Ferrovial N.v. · BME:FER

Ferrovial — Investor Presentation (September 2015)

36 slides from Ferrovial's investor presentation, September 2015

  1. Slide 1: Investing for Growth

    Investing for Growth

  2. Slide 2: Human Resources Environment

    Human Resources Environment FY2014 figures 69,088 70% Workforce 30% MALE _».s & % 433 —e" AVERAGE AGE : — 89 —s YEARS OF SENIORITY a 95 77% + PERMANENT CONTRACT — 81% 85% —) MANAGEMENT p— 15% Reduction of greenhouse gas emissions 2.9% — ROTATION INDEX - 0.6% 2009 - 2014 67% —e. NEW RECRUITMENTS. s—

  3. Slide 3: Ferrovial Overview & Strategy

    Ferrovial Overview & Strategy 3

  4. Slide 4: What is Ferrovial?

    What is Ferrovial? DESIGN & CONSTRUCTION MAINTENANCE Construction Services ferrovial webber ferrovial y ' " . cadaqua servicios W cespa 2 ‘ budimex EX-INFRASTRUCTURE PROJECTS INFRASTRUCTURE PROJECTS ax cintca. Toll roads Airports — ferrovial ; 1 i ' ' ' ' aeropuertos ' ' ' ' c = Norte Litoral Expres

  5. Slide 5: 1. Cash Flow Generation

    1. Cash Flow Generation € million €349mn EBITDA from Construction <387mn EBITDA from Services ferrovial PARENT COMPANY 60% Institutional & Retail Investors 40% Founder’s family members (Chairman controls 20%) €341mn Dividends from Airports <255mn Dividends from Toll roads | EX-INFRASTRUCTURE PROJECT

  6. Slide 6: Construction, Service, Toll Roads, Airports mix

    21% Construction 31% Service 26% Toll Roads 22% Airports 6

  7. Slide 7: 2. Profitable growth. Solid Financial Situation

    2. Profitable growth. Solid Financial Situation € million 1H’15 figures EX-INFRASTRUCTURE PROJECTS Net debt evolution ex-infrastructure projects “mm 1,484 1,663 1,632 1,450 907 1,172 1,987 1,547 3,064 BE 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H’15 PARENT COMPANY ___ INFRASTRUCTURE PROJECTS __

  8. Slide 8: 3. Shareholder remuneration

    3. Shareholder remuneration (cr criteria) € per share Scrip Dividend 2014 Scrip dividend eq. to 2013 complementary (Jul’14) 0.291 Scrip dividend eq. to 2014 interim (Nov’l4) 0.381 TOTAL paid in 2014 0.672 2015 Scrip dividend eq.to 2014 complementary (May’15) 0.304 Scrip dividend eq. to 2015 interim

  9. Slide 9:     • • • • • •  • • •

        • • • • • •  • • • •  •  • • •   •  • • • • • • • • 9

  10. Slide 10:   • •  •  • •  • •  •

      • •  •  • •  • •  • •  242 255 220 159 120 2011 2012 2013 2014 1H'15 10

  11. Slide 11: Segment 1 Segment 2 Segment 1

         Segment 1 Segment 2 Segment 1 Segment 2 11

  12. Slide 12: Services: Backlog continues to reach new record highs

    12 Services: Backlog continues to reach new record highs € million 1H’15 figures Strong revenue growth LfL 1H’15 % Spain +6.1%, UK +1.8% & International +30.9% Revenues 2,380 +12% Accounting margins in line with 1H’14 at 7.5% EBITDA 178 +12% New all-time high backlog EBITDA % 15% ~ * €23,810mn (Incl

  13. Slide 13: Construction: +22% in international revenues

    Construction: +22% in international revenues € million 1H’15 figures = International represents 78% of total revenues 1H’15 % . . 5 Strong performance of international revenues (+21.8%) Revenues 2,105 17% = Improved profitability EBITDA 197 429% Driven by end of projects & strong Budimex margins (5.

  14. Slide 14: Heathrow: New record number of passengers

    Heathrow: New record number of passengers Equity method, Ferrovial stake 25% 1H’15 figures = Strong intercontinental traffic growth Heathrow passenger traffic (1H15 vs 1H14) * North America: increased frequencies Europe * Middle East with increased flights & larger aircrafts =i 353 UK ~~ P . , 14.7m

  15. Slide 15: Best ever passenger service levels

    Best ever passenger service levels Quarterly passenger satisfaction Q4 2006 - H12015 3.60 3.40 ASQ scbre (out of 5) 3.20 Q4-GB-QF+-Q2-Ge- G8 -Gri-OF-TP-KF-N4-N2-124-T2-194- 2-H -f === Heathrow European top quartile European average Departures within 15 minutes of schedule 7am 81% 80% — all a | . 201

  16. Slide 16: Thank you

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

  17. Slide 17: Appendix: Introduction to 407ETR Toll road

    17 » Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads ferrovial

  18. Slide 18: Location

    Location Area of expansion <. Dich . Markbg@rr, Pickering) Last extension Ring road of Toronto 108 km (07 a Hamilton = C sby - ear St) Catharines {gpg ferrovial

