
19
2007 2014 Q1 2014 Q1 2015

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

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
Strong dividendflow
Equity valuation sharp increase
Initial equity investment (62%) (326mn)
Dividends (00 – 1Q’15) 1,333mn
10% disposal 640mn
NET CASH IN 1,647mn
2,098
100% pay-back
in first 10 years
Valuation x24
* March 2015 analysts consensus
525
12.734
1999 1Q'15
24x
407 ETR
83 years to maturity
407 ETR
Cash flow and valuation overview
€ million
Cash Generation
(1999-1Q’15)
Valuation
(100%)
€ million
Maturity

22. 22
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
420
888
2005 2014
104
152
2005 2014
316
736
75%
77%
79%
76%
80%
82%
83% 83% 83% 83%
2005 2014
CAGR: 8.7%
CAGR: 9.8%
CAGR: 4.3%
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
27,0X
8,1X
1999 2014
2014 figures

23. 23
Appendix
Introduction to 407ETR Toll road
Managed Lanes Toll roads

24. 24
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

25. 25
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)

26. 26
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

27. 27
LBJ
Dallas and Fort Worth Regional Map
Managed Lanes regional map
NTE 1-2
NTE
35W

28. 28
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 4th,9 months ahead of schedule
57% 33% 10%
21% 52% 27%
Key characteristics
Shareholder structure
Financial structure

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

30. 30
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
Construction expected to be concluded in 2015
51% 42% 7%
25% 54% 20%
Shareholder structure
Financial structure

31. 31
50% 14% 10%
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
32% 59% 9%
EQUITY DEBT PUBLIC FUNDS
APG
Managed Lanes
North Tarrant Express 35W
Expected to open in mid-2018
26%
Key characteristics
Shareholder structure
Financial structure

32. 32
• 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
2.80 bn
672 m
343 m (51%)
285 m (42%)
44 m (7%)
1,582 m
606m
976 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

33. 33
Ferrovial today:
1Q’15 Results

34. 34
JUN’14 Var%
2,147
210
9.8%
64
146
6.8%
12
-70
26
115
-15
99
-
19
118
10.4%
14.2%
14.3%
81.0%
Construction
Airports
Toll Roads
Services
Others
Total
883
1
113
1,162
-12
2,147
795
1
91
1,033
25
1,945
11.1
-17.6
23.9
12.5
-150.9
10.4
3.8
-17.6
19.6
4.4
-150.0
3.0
Construction
Airports
Toll Roads
Services
Others
Total
65
-5
71
77
2
210
56
-4
55
69
7
184
15.1
-28.0
28.6
12.0
-76.1
14.2
7.7
-28.0
24.1
-0.8
-76.4
5.6
1Q’15 1Q’14 VAR.% LfL%
1,945
184
9.5%
56
128
6.6%
0
-70
15
73
-21
52
-
13
65
1Q’14
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
AGS (million passengers)
VAR%
8,600
23,549
1Q´15
530,194
34,006
10,156
12,840
25,444
16,4
2,8
8,091
22,369
1Q´14
517,849
32,514
9,105
11,867
24,177
16,0
2,5
6.3
5.3
VAR%
2.4
4.6
11.5
8.2
5.2
2.0
9.3
1Q’15 DEC’14
LfL%
3.0%
5.6%
4.2%
1Q’15 Results
Revenues
EBITDA
EBITDA margin
Period depreciation
EBIT
EBIT margin
Disposals & Impairments
Financial results
Equity-accounted affiliates
EBT
Corporate income tax
CONSOLIDATEDNET INCOME
Discontinued operations
Minorities
NET INCOME ATTRIBUTED
Income Statement Revenues
EBITDA
Operating Indicators
1Q’15 1Q’14 VAR.% LfL%
1Q’15
€ million

35. 35
(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
€210Mn
Proportional (1)
€389Mn
Capital Intensive
LONG DURATION
LONG TERM VALUE
EBITDA
Services
Toll Roads
Construction
Airports
50%
Spain
14%
UK
17%
US & Canada
18%
RoW
25%
Spain
41%
UK
25%
US & Canada
9%
RoW
€ million 1Q’15 figures
Ex – Infrastructure Projects Infrastructure Projects
31%
37%
34%
-2% 15%
22%
32%
31%

36. 36
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.