1

ferrovialGrowing Infrastructure

ferrovial App

January 2018

2

FY2016 figures

TALENT MANAGEMENT: engaged on optimize workforce & develop mobility of talent.

ENGAGEMENT: focus on being an employer of choice in the sector and markets in which it works & promote a flexible work environment.

CULTURE: attend to develop company’s leaders for an innovative culture.

Ferrovial UNIVERSITY

ACKNOWLEDGEMENTSFerrovial has been included in the DJSI (Dow Jones Sustainability Index) for thelast 15 consec years, at a global level; in the FTSE 4Good index for the past 11, inthe Carbon Disclosure Project for the past 5, and is also a member of Stoxx andMSCI Global Sustainability Index.

Ferrovial assumes a firm commitment on emissions reduction and environmentalimpact of their activities. In addition, It also drives generation of new ideas andmodels of business, to offer its clients & users of its assets, innovative solutionswith lower environmental impact.

People EnvironmentTALENT MANAGEMENT, ENGAGEMENT & CULTUREOperating excellence & innovation are possible given Ferrovial employees’talent, high engagement & corporate culture. Over 96.000 people work in theGroup to offer the best solutions in the markets where it operates.

WORKFORCE

Ferrovial has been recognized as Top Employer in Spain for 7 consecutive years

SERVICES81,0%

AIRPORTS0,03%TOLL ROADS0,9%

CONSTRUCTION17,0%

New competences model for 360º performance appraisal.

Implementation of 70/20/10 development model to impulse professionals' improvement.

Meeting point to catalyze learning and knowledge

School that creates a unique leadership model ofcompany to prepare leaders and innovative teamscapable of anticipating new times by acting asinternal references

Forum for exchange that facilitates synergies &global business opportunities

-31,6%REDUCTION OF CO2 EMISSIONS RECYCLED WASTE (t)

-18,1% 2.083.333 -35,4%IN RELATIVE TERMS

(tCO2 eq/€mn) (2009-2016)

IN ABSOLUTE TERMS (2009-2016)

NEW REDUCTION TARGET (2009-2016)

WATER FOOT PRINT• Business Water Index (BWI): 4,146,441. Water

footprint related to water consumption anddischarge carried out in Ferrovial activities.

• Water Treatment Index (WTI): -322,183,025.The impact of the water treatment process ofCadagua and the treatment of leachate inlandfills of Ferrovial Servicios and Amey on thefootprint of Ferrovial.

• Water Access Index (WAI): -413.738; related towater supply projects in Social Action program.

POLAND

3

FY2016 figures

INNOVATION PROCESS

Ferrovial understands innovation as a differential element that allows it to leadthe Infrastructure & Services transformation, offering its clients and userssolutions that contribute in an efficient, sustainable and safe way to the well-beingand progress of society.Priority areas for investigation: cities, innovative construction, toll roads, airports,waste & water revaluation, and their work to develop sustainable solutions,sustainable energy efficiency, contribute to the fight against climate change anddevelop new products.

INNOVATION IN 2016

>100 €48mn5R&D

investment+9% vs 2015

R&D developed projecs

Projects in collaboration with

MIT

DIGITAL HUB PROJECT

Say on payInnovationPRESIDENT & CEO REMMUNERATION

13% 20% 67%VariableFixed Long term incentives

BOARD REMMUNERATION

125% 225%MAXIMUMTARGET

VARIABLE REMUNERATION LONG -TERM REMUNERATION based on delivery of share plans structured into multi-year cycles (3y) overlapping, which turn into shares at the end of the cycle.

Metrics MAX MINEBITDA/avgearning assets(70%)

≥10,5% <9%

Total shareholderreturn (30%)

Amongtop 5

positions

Betweenposition

11th & 18th

Quantitative target metrics45% Net Result40% Cash Flow15% level of compliance with initiatives deriving from strategic plan

Ferrovial compares with IBEX35 members and is in the average compensation of that group

In 2016, a Digital HUB has been created to respond to business opportunities fromthe digital transformation: an environment to investigate the emergingtechnologies’ application such as the Internet of Things, Artificial Intelligence,drones, 3D printing, Customer Experience or Big Data initiatives. Currently they aredeveloping more than 20 projects.

>1,400Ideas presented by FER workers (Zuritanken 2016)

TSR Serco

StrabagSNC-Lavalin

SkanskaAENAACSFCC

EiffageVINCIKIER

AbertisTransurban

Balfour BeattyFraport

ADPFerrovialCarillion

OHL

4

FY2016 figuresCommunity

UNITED NATIONS PARTNER IN SUSTAINABLE DEV’T& MEMBER OF PRIVATE SECTOR ADVISORY GROUP

In its commitment to the scope of Sustainable Development Goals (SDG), Ferrovial actively participates in the community through the development and execution ofsocial programs to significantly improve people's lives. The company has a key role in the social and economic development of the countries where it carries out activities.

COMMUNITY INVESTMENT PROGRAMSSocial InfrastructuresSince 2011, Ferrovial has been working on thisdevelopment cooperation program, which extendsaccess to water for human consumption and basicsanitation among socially vulnerable risk groups inAfrica and Latin America.

Stronger TogetherThis program has been running since 2005 & letsemployees choose social project to contribute amonthly amount that Ferrovial matches, thusdoubling initial donation. In 2016, three projectswere chosen by donating employees.

Community engagement in SpainFerrovial supports refurbishment & reconditioning of offices setup for distributing food & delivering social aid packages tounderprivileged groups. In 2016, Ferrovial provided support withWorld Vision España to improve conditions in 6 food distributioncenters (Madrid, Seville, Mieres, Valencia & Barcelona).

