(Ferrovial) Analyst Recommendations

Legal Notice

Ferrovial is covered by the analysts whose reports are listed below. Please note that any opinion, estimate or projection relating to Ferrovial made by those analysts are theirs alone and do not represent the opinions, estimates or projections of Ferrovial or its management. Ferrovial accepts no liability for such information or for the

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Entity	Opinion	Target price	Date	Report
SCH	Outperform	12.9	February 2012
Morgan Stanley	Outperform	10.5	February 2012
Deutsche Bank	Outperform	12.0	January 2012
Credit Suisse	Outperform	14.5	January 2012
RBS	Neutral	10.0	January 2012
Banesto	Outperform	10.4	January 2012
UBS	Outperform	11.1	December 2011
BBVA	Outperform	12.0	November 2011
Ahorro corporación	Outperform	12.8	November 2011
La Caixa	Outperform	12.1	November 2011
RBC	Outperform	12.3	November 2011
Kepler Equities	Outperform	11.6	November 2011
Societe Generale	Outperform	11.1	November 2011
N+1	Outperform	13.3	November 2011
Fidentiis	Outperform	13.2	October 2011
Sabadell	Outperform	12.3	October 2011
Macquarie	Outperform	12.0	October 2011
BPI	Outperform	11.8	October 2011
Bankia	Outperform	12.5	October 2011
BNP	Underperform	8.7	October 2011
Espirito Santo	Outperform	11.0	October 2011
JB	Outperform	12.3	May 2011
Citigroup	Outperform	11.0	April 2011
Cheuvreux	Outperform	10.5	March 2011