This document appears to be the minutes from a Ferrovial shareholders' meeting held on March 30, 2012. The agenda included approval of the 2011 financial statements, application of income and distribution of dividends, approval of the Board of Directors' management in 2011, amendment of the Bylaws, amendment of the Shareholders' Meeting Regulations, and remuneration system involving payment of part of variable remuneration in shares. The Chairman and CEO provided presentations reviewing Ferrovial's financial performance in 2011, significant business events, and priorities for 2012.

1. Madrid, 30 March 2012

2. Rafael del Pino
Chairman

3. Madrid, 30 March 2012

4. Santiago Ortiz Vaamonde
Secretary of the Board of Directors

5. Madrid, 30 March 2012

6. Agenda

7. Agenda
• Approval of the 2011 financial statements
• Application of income and distribution of dividends
• Approval of the Board of Directors' management in 2011
• Amendment of the Bylaws
• Amendment of the Shareholders' Meeting Regulations
• Remuneration system: payment of part of the variable
remuneration in shares
• Delegation of powers
• Annual report on director remuneration

8. Madrid, 30 March 2012

9. Quorum (provisional)

10. Madrid, 30 March 2012

11. Rafael del Pino
Chairman

13. Economic situation
• Signs of recovery by the world economy
• Recovery in the United States
• Easing recession in Europe
• Growth in emerging countries
• Situation in Spain
• Fiscal consolidation
• Reform policies
• Labour market
• Financial sector
• Public administrations
• Growth and investment in infrastructure

14. The year at Ferrovial
• Improved financial position
• Operating cash flow and divestments
• Good EBITDA performance by the businesses
• Record-high backlog
• Divestments providing value
• Share performance

15. Improved financial
position
• Positive net cash position at parent company (excluding
project debt): 907 M€
• Reduction of total debt (including project debt): 5.171 B€

16. Operating cash flow and
divestments: 1.446 B€
• Operating cash flow: 511 M€
• Construction: 298 M€
• Services: 164 M€
• Toll roads: 137 M€
• Capital expenditure: 328 M€
• Divestments: 1.264 B€

17. Record-high backlog:
22.422 B€
• Services: 12.425 B€
• Murcia: 1.000 B€
• Ministry of Justice: 450 M£
• Construction: 9.997 B€
• Crossrail: 263 M€
• Telefónica datacenter

18. Internationalization
• Consolidated
• Sales: 55%
• EBITDA: 48%
• Backlog: 58%
• Proportional stake
• Sales: 62%
• EBITDA: 78%
• Backlog: 57%

19. Diversification of
funding sources
• Bond issues
• ETR 407: 350 M CAD
• BAA: 1.000 B$
• BAA: 880 M£
• Consolidated bank debt
• excluding projects: 1.261 B€ (gross)

20. FER vs. IBEX 35
(2011 closing)
9.33€
+25%
8.49€
38%
+14%
7,44€
vs. IBEX 35
IBEX 35
25%
-13%
-20%
2011 2012
vs. 2010 31/12/2010 31/12/2011 29/03/2012

21. Proposed dividend
0.50€
0.45€
0.42€
0.40 (*)
0.29€ 2011
0.25€
Interim 0.20 €
Supplementary 0.25 €
Total 0.45 €
2006 2007 2008 2009 2010 2011
(*) Comparison of the dividend under conditions similar to today's (/4)

22. CSR

23. Distinctions
“Top Employers España
2011” certification “Transport Infrastructure
“The Lawyer Awards” in
Award” for the design and
the “Best in-house/public
construction of the
sector HR initiative”
Northern Ireland DBFO
"Stock of the category
Package 2
Year"
Named “Water Company of LBJ Express toll road “Bioenergía de Oro” award Inclusion in the index due
“Large Company
the Year” for contribution named “North American for the BIOFUEL project to its policies relating to
of the Year
to the development of the Project Bond Deal of the Social Responsibility,
international water market Year 2010” Corporate Governance,
Ethical Management, the
Environment and Human
Rights

24. Madrid, 30 March 2012

25. Santiago Fernández Valbuena
Chairman of the Audit and Control Committee
2011

26. Audit and Control
Committee
• Members
• Functions
• Activities:
• Financial information
• Liaising with the external auditor
• Internal control procedures
• Internal audit
• Analysis of risks and oversight systems
• Actions relating to corporate governance and
compliance
• Evaluation of the Audit and Control Committee