332COMMUNITY SUPPORT PROJECTS

191,769BENEFICIARIES IN WATER AND SANITATION

Social Infrastructures Program: Figures & Impact

142,815 BENEFICIARIES

€1,498,126INVESTED

€497,894INVESTED

31,417BENEFICIARIES

€4,565,595INVESTED

191,769BENEFICIARIES

18PROJECTS

Policy Changes:

10%OF ANNUAL BUDGET for

extension of project

Community Commitment

933,152 m3

RECYCLED WATEROut of which

875,104 m3

TREATED WATER

Ferrovial overview1. Overview2. Main infrastructure assets 3. Construction & Services4. What are investors worried about?5. Looking ahead6. What makes Ferrovial different?

Additional InformationA. Main value driversB. Main infrastructure assets

a. 407ETRb. Managed Lanesc. 407ETR vs Managed Lanesd. Airports

C. Capital Market Day (CMD) 2017 D. Historic data

Table of Contents

6

Solutions to CONGESTION

Narrowing THE GAP betweenpublic budgets & huge infrastructure needs

World leading private infrastructure provider present in toll roads, airports and cities

7

Design Financing OperatingBuilding Maintaining

ConstructionServices

EX-INFRASTRUCTURE PROJECTS

Toll Roads Airports

INFRASTRUCTURE PROJECTS

1. Ferrovial OverviewPresent in the whole value chain of infrastructure

8

1. Ferrovial OverviewCash Flow generation: Balanced Contribution

OPERATING CASH FLOW

Construction

Airports

Toll Roads

Services

FY16 figures

27%

13%

37%

23%

EX-INFRASTRUCTURE PROJECTS

INFRASTRUCTURE PROJECTS

€290mn €134mn

€325mn €342mn

EBITDA

DIVIDENDS€424mn

€667mn

9

TOLL ROADS*

€4,244mn

* €764mn related to NTE 35W & I77, toll roads under construction.

NET CASH €268mn

NET DEBT €4,764mn

INFRASTRUCTURE PROJECTS

EX-INFRASTRUCTURE PROJECTS

9M 2017 figures

ferrovial

Net Cash Position ex-InfrastructureNet Debt ring-fenced to infrastructure assets

NET DEBT €4,496mn

1. Ferrovial OverviewGroup Financial Structure

10

525

18,614

1999 2017

145 120 135 190300

460600

680 730 750 790 845

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

27.0X

6.8x

1999 2016

Tariff freedomTariff flexibility81 years to maturity

CAGR (2006-16)Tariffs EBITDA

+9% +10.8% 100% payback first 10Y

35x

LONG DURATION & PRICING FLEXIBILITY

Canada, Greater Toronto108 kms

Alternatives strongly congestedFast & reliableFree flow, fully electronicStrong collection security

43%, Equity method

DIVIDEND GROWTH (CADmn) LEVERAGE (X EBITDA) EQUITY VALUATION 100% (€mn)

2. Main infrastructure assets407ETR

11

High density population

407

407

Green Belt East extension

Toronto Ring Road 108 km

12

Typical traffic on a Wednesday at 5:20 p.m.

Source: Google

407ETR

407ETR

407ETR

2. Main infrastructure assets407ETR: The only non-congested road to cross Toronto

13

18.9

15.4 15.414.1

11.7

15.6

1.5

7.2

12.6

10.89.7 9.7

10.3

14.2

17.3

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 3.34.1

2.81.9

3.1 3.22.6

2.01.2

-2.7

3.4 3.01.9 2.0

2.5

1.2 1.2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITDA growth Traffic growth GDP growth (annual)

2. Main infrastructure assets407ETR: Strong EBITDA growth … even with negative traffic and GDP

14

525

18.614

1999 Dec'17

Strong dividend flowSharp increase in equity valuation

81 years to maturity2098

Analyst valuation up 35x

€mn

CASH GENERATION (1999 – 9M2017) EQUITY VALUATION 100%MATURITY

Cash GenerationInitial equity invest.(62%) -326 mnDividends 1,956 mn10%Disposal 640 mn

NET CASH IN 2,270 mn

35x

2. Main infrastructure assets407ETR: Cash flow and valuation overview

100% pay-back in first 10 years

* Analyst Consensus Valuation

15

Dynamic tollingTariff freedomTariff flexibility

44 years to maturity

LONG DURATION & PRICING FLEXIBILITY

Texas, USA

Higher speed allowedFree flow, fully electronic

No collection risk

Global Consolidation. NTE 57%, LBJ 51%, NTE 35W 54%

27

41

56

9M20

15

9M20

16

9M20

17

42

59

9M20

16

9M20

17

14

1820

9M20

15

9M20

16

9M20

17

2831

9M20

16

9M20

17

+9.8%(vs 9M16)

NTE+10.0%

(vs 9M16)

LBL+35.3%(vs 9M16)

NTE+40.5%

(vs 9M16)

LBJTRANSACTIONS (mn) EBITDA (USDmn)

2. Main infrastructure assetsManaged Lanes

16

A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tollingthrough

Free

Lanes

Free

Lanes

Tolled LanesSpeed >50mph

“Express Tollway within an Existing Highway”

2. Main infrastructure assetsManaged Lanes

17

18

Best airport in Western Europe (3rd consec year)

Best airport for shopping (8th consec time)

World’s Best Independent Airport Lounge

Top 3 in passenger satisfaction Europe ranking

81% of pax rating: Excellent/Very good

472,067 annual flights (1,293 a day)183 destinations 82 countries25% UK exports (1.5mn metric tonnes)