  19. Slide 19: ETR

    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

  20. Slide 20: ETR

    Fast 407 ETR Safe Reliable TRAFFIC Alternatives routes are highly congested 20

  21. Slide 21: Cash flow and valuation overview

    Cash flow and valuation overview Cash Generation Valuation (1999-1H’15) 407ETR (100%) € million € million Initial equity investment (62%) (326mn) ay ° ™ 100% pay-back | 13962 Dividends (00 - 1H’15) 1,391mn in first 10 years (am) 10% disposal 640mn > NET CASH IN 1,705mn Valuation x24 525 as 1999 1H'1

  22. Slide 22: Financial overview (SCAD million)

    Financial overview (SCAD million) 888 CAGR: 8.7% 420 83 years to maturity 2005 2014 OPEX CAGR: 4.3% = 104 100% pay-back in first 10 years 2005 2014 EBITDA CAGR: 9.8% 736 Free-tariff revision 83% 83% 83% 2% = 8% CAGR 02-15* 2005 2014 22 * Tariff increase for light Vehicles in Peak hours regular zone

  23. Slide 23: Appendix: Managed Lanes Toll roads

    23 » Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads ferrovial

  24. Slide 24: Managed Lanes

    Managed Lanes New assets landmark “Express Tollway within an Existing Highway” Free Tolled Lanes Free Lanes Speed >5Omph Lanes A solution to congestion on “existing urban corridors” ------- ee ee by means of —— Active management of “newly added capacity” through tolling 24 ferrovial

  25. Slide 25: Level of demand

    Level of demand NTE (untolled) 407ETR (tolled) “~ Peak period Westbound Eastbound 00.00 200 400 600 600 1000 1200 14.00 1600 1800 20.00 2.00 24.00 12.00 200 400 600 800 10.00 1200 200 400 600 800 10.00 12,00 Time of the day Time of the day 25 ferrovial

  26. Slide 26: Travel Time Variability

    Travel Time Variability 70 60 50 40 30 20 10 0 NB AM NB MD NB PM SB AM SB MD SB PM FF Travel Mean • • • 26

  27. Slide 27: Dallas and Fort Worth Regional Map

    27 Dallas and Fort Worth Regional Map Managed Lanes regional map ~ Southlakem W. Dallas/Ft Worth Int'l Airport ferrovial

  28. Slide 28: Toll Rate

    Toll Rate Toll Rate Cap 0.8 0.75 4 c/mi Demand threshold 3300 pce/h 2-lane sections Speed Speed Threshold 50 mi/h Demand 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 28

  29. Slide 29: ● ● 57% 33% 10% ● ● ● 21% 52% 27%

    ● ● 57% 33% 10% ● ● ● 21% 52% 27% 29

  30. Slide 30: Managed Lanes: Lyndon B Johnson

    Managed Lanes Lyndon B Johnson Opened to traffic on September 102015, 3 months ahead of schedule e i 4 = —— top 3, Laat f * é RE. we * <i ia) ona % anes Se are a crm : Hise as 2 pane DESCRIPTION: LENGTH: CONCESSION PERIOD: TARIFF POLICY: Key characteristics IH 635 (Dallas County), the most populous

  31. Slide 31: ● 50% 14% 10% ● ● ● ● 32% 59% 9% ●

    ● 50% 14% 10% ● ● ● ● 32% 59% 9% ● 31

  32. Slide 32: Managed Lanes Financial Overview

    Managed Lanes Financial Overview Figures in US Dollars Total Investment: Private Equity: Meridiam: DPFPS: APG: Total Debt: PABs: TIFIA: Public Funds: 32 North Tarrant EXPRESS rr ¢ 2.10 bn 21% 427m 141 m (33%) 43 m (10%) 1,102m 398 m 704m 573m First combination of TIFIA and tax exempt PABs. First pri

  33. Slide 33: Ferrovial today: 1H'15 Results

    33 > Ferrovial today: 1H’15 Results ferrovial

  34. Slide 34: 1H'15 Results

    1H’15 Results € million Income Statement Revenues Revenues EBITDA EBITDA margin Period depreciation EBIT EBIT margin Disposals & Impairments Financial results Equity-accounted affiliates EBT Corporate income tax CONSOLIDATED NET INCOME Discontinued operations Minorities NET INCOME ATTRIBUTED 34 1H’1

  35. Slide 35: Diversified portfolio

    Diversified portfolio 1H’15 figures Infrastructure Projects € million Ex - Infrastructure Projects Services Construction Non Capital Intensive PROFIT GENERATION CASH GENERATION Fully consolidated Method €538Mn -2% 31% 37% 33% EBITDA Toll Roads Airports Capital Intensive LONG DURATION LONG TERM VALUE

  36. Slide 36: Disclaimer

    Disclaimer 36 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 regar

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