27. Madrid, 30 March 2012

28. Íñigo Meirás
CEO

29. 2011 Earnings
Significant events
Businesses
2012 Priorities

30. Balance sheet
• Good operating performance by the businesses
• Improved financial position
• High operating cash flow
• Record-high backlog
• Ready access to the capital markets
• Monetisation of assets

31. Change in
consolidation scope
• Impact of the sale of 5.88% of BAA
• Equity method
• Valued at: 4.762 B£
• Capital gains: 847 M€
• Deconsolidation of 14.874 B€ in debt

32. 2011 Earnings
2011 M€ Pro-forma change 2011 M€ Chg. 11-10
11-10
Construction backlog 9,997 -1.8%
Sales 7,446 -0.6%
EBITDA 818 8.9% Services backlog 12,425 0.4%
EBIT 627 17.9% Consolidated net debt -5,171
Net income 1,269 Net cash position 907

33. Contribution, by business area
Including equity holdings
2011 Revenues 2011 Revenues
7.446 B€ 8.678 M€
18% 32%
37%
57%
7%
6% 43%
Services Toll roads Construction Airports

34. Contribution, by business area
Including equity holdings
EBITDA 2011 EBITDA 2011
818 M€ 1.765 B€
18%
29% 37%
45% 25%
34% 12%
Services Toll roads Construction Airports

35. Geographic distribution
Including equity holdings
2011 Revenues 2011 Revenues
7.446 B€ 8.678 B€
5% 4%
10%
19% 38%
45%
12%
10%
21% 36%
Spain United Kingdom US & Canada Poland Rest of the world

36. Geographic distribution
Including equity holdings
EBITDA 2011 EBITDA 2011
818 M€ 1.765 B€
2% 4%
11% 22%
9% 18%
52%
12%
16% 54%
Spain United Kingdom US & Canada Poland Rest of the world

37. Net debt ex-projects
2011
2006 2007 2008 2009 2010
+31 +907
-1,172
-1,547
-1,937
-3,064

38. 2011 Earnings
Significant events
Businesses
2012 Priorities

39. January February March April
Revenues Sale closed Debt refinanced
M45 Swissport Ferrovial
68 M€ 695 M€ 1.314 B€
May June July August
Bond issue Refinancing Bond issue Investment grade
BAA Ausol BAA Ferrovial
750 M£ 492 M€ 1.000 B$
September October November December
Sale of 5.88% Contract awarded Sale of toll roads
BAA Crossrail Chile
326 M€ 263 M€ 157 M€
Acquisition
PNI
50 M€
Bond issue
407 ETR
350 M CAD

40. Asset rotation: 1.264 B€
SWISSPORT BAA
695 M€ 326 M€
CHILE M45
157 M€ 68 M€

41. Capital gains: 1.069 B€
SWISSPORT BAA
195 M€ 847 M€
M45
27 M€

42. 2011 Earnings
Significant events
Businesses
Services Toll roads Construction Airports
2012 Priorities

43. Focus on profitable
growth
• Cash flow: 164 M€
• Cost control
• Growth and improvement in results
• Record-high backlog: 12.425 B€
• New contracts: Murcia and UK Ministry of Justice
• Intelligent Cities division

44. Results
M€ 2011 2010 Pro-forma
Revenues 2,821 3,896 9.4%
EBITDA 312 413 4.9%
Operating income 207 284 3.3%
Operating cash flow
164 282
(excluding taxes)

45. Geographic distribution
Sales: 2.821 B€
Spain
United Kingdom
46% 54%

46. Backlog
12.425 B€
Spain
United Kingdom
50% 50%

47. Backlog
12.378 12.425
9.726 9.714 9.967
54%
B€
2007 2008 2009 2010 2011

48. Geographic distribution
M€ United Kingdom Spain
Sales 1,284 1.537
Pro-forma change 18.6% 2.8%
EBITDA 113 198
Pro-forma change 2.8% 6%
Operating income 97 111
Pro-forma change 3.5% 3%

49. 2011 Earnings
Significant events
Businesses
Services Toll roads Construction Airports
2012 Priorities