Strong traffic performance in 2017+3.1%, 78mn passengers

Operating at over 98% capacity

Runway 3: Gov green light Oct 25th 2016• Parliamentary approval of NPS (2018E)• Secretary of State approval of DCO (2020E)

THE BUSIEST AIRPORT…

63%81%

2007 9M 2017

Punctuality

48%

81%

2007 9M 2017

% Passengers rating Heathrow as Excellent or Very Good

SERVICE STANDARDS STRONG EBITDA GROWTH (£mn)

756885 967

1,132 1,1541,421

1,559 1,605 1,682

2008 2009 2010 2011 2012 2013 2014 2015 2016

… WITH HIGH SERVICE STANDARDS

2008-2016 CAGR : +10.5%

London, UK, Ferrovial stake 25%, Equity methodTime based separation

landing at Heathrow

2. Main infrastructure assetsHeathrow Airport

19

16%

24%34%

7%

19%Spain

Poland

US

UK

RotW

77%

5%9%

9% Civil work

Residential work

Non-residential work

Industrial

By Geography By Work

Proven competitive tool to successful int’l bidding for complex greenfield infra projects

Video on Viaducto de Erques construction

Civil engineering, industrial, building & water projectsComplex projects & broad diversification between sectors

56%

15%

29%F. Agroman

Webber

Budimex

EBITDA 9M17

*Order book compared with December 2016

BUDIMEX: Biggest Polish constructor

WEBBER: Leader in Texas road construction

F. AGROMAN: International strategic markets & Spain

Recurrent cash flow generator with long duration order book, providing long term visibility

Diversified portfolio in public & private sector (maintenance & operation of infra for transport, environment, industry, natural resources and utilities; provision of facility mgmt services)

Video on F. Services

UK: 2017e EBITDA mg target 3-4%

SPAIN: Profitability remains stable

BROADSPECTRUM: A platform to grow in Australia.

INTERNATIONAL: USA, Chile, Poland & Portugal

ORDER BOOK 9M17

16%

46%

33%

4%

INTERNATIONAL

BROADSPECTRUM

SPAIN

UK

EBITDA 9M17

48%

25%

19%

8% UK

SPAIN

BROADSPECTRUM

INTERNATIONAL

By Geography

3. Construction & ServicesConstruction Services

ORDER BOOK 9M17

20

4. What are investors worried about?

Ferrovial looks expensive in multiples

… but cheap in private transactions

Negative reaction to reported results

Growing results in Infrastructure & bottoming out in Contracting

Exposure to UK Services sector … is negligible in valuation

Impact from potential interest rate hike

… is positive. Our assets amplify economic growth

Cash Flow generation vs dividends to shareholders

Growing dividends from infrastructure

21

4. What are investors worried about?Ferrovial looks expensive in multiples

Airports

Toll Roads

Much of our value is in Equity Consolidated assets

407 ETRHeathrowAberdeen, Glasgow & SouthamptonIrish, Portuguese & Greek toll roadsSerranopark, A66

FY16 figures

… but contribute

0% to Revenues &

EBITDA

44%

OCF

VALUE

(€380mn)

64%

22

€944mn €1,727mn

35%

34%

31%

FY16 figures

PROPORTIONAL EBITDAFULLY CONSOLIDATED EBITDA

31% Infrastructure 63% Infrastructure

Services

Reported figures don’t reflect Ferrovial’s Business

Toll Roads ConstructionAirports

4. What are investors worried about?Negative reaction to reported results

17%

20%

32%

32%

23

PROPORTIONAL EBITDAVALUATION

UK Services represents little of our results & valuation

3% of valuation 2% of EBITDADec 2017 2016 Figures

4. What are investors worried about?Exposure to UK Services sector

24

Our assets AMPLIFY ECONOMIC GROWTH

PRICING POWER leads to benefit from better economic conditions

Positive exposure to INFLATION

DERISKING at our US assets should lead to lower discount rates

95% of our infrastructure debt is FIXED, 90% at Consolidated level

We can REFINANCE MANAGED LANES DEBT at better rates

4. What are investors worried about?Impact from potential interest rate hike

25

EBITDA FROM CONTRACTING is bottoming out

GROWING DIVIDENDS from infrastructure projects

4. What are investors worried about?CF Generation vs dividends to shareholders

26

Strong focus on the US transportation infrastructure sector

GreenfieldTraffic Risk

Dynamic tollingHigh Complexity Concessions

Texas, USA

WHAT WE FOCUS ON

Population growthEmployment growth

High household incomeCongestion

Value of time / willingness to pay

WHERE THIS MODEL WORKS

5. Looking ahead

27

PRICING POWER & FLEXIBILITY

VALUE CREATION FROM DERISKING & ROLLING

FORWARD

KNOW HOW IN DEMAND SEGMENTATION

ATTRACTIVE SHAREHOLDER REMUNERATION

UNIQUE TRANSPORTATION INFRASTRUCTURE ASSETS & CAPABILITIES

6. What makes Ferrovial different?

Additional InformationA. Business split vs. valuationB. Main infrastructure assets

a. 407ETRb. Managed Lanesc. 407ETR vs Managed Lanesd. Airports

C. Capital Market Day (CMD) 2017:D. Historic data

29

16% 12% 59% 4%4%5%15% 9% 64% 12%

30% 24% 12% 12% 15% 7%

REVE

NUES

56% 39% 5%

>75% infrastructures

A. Business split vs. valuation

Construction

Airports

Toll RoadsServices

Construction Toll RoadsServices

Infra assets76% of valuation

5% of revenues

USA & Canada59% of valuation

12% of revenues

Infra assets are main value drivers (76%) with limited P&L contribution

Revenues FY2016 results, Valuation December 2017

By GEOGRAPHYBy BUSINESS

VALU

ATIO

N

30

Strong dividends in 2016• €290mn dividends from projects - ETR €244mn

• €113mn invested in new projects

Traffic growth in main markets

New project awarded: I-66 (Virginia, US) • USD3bn managed lane project • 35km along the I-66 corridor• 50 years concession

Mature asset rotation: • Chicago Skyway• Irish toll roads• Portuguese toll roads stake sale (EUR162mn):

• 51% Norte Litoral, April (EUR104mn) • 49% Algarve, September (EUR58mn).

