Investor Relations. Executive Summary. Main Figures January September 2015

1. Heathrow*
IR Department e: ir@ferrovial.com -  +34 915862730 1
ferrovialResults - Executive summary
January – September 2015
Financing activity
Consolidated performance
Business performance
DIVIDENDS RECEIVED
ETR 407 Heathrow
BACKLOG
ETR 407* ServicesHeathrow*3 Construction
EBITDA
REVENUES EBITDA
Ex-infrastructure net cash
• Construction: revenues +10% on strong Int’l activity
(+14%). Double digit growth in EBITDA & backlog at
Budimex. EBITDA margin up from 8.7% in 9M’14 to
9.1%. Backlog at €8.2bn (+2% vs Dec’14).
• Services: revenues +13%, helped by £ appreciation
(LfL +5.6%), with EBITDA margins at 7.3%. Backlog
reached €23bn incl. JVs (+3% vs Dec’14).
• Traffic at Heathrow grew by +2.3% & +6.7% for UK
Regional airports. Strong traffic growth in toll roads,
(ETR407 +4.2% in Q3, despite tariff increase) on
economic recovery & lower oil price.
• NTE 1-2, opened Oct’14. In 3Q’15, traffic +11%
(transactions) & EBITDA up +19.5% vs 2Q’15.
• LBJ (Managed lane) opened on Sept 10th 2015.
• Strong op. performance from ETR407, HAH & AGS.
EBITDA +14%, +6.6% (LfL), and +10.7% respectively.
• Double digit growth in Revenues (+12%) & EBITDA
(+16%) helped by FX appreciation where the
company operates.
• Strong traffic growth, with 3Q above 1H on main
motorways, and Heathrow & Glasgow airports.
• Backlog close to record high. Construction and
Services backlog at €31.3bn (including JVs), helped
by Budimex’s contribution (+23%).
• Strong financial position & flexibility: reduced
borrowing cost & extended its maturity profile.
• Net cash (ex-infra projects) at €1.2bn, after share
buy-backs amounting to €217mn.
• Higher dividends paid by HAH & 407: HAH paid
£225mn (+11%), 407ETR paid CAD563mn (+7%)
dividends, while the regional airports paid £41mn.
• Sale of a stake in M4 & M3 to Dutch fund DIF,
agreed for €61mn.
LIQUIDITY 2
TRAFFIC
ETR 407*
1 Including JVs 2 Excluding infrastructure projects. 3 Lfl * Consolidated by equity method.
Services Construction
Shareholder remuneration
The execution of the shareholder remuneration programme (“Ferrovial
Dividendo Flexible”) approved in March 2015 AGM continued.
• 1st script dividend was paid in May’15 (equivalent to 2014 complementary div.) of €0.304.
• 2nd will be paid in Nov’15 (equivalent to 2015 interim div.), as approved by the Board on
29 Oct’15, amounts to €0.398 per share (+4.5%).
The AGM also approved a share buy-back programme of up to €250mn, of
which at end of September 2015, a total of €217mn had been executed.
€mn
AIRPORTSCONSTRUCTIONTOLL ROADS SERVICES
UK Regional Airports
Financing close:
• Toowoomba 2nd Range Crossing
AUD1,100mn 25Y since opening 2018E.
• East II ext. of the 407ETR
CAD880mn Investment
30Y maturity since opening 2017E.
• I-77 toll road
USD648mn Investment
50Y maturity since opening.
Liquidity line:
€1,250mn
Expansion and extension
Up from €750mn, at 50pbs vs 80pbs
previously and maturity in 2020
Bond issues :
• LHR c. £1,200mn
o/w €750mn (15Y & 1.5% coupon)
o/w CAD 500mn (10Y & 3.25% coupon)
• 407ETR CAD650mn
CAD 150mn (30Y, 3.30% coupon)
CAD 500mn ( 31Y, 3.83% coupon)
• A-66 Benavente-Zamora €185mn
(26Y, 3.169% coupon)
Double digit revenues growth in Services,Construction & toll roads
Reduced borrowing cost & extended maturities
Focus on Shareholder remuneration remains
BACKLOG1
Solid performance across the board
Shareholder remuneration:
+11.5%
€7,233mn
+16.2%
€815mn
€31.3bn
Construction & Services
€1,199mn €4,219mn
+14%
CAD635mn
+7%
£1,220mn
+7%
€264mn
+15%
€295mn
€174mn €76mn +3%
€23.0bn
+2%
€8.2bn
+3.4%
1,882mn vkt'000
+2.3%
56.9mn pax
+6.7%
10.8mn pax
282 308
367
917
477 510
2009 2010 2011 2012 2013 2014
Toowomba 2nd Range crossing
Australia, AUD1.1bn investment (25Y)
Bucaramanga Colombia,
€880mn investment (25Y)
Toll roads awarded in 3Q’15:

2. ferrovial
Revenues +13% partially explained by £ appreciation (LfL +5.6%).