50. Effective management
• EBITDA growth: 14%
• Divestments: Chile and M45
• Refinancing: Ausol
• Dividends: 159 M€
• Study of new projects in the OECD and in other markets
• Weak traffic
• Adjudications: Extension of 407 and A334

51. Results
M€ 2011 2010 Pro-forma
Revenues 390 869 4.6%
EBITDA 283 630 14.4%
Operating income 230 517 38.8%
Funds from operations
137 178
(excluding taxes)

52. Geographic distribution
Including equity holdings
Sales: 591 M€
4%
8% 23% Spain
13% USA
16% Canada
Portugal
36%
Ireland
Greece
INTERNATIONAL
77%

53. 2011 Earnings
Significant events
Businesses
Services Toll roads Construction Airports
2012 Priorities

54. Operations outside Spain
• Development in other countries offsets Spanish market
• New contracts:
• Telefónica datacenter (Spain)
• Crossrail (UK)
• Line 9 of the Iława railway (Poland)
• Hydroelectric power station tunnels in Ituango (Colombia)
• Highway 290 (Texas, US)
• Darsait wastewater plant (Oman)
• Budimex: record earnings and backlog
• Backlog: 9.997 B€
• Cash flow: 298 M€

55. Results
M€ 2011 2010 Pro-forma
Revenues 4,244 4,525 -4.5%
EBITDA 248 242 4.3%
Operating income 215 202 8.4%
Funds from operations
298 373
(excluding taxes)

56. Geographic distribution
Sales: 4.244 B€
5% Spain
United Kingdom
41% USA
32%
Poland
Rest of the world
16% 6%
INTERNATIONAL
59%

57. Backlog, by market
Backlog: 9.997 B€
Spain
11%
32% United Kingdom
18% USA
Poland
7%
Rest of the world
32%
INTERNATIONAL
68%

58. Backlog
10.186 9.997
9.130 8.800
8.756
B€
2007 2008 2009 2010 2011

59. Subsidiaries
Growth of 35% in
8.2% growth in EBIT revenues, 20% in EBITDA
and 24% in the backlog
5% growth in the backlog Doubled the international
backlog

60. 2011 Earnings
Significant events
Businesses
Services Toll roads Construction Airports
2012 Priorities

61. Increase in traffic
• Improvement in traffic: 4.4% at BAA and 5.5% at LHR
• Bond issues in 2011: 1.000 B$ and 880 M£
• Bond issues in 2012: 2.340 B€
• Higher level of satisfaction among Heathrow
passengers
• Investment in terminals and infrastructure: >900 M£
• Dividend announcement

62. BAA earnings
M£ 2011 2010 Change Pro-forma
Revenues 2,524 2,389 5.7% 9.2%
EBITDA 1,287 1,098 17.3% 17.8%
Operating
income 634 485 30.7% 32.6%
Traffic (M.pax) 109 104 4.4%

63. 2011 Earnings
Significant events
Businesses
2012 Priorities

64. Overview
Business Backlog Liquidity Development
Record high in
Good performance Solid financial Projects in the four
Construction
by the main assets structure businesses
and Services
9% improvement 22.422 B€, OECD countries
in EBITDA 58% outside Spain Positive net cash and focus on
position 907 M€
emerging markets

65. 2012 Priorities
• Financial discipline
• Cash flow
• Organic growth
• Recovery in share price
• Analysis of opportunities in OECD markets and
emerging countries
• Commitment to Workplace Safety, CSR and
the Environment

66. Greater value for
shareholders

67. Madrid, 30 March 2012

68. Quorum

69. Madrid, 30 March 2012

70. Shareholder remarks

71. Madrid, 30 March 2012

72. Resolutions

73. Resolutions
• Approval of the 2011 financial statements

74. Resolutions
•
• Application of results and distribution of dividends

75. Resolutions
•
•
• Approval of the Board of Directors' management in
2011

76. Resolutions
•
•
•
• Amendment of the Bylaws

77. Resolutions
•
•
•
•
• Amendment of the Shareholders' Meeting Regulations

78. Resolutions
•
•
•
•
•
• Remuneration system: payment of variable
remuneration in shares

79. Resolutions
•
•
•
•
•
•
• Delegation of powers

80. Resolutions
•
•
•
•
•
•
•
• Annual report on director remuneration

81. Madrid, 30 March 2012