TRAFFIC EVOLUTION (9M17)

DIVIDENDS FROM PROJECTS (€ mn)

Canada407ETR +2.7%

USA NTE +10.2%LBJ +11.0% Ireland

M4+6.1% Portugal

Azores+7.0%

SpainAusol I +9.7%

255267

290

2014 2015 2016

€289mn cash in€124mn net capital gains

Focus on North America (Canada & USA)Unique assets: high complexity, free tolling, dynamic pricing & long term

B. Main Infrastructure AssetsCintra: One of the world leaders in open-competition highway concessions

31

353

985

77%79%

76%

80%82%

83% 83% 83% 83% 84%

87%

2006 2016

456

1,135

2006 2016

81 years to maturity

100% pay-back first 10 years

Free-tariff revision

≅ 9% CAGR 02-15*

* Tariff increase for light Vehicles in Peak hours regular zone (%)

REVENUES

EBITDA

OPEX

CAPITAL EXPENDITURE

DIVIDENDS

Net Debt / EBITDA X

2016 figures

CAGR: 9.5%

CAGR: 3.8%

103

150

2006 2016

CAGR: 10.8%

97 90

38

72 77 8870 74

5570 72

145 120 135 190300

460600

680 730 750 790

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

27.0X

6.8x

1999 2016

B. Main Infrastructure Assets407ETR: Financial Overview ($CAD million)

32

Perfect locationExcellent prospects for business growth

Sources:- Planning for Prosperity – November 2015 - (Globalization, Competitiveness and the Growth Plan for the Greater Golden Horseshoe) . Neptis Foundation.- No shortage of land for homes in the Greater Toronto and Hamilton Area – October 2016 – Land supply for future urban development designated by municipalities across the Greater

Golden Horseshoe to accommodate growth to 2031. Neptis Foundation.- Statistics Canada

GTA POPULATION4.5 mn

POPULATION EMPLOYMENT MEGAZONES

YESTERDAY

B. Main Infrastructure Assets407ETR: Reasons for 407 ETR’s success

33

Perfect locationExcellent prospects for business growth

POPULATION AREA URBANIZEDBETWEEN 2006 & 2016

EMPLOYMENT MEGAZONES

407 avg PK hour speed : 100 Kph401 avg PK hour speed : 20 Kph

GTA POPULATION6.5mn

+44% vs 1996

TODAY

B. Main Infrastructure Assets407ETR: Reasons for 407 ETR’s success

34

407ETR Regions includes: Toronto, Durham, Peel, Halton & YorkSource: Government of Ontario Places to Grow

POPULATION GROWTH (2021 – 2041)EMPLOYMENT GROWTH (2021 – 2041)

Future growth in population & employment to support traffic

TOMORROW

B. Main Infrastructure Assets407ETR: Reasons for 407 ETR’s success

35

407ETR Managed Lanes (NTE1-2)• 62.97%. Global consolidation• Meridiam (37%)• 52 years

Opened October 2014 (44 years remaining)

• Dallas-Fort Worth Metroplex, between Fort Worth & DFW Airport • 13 miles. 2 segments.

2 lanes per directionTollway 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 (81 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 timesAlternative routes are highly congestedAverage speed: 100km/h vs 40km/h on the alternativeSafety & comfort

• Yes. No toll booths, fully electronic, free flow system• Freedom to set tariffs

Penalty paid if traffic falls below thresholdTariffs can be changed every 30 daysDifferent 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 2015)

Participation:Partners:Concession period:

Location:Length:

Benefits:

Open tolling?Tariff Policy:

Regulatory risk?Collection:

Dividends:

B. Main Infrastructure Assets407ETR vs Managed Lanes

36

Toll Rate Cap 0.75 c/mi

Demand threshold 3300 pce/h2-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 12:00Hour startingAnalysis by segment and direction

Freedom under the cap TOTAL FREEDOM Freedom under the cap

Speed

Demand

Toll Rate

0.87 $/mi

B. Main Infrastructure AssetsManaged Lanes: Toll rates – tariff threshold

37

• 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%

51%

28%

25%

56%

18%

Figures in US Dollars

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 mn

242 mn (57%)141 mn (33%)43 mn (10%)

1,048 mn

398 mn650 mn

573 mn

2.62 bn

672 mn

343 mn (51%)107 mn (16%)

44 mn (7%)178 mn (26%)

1,456 mn

606mn850 mn

490 mn

1.36 bn

430 mn

231 mn (54%)75 mn (18%)

124 mn (29%)

805 mn

274 mn531mn

126 mn

Total Investment:

Private Equity:

Cintra: Meridiam: DPFPS:APG:

Total Debt:

PABs:TIFIA:

Public Funds:

Financial structure

* In September 2017, Cintra, along with the other Managed Lanes partners (Meridiam and APG) has acquired DPFPS’s stake in NTE (10%) and LBJ (7%).Cintra acquired 6.3% in NTE and 3.6% in LBJ, and now holds 62.97% in NTE and 54.6% in LBJ