EBITDA margins at 7.3% (vs 7.7% in 9M’14), impacted by adverse
developments in the UK. Backlog reached €23,039mn (inc. JV’s).
Spain: Good performance continued, sales +5.9%, with contribution from contracts
won in 2014 (waste collection Madrid, Orense Hospital maintenance) and higher
revenues from road maintenance contracts. EBITDA margins improved from higher
contribution by contracts which began in 1H’14. Backlog (including JV) fell by -7.1% at
€6,258mn, due to the slowdown in public tendering in a year with several election
processes.
UK: Revenue growth (+16.5%) driven mainly by £ appreciation (LfL +4.7%). EBITDA
margin (5.4%) impacted by costs incurred in concluding the investment phase of
Birmingham contract (-€23mn EBITDA from Birmingham). Ex- Birmingham, EBITDA
would be in line with 9M’14, in a context of public spending cuts under the fiscal
consolidation programme (pursued by the government), whereby government
budgets have been reduced by approximately 20% in 2015. Backlog including JV
grew by +7.6% at €16,458mn.
International: Chile (€45mn), Portugal (€19mn) & Poland (€20mn). Revenues
+38.7% (+33.8% LfL), while EBITDA +126% (+108% LfL). Qatar (equity accounted)
€8mn vs €4mn in 9M’14.
Services
Revenues EBITDA Backlog*
Toll roads
Airports
Double-digit growth in revenues & EBITDA, due to NTE 1-2 contribution
(managed lane opened October 2014, so not included in 9M’14), traffic
growth in the main toll roads and positive FX impact. LfL sales +19% &
EBITDA +26%.
Traffic growth in most toll roads, with 3Q better than 1H in most toll
roads, supported by economic recovery (USA, Canada, Spain, Portugal &
Ireland) & lower oil price compared with 2014. In NTE 1-2 , the traffic grew
by +11% & EBITDA by +20% vs 2Q’15.
Two new toll roads opened in the 9M’15:
• LBJ (Managed lane) in Texas on 10th Sept (3M ahead schedule)
• A-66 Benavente-Zamora in Spain on 12th May
Other assets:
• NTE 35W,work is on schedule,opening expected mid-2018.
• 407 East I: 89.3% of constructionis complete.
• Sale of a stake in M4 & M3 to Dutch fund DIF, agreed for €61mn.
• ITR sold to IFM investorsfor ~$5.7bn ($50mn inflow for Ferrovial in 2Q).
Revenues EBITDA
HAH contribution to Ferrovial’s equity-accounted results in 9M’15 was
€120mn vs €35mn 9M’14, mainly from the inclusion of a positive non-
recurring (non-cash impact) on HAH expenses from changes in pension plans
conditions agreed with the unions (£237mn), better operating performance
& cost control, and higher amortization (+29% from T2 opening, T1 close in
June & new T3 integrated baggage system).
Heathrow SP: Traffic +2.3% yoy (+3.9% Q3’15), to 56.9mn pax, from increased
number of seats in larger aircraft (av. seats 208.1 vs 204 in 2014). Revenues +4%,
aeronautical +3% and commercial +6% (with good performance at parkings, retail &
duty free stores).
• Record passengersatisfaction(81% rate their experience as very good or excellent).
• “Best Airport in WesternEurope” (2015)
• “Best Airport for Shopping” (2015 - 6th consecutiveyear)
• T5 “Best Airport Terminal in the World” (2015)
• “Best Airport in Europe” by Airport Council International
UK Regional airports: Traffic +6.7%, 10.8mn passengers. Revenues +5.1% and
EBITDA +10.7% to £58mn. The airports paid £41mn dividends in the 9M’15.
Revenues (HAH) *EBITDA(HAH)
Ferrovial controls 25% of HAH (Heathrow) & 50% of AGS
Consolidated by equity method
Debt (HAH)
RAB
* Consolidated by equity method **Ausol I
Revenues +10% (+2.4% LfL), with strong International growth
(+14.3%), including Budimex (+5.0% LfL), ^& start of works in new
geographies (Australia, Brasil, Oman), which offset decline at Webber (-
21.7% LfL).
80% of revenues are international. Backlog (-0.8% LfL) does not include
contracts that are pending signature or have been signed after 30 Sept’15
(ie. some c.€500mn at Budimex). International backlog represents 79% of
total, and went up +6%, while domestic fell -11% (both vs Dec’14).
During 9M’15, relevant contracts were awarded in traditional markets:
Thames Tideway Tunnel (UK), Toowoomba (Australia), Highway 407ETR
phase II (Canada), and several at Budimex.