B. Main Infrastructure AssetsManaged Lanes: Financial Overview

38

SPEEDS AT NTE

GROWTH SINCE OPENING (NTE)

TOLL RATES EVOLUTION (NTE)

GROWTH SINCE OPENING (LBJ)

Eastbound workday on segment 2

CAP linked to inflation

2016 avg toll rate per transaction: ~USD3.05

Index 100100

150

200

250

300

350

400

4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

Revenue Txns Rev/Txn

100

120

140

160

180

200

220

240

4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17Transactions Revenue Rev/Txn

12am 3am 6am 9am 12pm 3pm 6pm 9pm

2014 2015 2016 Cap

0

10

20

30

40

50

60

70

80

12am 3am 6am 9am 12pm 3pm 6pm 9pm

2011 2016 Non-Tolled Lanes2016 TEXpress Lanes

+18.2%

B. Main Infrastructure AssetsManaged Lanes

39

CINTRA MERIDIAM

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 (since 2009)

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

Opened on October 2014, 9 months ahead of schedule

KEY CHARACTERISTICS

SHAREHOLDER STRUCTURE

FINANCIAL STRUCTURE

63% 37%

21% 52% 27%

B. Main Infrastructure AssetsManaged Lanes: North Tarrant Express

40

CINTRA MERIDIAM

108KmElectronic 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 (since 2009)

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

For further information on the concession, check the following links:https://youtu.be/9GMj3H5OovAhttps://youtu.be/pnNFZ8qJY-c

EQUITY DEBT PUBLIC FUNDS

APG

55% 28% 17%

24% 56% 19%

SHAREHOLDER STRUCTURE

FINANCIAL STRUCTURE

KEY CHARACTERISTICS

Opened on September 10th 2015, 3 months ahead of schedule

B. Main Infrastructure AssetsManaged Lanes: Lyndon B Johnson

41

32% 59% 9%

54% 29% 18%

CINTRA MERIDIAM

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 (since 2013)

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

SHAREHOLDER STRUCTURE

FINANCIAL STRUCTURE

KEY CHARACTERISTICS

Expected to open in 2H’2018

B. Main Infrastructure AssetsManaged Lanes: North Tarrant Express 35W

42

HAH

100% GBP mn

+25% dividend in 9M17 (to GBP281mn)

RAB: positive impact from higher inflation

Traffic: +3.1% 2017 (14 consec monthly records)

EBITDA +5.8%, & 62.4% EBITDA mg (60.9% in 9M16).

(Equity method, FERROVIAL stake 25%)

AGS paid GBP112mn (9M17, incl. GBP75mn in extraorddividends after its refinancing).

Traffic +5.7% in 9M16 (11.6mn pax.):

EBITDA +15%, on traffic growth and greater cost control

Regional UK Airports(Equity method, FERROVIAL stake 50%)

*RAB: Regulated Asset Base

85Countries

25%Transfer

Share

3.1%Growth

93%Int’l

474kFlights78.0m

Passengers

204Destinations

9M17 Var.

Glasgow 7.7 +6.7%

Aberdeen 2.4 +1.1%

Southampton 1.6 +8.0%

Total AGS 11.6 +5.7%

Revenues EBITDA EBITDA %9M17 Var. 9M17 Var. 9M17

Total AGS 159 +7.2% 71 +15.0% 44.9%Glasgow 93 +10.2% 45 +15.9% 48.9%Aberdeen 42 -1.7% 17 +5.0% 39.9%Southampton 24 +13.1% 9 +32.6% 38.7%

HAH P&L 9M17 Var.Revenues 2,161 +3.2%EBITDA 1,348 +5.8%EBITDA % 62.4%Net debt 14,051 -1.8%

B. Main Infrastructure AssetsAirports

43

REAL GDPNOMINAL INTEREST

RATESPRICES

(INFLATION)

TARIFFS

+ VALUE

VKT

+ VALUE

COST OF CAPITAL

- VALUE

“DISCOUNT RATE EFFECT”

EXCHANGERATE

+ VALUE

“CASH FLOWS EFFECT”

Sources: Paper of professor Carles Vergara-Alert

WHICH IS THE PREVAILING EFFECT…

AND HOW DOES IT AFFECT INFRA-ASSETS VALUE, ESPECIALLY 407 ETR & MLS?

REAL INTEREST

RATES

Central bank increases the nominal interest rate to meet

its target real interest rate (Taylor rule)

Output gapDemand and inelastic

supplyMonetary policy

C. CMD 2017: Interest & FX rate risksWhat the economic theory says…

44

Widespread belief among investors that “an increase in interest rates reduces the value of the infra-asset”.

In other words “INFRASTRUCTURE ARE BOND-LIKE ASSETS”

KEY CONCEPT VARIABILITY IN CASH FLOWSOn what variables does revenue depend?How are these variables affected by interest rates?

Sources: Paper of professor Carles Vergara-Alert

Bond: A string of future fixed set of payments

0.03 0.035 0.04 0.045 0.05 0.055 0.06 0.065 0.07 0.075 0.08 0.085 0.09 0.095 0.1 0.105 0.11

Duration

(Price/yield curve)VALUE

Ke7.5% 8% 8.5% 9% 9.5% 10% 10.5%4% 4.5% 5% 5.5% 6% 6.5% 7%

Valuation @ current constant cash flows

Infra asset: A string of future variable set of cash-flows

but…

-

C. CMD 2017: Interest & FX rate risksInterest Rate Risk Infra-Asset Valuation

45

WITH TRAFFIC RISK (TOLL ROADS)3. - Pre-fixed toll rate (CPI escalated) AUSOL (Spain) CF= (CPI, traffic)

4. - Tolls escalated to a maximum (GDP per capita) “Chicago Skyway”, ITR (USA) CF= (CPI, traffic, GDP per capita)

5. - Free-rate tolling mechanism 407 ETR (Canada), ML (USA) CF= (CPI, traffic, willingness to pay)

WITHOUT TRAFFIC RISK (NON-TOLL ROADS)1. - Availability payment (no CPI adjusted) Towoomba (Australia) CF=K

2. - Availability payment (CPI adjusted) Norte Litoral ( Portugal) CF= (CPI)

“INTEREST RISK METER OF CONCESSION VALUE”

Sources: Paper of professor Carles Vergara-Alert

High Mid Low Very Low None

1 2 3 4 5

94%Cintra´s

Value

C. CMD 2017: Interest & FX rate risksCategories of infra-assets as per variability of cash flows

46

1 Assumptions of the exercise: 100 “currency units” of investment, 50 years concession, Beta=1.0, ERP=5%, Leverage = 50%, Debt premium = 4.0%, Tax rate 30%.

Valu

e

Project i.e.: TOOWOOMBA

Significant value decrease

(Bond proxy)

0%Cintra´s Value

1

RISK FREE RATE

Project i.e: AUSOL

3%Cintra´s Value

Stablevalue

3

Valu

e

RISK FREE RATE

Project i.e.: NORTE LITORAL

3%Cintra´s Value

Slight value decrease

2

Valu

e

RISK FREE RATE

Project i.e: CHICAGO SKYWAY

0%Cintra´s Value

Modest value increase

4

Valu

e

RISK FREE RATE

-Capture consumer’s surplus generated by CPI/GDP per capita

-Inability to capture “optimal price”

Sources: Paper of professor Carles Vergara-Alert

AVAILABILITY

AVAILABILITY & CPI Adj

DEMAND RISK & CPI Adj

DEMAND RISK & CPI, GDP Adj

C. CMD 2017: Interest & FX rate risksEffect of interest rates on asset valuation by category1 (I)

47

RISK FREE RATE

Valu

e

TARIFFS - Maximum discretional adjustment- Ability to capture the consumer’s surplus

generated by higher willingness-to-pay

PROJECT I.E.: 407 ETR

Optimal price Sub-optimal price

94%Cintra´s Value

TRAFFIC - Traffic ( VKT ) increases when the real GDP increases

5th category is the only one that: - Is able to reach “optimal tariffs” and to extract full value from a rise

of interest rates- Has a “cash flow effect” much higher than the “discount effect”

Sources: Paper of profesor Carles Vergara-Alert

Demand risk & Total free-rate tolling

THE EXCHANGE RATE OPERATES AS BONUS EFFECT IN OUR CANADIAN-US ASSET’S VALUE:− Short-term: next 18-24 month of dividends fully hedged− Long-term: from a € based investor, US and Canada provided a better future economic outlook, that will lead us to a likely

revaluation

5

C. CMD 2017: Interest & FX rate risksEffect of interest rates on asset valuation by category (II)

48

NOT CPI INDEXED(i.e. Toowoomba)

HIGH COMPLEXITY

LOW COMPLEXITY

From value to standpoint … very different “animals” fall within the CATEGORY OF “HIGHWAY CONCESSION”

AVAILABILITY PAYMENT PROJECTS DEMAND RISK PROJECTS

CPI INDEXED(i.e. Norte Litoral)

CPI INDEXED TARIFFS(i.e. Ausol)

TARIFFS LINKED TO REAL ECONOMY

GROWTH(i.e. Chicago Skyway)

FREE TARIFF FLOW(i.e. 407 ETR & MLs)

(1) After 10 years of operation, if currently expected CF´s are met(2) Ferrovial price per share impact: value generated / Ferrovial number of shares as of 31.12.16 (732.5M)

Sources: Cintra Infraestructures, S.E.

VERY HIGH UPSIDE OF UNTAPPED VALUE

Long remaining concession periods, back-ended CF’s with high expected bid IRRs

• 407 ETR in 10 years (1) 1.6x Value at Present +7 €/ Fer. Sh(2)

• ML’s in 10 years (1) 5.5x Equity Committed 11 € / Fer. Sh(2)

FOCUSED ON HIGH COMPLEXITY CONCESSIONS

MOST of Cintra portfolio

• In terms of Equity Value: 94%

• In terms of Equity Committed: 74%

C. CMD 2017: Different Concessions Models

49

LOW COMPLEXITY CONCESSIONAVAILABILITY PAYMENT CPI INDEXED

Long concession term (99 years)

THE BID IRR: the higher the Bid IRR, the larger

the room to reduce the rate of discount

THE CONCESION TERM: the longer the term, the

higher the value produced by late cash flows with

almost no value at present

THE CASH FLOW PROFILE: the more back

ended, the higher the value produced by late very

high cash flows with almost no value at present

Low Bid IRR(11%)

Front ended CF’s (Low rev CAGR (2%))

Short concession term (25 years)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

…

HIGH COMPLEXITY CONCESSION407 ETR TYPE

…

WHAT MAKES THE CF STREAM PROFILE MORE BACK ENDED?