F. Agroman: Revenues +17% (+10% LfL) supported mainly by the contributions from
new areas(Australia,Brazil & Middle East) and traditional markets.
Budimex: Revenue +5% (LfL) from improvements in residential & non-residential
construction. EBITDA (+27% LfL) on ongoing cost control with respect to materials
and sub-contractors.
Webber: Revenues Lfl-22%, given NTE & LBJ finalization. EBITDA margin (14.3% vs
9.6% 9M’14) on major projects in their final stages, with most associated risks
mitigated. Backlog -19% (local FX) on lack of new major projects & strongexecution.
Revenues EBITDA Backlog
Construction
Revenues EBITDA Backlog*
Spain
UK
International
IR Department e: ir@ferrovial.com -  +34 915862730 2
Revenues EBITDA Backlog
F. Agroman (RoW)
Budimex (Poland)
Webber (USA)
Traffic Revenues EBITDA
*Heathrow (HAH)
Glasgow
Aberdeen
Southampton
Traffic Revenues EBITDA Net debt €
Ausol** (80%)
M4 (66%)
407ETR* (43%)
Chicago Skyway (55%)
Algarve (85%)
9M’15
€mn
£ mn
+20.4%
€389mn
+28.6%
€261mn /66.9%
+3.4%
1,882mn VKT
+18.7%
530mn
+19.3%
449mn /84.8%
-4.2mn
-1.9%
40,620
+34.7%
61mn
+34.3%
53mn /86.8%
-1.3mn
+11.8%
13,610
+10.9%
42mn
+13.1%
34mn /81.5%
-0.4mn
+7.4%
28,642
+7.8%
19mn
+6.4%
13mn /67.8%
0.0mn
+10.6%
11,490
-14.3%
31mn
-19.4%
26mn /85.5%
-0.1mn
+13.1%
€3,621mn
+7.2%
€264mn /7.3%
+3.0%
€23,039mn
+5.9%
1,242mn
+8.7%
133mn /10.7%
-7.1%
6,258mn
+16.5%
2,293mn
+2.4%
123mn /5.4%
+7.6%
16,458mn
+38.7%
85mn
+126.2%
8mn /9.1%
-3.6%
323mn
+10.1%
€3,233mn
+15.2%
€295mn /9.1%
+1.9%
€8,249mn
+17.4%
1,830mn
+4.5%
176mn /9.6%
-1.0%
5,728mn
+5.7%
909mn
+28.0%
48mn /5.3%
+22.7%
1,749mn
-12.3%
772mn
+41.7%
71mn /14.3%
-4.8%
493mn
+4.3%
£2,070mn
+6.6%
£1,220mn /59.0%
£13.3bn
£14.9bn
+2.3%
56.9mn
+4.3%
2,070mn
+6.6%
1,220mn /59.0%
+8.4%
79mn
+13.6%
6.7mn
+20.0%
33mn /42.6%
-4.2%
2.7mn
+1.1%
49mn
+9.7%
21mn /41.9%
-0.2%
1.4mn
+3.0%
21mn
+11.8%
7mn /30.9%
* LfL
€mn
€mn
* Including JV’s

3. ferrovial
Long Term Assets
Balance sheet
Current Assets
Equity
Long Term Liabilities & others
Current Liabilities
Gross cash
Ex. Infrastructure Projects
Net cash position
Gross debt
Ex.Infrastructure Projects
Infrastructure Projects
Debt maturity calendar
corporate
Liquidity position (ex- infra)
Total cash
Total liquidity
Undrawn lines
• Strong balance sheet and liquidity position to finance future
growth opportunities.
• At the end of 9M’15, Ferrovial’s net cash position, excluding
infrastructure projects, stood at €1,199mn, after share buy-
backs amounting to €217mn.
• The dividends received from projects reached €317mn (€177mn
from Toll Roads, €104mn from Airports & €35mn from Services).
Corporate rating
IR Department e: ir@ferrovial.com -  +34 915862730
Bonds
BBB / stableFitch (confirmed in July 2015)
BBB / stableStandard & Poor’s (confirmed in Jun 2015)
Total
Net cash position
9M’15
€mn
Deferred income19.4bn
6.9bn
26.3bn
74%
26%
6.3bn
1.1bn
12.8bn
6.2bn23%
49%
4%
24%
1.2bn
-7.7bn
-6.5bn
2.9bn
-1.7bn
1.2bn
Net cash (debt) structure total
36 40 10
503
214
813
2015 2016 2017 2018 2019 2020 +
2.9bn 1.3bn
4.2bn
LBJ opened 3 months ahead of schedule • On 10 September, Ferrovial inaugurated the LBJ Express.
52-year concession to operate the 21.3km urban
motorway, with 9 lanes in total in each direction, which
runs round the north of Dallas.