1. HIGHER TRAFFIC GROWTHS: - better regional economic growth rates- lower relative size of toll roads vs free alternative

2. HIGHER TARIFF GROWHTS: - higher willingness to pay (increased with congestion levels and disposable income)

High Bid IRR(15%)

Back ended CF’s (High rev CAGR (6%))

Sources: Cintra Infraestructures, S.E. analysis

O&M + Capex + Tax

Debt Service

Equity distributions

Revenues + ReserveAccounts releases

C. CMD 2017: Different Concessions ModelsWhat makes the difference?

50

A HIGHWAY CONCESSION: a contractually defined set of rights and obligations with regards to vehicles moving in a certain route during a period of time

Basic Rights: collect tolls (or other payments) Basic Obligations

− Design and build the highway (construction phase)− Ensure safe trips (operation phase): design, build, finance, operate and maintain

FINANCIALLY: string of cash flows that reflect annual monetary value of contractual rights net of obligations

Price paid for these cash flows at the initial moment is determined by the bidding IRR and their expected values

The premium (over the RFR) of this IRR reflects the risks of the project undertaken by the sponsors If the concession is tendered under perfect competition, price paid equals value acquired: no value is

created nor destroyed at this specific moment

THEN… WHAT HAVE WE CREATED?

A potential value that sponsors will progressively crystallize in the future

C. CMD 2017: Highway Concession Business Value CreationHow does the highway concession business create value for shareholders?

51

THE NORMAL WAY: meeting expected cash flows as we put risks behind, that is, DE-RISKING or reducing the market discount rate of the business as projects mature

AN IMPORTANT “NICE TO HAVE”: cash flow outperforming original expectations Main objective of an operator: managing the asset to maximize cash flows: that is optimizing the asset through Premium

Operation ) This is, not the primary source of value for shareholders in concessions won under competition

Risks

Disc.Rate

CONSTRUCTION

Design & ConstructionCost environmental, RoW

Traffic / RevenueInitial traffic, ramp up, long

term variationsFinancial Closing

Operation MaintenanceInterest Rates

10% - 15%

RAMP-UP

--

Traffic / RevenueRamp up, long term variations

RefinancingOperation Maintenance

Interest Rates

8% - 13%

GROWTH / MATURITY

--

Traffic / RevenueLong term variations

-Operation Maintenance

-

4% - 8%

RISK

CONCESSION TERM

Sources: Cintra Infraestructures, S.E.

C. CMD 2017: Highway Concession Business Value CreationHow do sponsors create value?

52

VALU

E*

* NPV of remaining cash flowCONCESSION TERM

186

812

1,058

1,426

1,662

1,702

1,296

Yr 0@14.5%

Const. end@12%

Yr 10@7.5%

Yr 15@7%

Yr 20@6%

Yr 25@5.5%

Yr 30@5%

Yr 40@4%

Yr 47

THE ROLLING FORWARD EFFECT: progressive increase of value as we get closer to back ended cash flows

Sources: Cintra Infraestructures, S.E.

VALUE CREATION: DERISKING & ROLLING FORWARD

€100M invested in one of our ML’s

C. CMD 2017: Highway Concession Business Value CreationHow do sponsors create value?

53

Income Statement Revenues

EBITDA

Operating Indicators

€ million

FY16 FY15 Var % LfLConstruction 4,194 4,287 -2.2% -2.7%

Airports 4 8 -49.9% -68.6%

Toll Roads 486 513 -5.3% 24.8%

Services 6,078 4,897 24.1% 2.8%

Other -4 -6 n.a. n.a.

Total 10,759 9,701 10.9% 1.2%

FY16 FY15 Var % LfLConstruction 342 393 -13.1% -12.8%

Airports -18 -13 -45.7% -54.7%

Toll Roads 297 333 -10.8% 24.9%

Services 325 312 4.2% -12.9%

Other -2 1 n.a. n.a.

Total 944 1,027 -8.1% -4.0%

FY16 2015 Var %Construction Backlog 9,088 8,731 4.1%

Services Backlog inc.JVs 24,431 22,800 7.2%

Traffic evolution FY16 FY15 Var % ETR 407 (Kms 000) 2,640,770 2,517,214 4.9%

NTE (IMD) 30,485 25,553 19.3%

LBJ (IMD) 31,582 12,861 145.6%

Ausol I (IMD) 14,637 13,165 11.2%

Heathrow (Mn pax) 75.7 75.0 1.0%

AGS (Mn pax) 14.4 14.0 2.8%

FY16 FY15 Var % LfL

Revenues 10,759 9,701 10.9% 1.2%

EBITDA 944 1,027 -8.1% -4.0%

EBITDA margin 8.8% 10.6%

Period depreciation 342 256

EBIT 602 770 -21.9% -9.7%

EBIT margin 5.6% 7.9%

Disposals & Impairments 324 131

Financial results -391 -637

Equity-accounted affiliates 82 312

EBT 617 577

Corporate income tax -233 54

CONSOLIDATED NET INCOME 383 631

Discontinued operations 0 0

Minorities -7 89

NET INCOME ATTRIBUTED 376 720 -47.7%

D. Historical dataFY16 Results

54

Operating CF ex-infra projects (before tax.)

EBITDA & Margins

• Net cash at parent company

• Net debt at infra projects level (non recourse to parent company)

Revenues

Net debt

OCF ex-infra ND

-6,595 -7,015 -7,862 -6,057-4,963

1,489 1,663 1,632 1,514 697

2012 2013 2014 2015 2016

N. CASH EX-INFRA

INFRA PROJ.