• Investment of ~$2,627mn. The payment method is
transponder and video.
• Construction carried out by Ferrovial Agroman & Webber.
• The motorway has a dynamic tolling system which allows
flexibility in the determination of the tariff depending on the
level of congestion. Speed is guaranteed at a minimum of
50mph (around 80kmh). The tariffs can be modified every
five minutes.
79%
51% 26% 16% 7% 26% 55% 19%
EQUITY DEBT PUBLIC FUNDSCINTRA MERIDIAMAPG DPFPS
Shareholder structure Financial structure

4. ferrovialHuman resources
Spain
54%
America
4%
UK
27%
Poland
6%
RoW
9%
Environment
Lower energy consumption
-39% Reduction of greenhouse gas emissions
2009 – 2014
Management of
new business
opportunities
Priorities
Say on pay
IR Department e: ir@ferrovial.com -  +34 915862730 4
FER turnoverindex:3,6%.
8 /10 employees would recommend FER as a good company to work for.
• For the last 14 consecutive years, Ferrovial has been included in the DJSI (Dow
Jones SustainabilityIndex)
• Ferrovial has been included in Climate Performance Leadership Index (CPLI) &
Climate Disclosure Leadership Index (CDLI) from the Carbon Disclosure Project
(CDP), with the maximum mark (100A.)
• Ferrovial leads the Supplier Climate Performance Leadership Index (SCPLI), by CDP,
with a maximum A rating. CDP is investors’ main reference for evaluating how
companies deal with the risks and opportunitiesrelated to climate change.
Innovation
636
Participants
677
Ideas
45% teams
1
Reliable
climate
strategy 3
FY2014
€mn
80.000
90.000
100.000
110.000
120.000
130.000
300.000
320.000
340.000
360.000
380.000
400.000
420.000
2009 2010 2011 2012 2013 2014
Fossil fuels Electricity
70%
MALE
30%
FEMALE
69,088
Workforce
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
Strong commitment to improve health & safety polices
Total TrainingHours 1,281,414
Hoursper employee 19
Investmentper employee 258 €
% of the Co revenue 0.20%
Talent management: Through
consolidated evaluation processes, such
as 360º feedback, competencies
assessment and talent management
reviews.
Succession Planning: 700 people
assessment to identify 264 successors for
133 key management positions.
Compensation:Total reward policy
equitable and competitive: Fixed and
variable remuneration plus long-term
incentives. Flexible remuneration
including products & services, subject to
employee personal & economic needs
Opportunities based on merit:
Distinguished Equal Opportunities
Company award in 2010, which
remainsin force until 2016.
Present in 25countries
Acknowledgements
14% of electricity consumed by Ferrovial came from renewable
sources (Amey, 100%)
-56% Energy consumption Corporate HQ vs 2008
2014: balanced contribution between fixed, variable
and long term incentives:
Metrics of The Long Term Incentive Grant 2014 are a mix of: EBITDA
/ Net Productive Asset , Cash Flow , TSR *
in comparisonwith 16 internationallisted companies:
*ACS, OHL, FCC, Abertis, Serco, Carrillion, Vinci, Skanska, Strabag, Eiffage, Balfour Beatty,
Bilfinger Berger, SNC Lavalin, Transurban, ADP, Fraport.
21%
Fixed
39%
Variable
40%
Long Term incentives
2011 Grant
Ferrovial compares with IBEX35 and is in the average
compensation of that group.
Euros
0 200,000 400,000
Percentile75
0-25%il
25-50%il
50-75%il
75-90%il
Percentile25 Percentile90
Mean
Media
ferrovial
Board remuneration non executive
President & CEO remuneration as executives
Source: Towers Watson
tCO2eqtCO2eq
2
Risk management
& environmental
responsibility
Increase R&D investment c.30%
Projects on track +100
Ferrovial’scommitment towards innovationas source of growth and value creation
• Partnership with MassachusettsInstituteof Technology (MIT)
• ResearchCentrefor Intelligent Infrastructures(CI3)
• European Union – Horizon 2020 sponsoredprojects
• Relationship with best-in-class academic institutions, start-ups and technology
providers
• REPUTATION - Recent awards:National (Spain) Innovation,SAPQuality, CIO 100
Global innovation ecosystem
29%
14%19%
38%
Services
Toll Roads
Airports
Construction
OPERATING EFFICIENCY
Power to floor, obtaining energy
and improving travel experience
DIGITALISATION
Ciudad 2020, Internet of
the things and its impact on
a city
PROPRIETARY SOLUTIONS
EMMOS, energy management platform
NEW BUSINESS
MODELS
ManagedLanes
SOCIAL VALUE
Madrid Smart Lab
Internal Know-how mobilization – Ferrovial Innovation Awards