7.686 8.166 8.8029.701 10.759

38% 32% 31% 28% 24%

62% 68% 69% 72% 76%

2012 2013 2014 2015 2016

Dom estic International

927 934 983 1,027 944

12.1%11.4%

11.2%10.6%

8.8%

7 .0 %

8 .0 %

9 .0 %

1 0. 0%

1 1. 0%

1 2. 0%

0

2 00

4 00

6 00

8 00

1 ,0 00

1 ,2 00

2012 2013 2014 2015 2016

EBITDA Margin

-16 -27 -58 -70 -69

365 461 596399 424

591663 538

560 640

2012 2013 2014 2015 2016

Op. CF (Construction& Services)

Dividens from infra(Toll roads & Airports)

Holding & Others

Op. CF:Construction 100 304 236 272 245Services 491 359 302 289 395

Dividends:Toll Roads 220 242 255 267 290Airports 145 219 341 132 134

Holding & Others -16 -27 -58 -70 -69

939 1,097 1,076 889 995 -5,106 -5,352 -6,230 -4,542 -4,266

D. Historical dataHistoric consolidated figures: 2012-2016

€ million

55

2016

2016

Operating & investment CF (ex-projects)

Backlog

Revenues

EBITDA & Margins

100

304236

272245

2012 2013 2014 2015 2016

4.326 4.064 3.942 4.287 4.194

53% 56% 54% 56% 53%

33%27% 29% 29% 30%

14%17% 17%

15% 17%

2012 2013 2014 2015 2016

*F.Agroma n Budimex Webber

337 343 349393

342

7,8%8,4% 8,8% 9,2%

8,1%

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

2012 2013 2014 2015 2016

EBITDAMargin

17% 83%Dom estic

International

OCF ex-infra(before tax)

EBITDA Margin

*F.Agroman 11,1% 11,9% 11,1% 9,8% 8,4%

Budimex 4,0% 4,1% 4,8% 5,6% 8,7%

Webber 3,9% 3,9% 8,7% 13,8% 6,2% 2016

8.6997.867 8.091 8.731 9.088

71% 73% 71%67% 66%

14% 13% 18% 23% 22%15%

14% 11%11% 12%

2012 2013 2014 2015 2016

*F.Agroma n Budimex Webber

*”Ferrovial Agroman” unit was created in 2013, previously, “Other markets” was the relevant unit.

EBITDA ex-project 324 329 335 380 329Working Capital & others -223 -25 -99 -109 -87

Operating Cash Flow (b. tax.) 100 304 236 272 245Investment Cash Flow -26 25 -32 -30 -74

5% 18% 81%ResidentialIndustrial ~ & OtherCivil work

17% 83% Dom esticInternational

D. Historical dataConstruction figures: 2012-2016

€ million

56

Operating & investment CF (ex-projects)

Backlog with JV’s

Revenues

EBITDA & Margins

2016

491359

302289

395

2012 2013 2014 2015 2016

2,9513,656

4,4014,897

6,078

49% 39% 36% 34% 29%

51% 59% 62%63%

45%

24%

2012 2013 2014 2015 2016

Spain UK Broadspect rum International

314 322387

312 325

10.6%8.8% 8.8%

6.4%5.4%

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

2012 2013 2014 2015 2016

EBITDAMargin 12,784

17,74922,369 22,800 24,431

50% 56%63% 68%

72%44%

36%

30% 27%24%

25%

2012 2013 2014 2015 2016

UK España Broadspectrum Internac ional

Services backlog includes JV’s from 2014 to 2015.

34% 66% Dom estic

International

OCF ex-infra(before tax)

EBITDA ex-project 273 264 321 237 241Dividends received 22 28 19 78 49

Working Capital & others 195 67 -38 -27 106

Operating Cash Flow (b. tax.) 491 359 302 289 395Investment Cash Flow -108 -528 -92 -207 -658

EBITDA Margin

España 13.4% 12.4% 10.7% 10.7% 10.7%

UK 7.9% 6.3% 7.7% 3.9% 1.5%

D. Historical dataServices figures: 2012-2016

€ million

57

1,894 km

27 concessions

10 countries

(Km’s)

Dividends received Managed Investment

Concession lengthYears to maturity

198 217 224 242 244

2225 31 25 46220

242 255 267290

2012 2013 2014 2015 2016

407-ETR Others

44%

21%

8%

7%

13%

7%

USA

Canada

Spain

UK & Ireland

Rest od Europe

Rest of World

81

44 4429

19 13 14 16

407-

ETR

NTE

LBJ

Auso

l I

Aute

ma

Alga

rve

Nort

e-Li

tora

l

M4

108

21 27

83

48

130 119

36

407-

ETR

NTE

LBJ

Auso

l I

Aute

ma

Alga

rve

Nort

e-Li

tora

l

M4

Years

D. Historical dataToll roads figures: 2012-2016

€ million

58

mn €Dividends received from airports

Heathrow (25% stake)

2 runways183 destinations82 Countries80 Airlines

*AGS (50% stake)

AberdeenGlasgowSouthampton

Traffic mn passengers HAH EBITDA (mn £)

Heathrow shareholdersPortfolio Heathrow

*Ferrovial increased its stake in AGS from 25% (held through HAH) to 50% in 2014.

Capital expenditure (mn £)

Ferrovial Qatar Brittania GIC CICAlinda USS

95 96

38 38

145

219

341

132 134

2012 2013 2014 2015 2016

AGS

HA H

1,1411,283

853

627674

2012 2013 2014 2015 2016

1.3551.441 1.541 1.608

1.683

2012 2013 2014 2015 2016

25% 20% 12.6% 11.2% 11.2% 10% 10%

2012 2013 2014 2015 2016

Heathrow 70.0 72.3 73.4 75.0 75.7AGS 12.3 12.6 13.3 14.0 14.4

Glasgow 7.2 7.4 7.7 8.7 9.4

Aberdeen 3.4 3.5 3.8 3.5 3.1

Southampton 1.7 1.7 1.8 1.8 2.0

D. Historical dataAirports figures: 2012-2016

59

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.