Annual Report 2001 SHARE PERFORMANCE The year 2001 closed with an 8% drop in the IBEX-35, the smallest decline among the euro-zone stock exchanges, in which decreases of nearly 20% were recorded. The year was marked by high volatility, a sluggish  U.S.  economy  aggravated  by  the  September  11  attacks,  and  the  rapid  reaction  of  monetary authorities, with sharp cuts in interest rates. Also, many profit projections were revised downwards during the year. In this scenario, Ferrovial shares closed the year 45% up, the highest appreciation among construction companies (sector index +26%) and the third-best-performing IBEX-35 security. Defined as a safe haven stock  by  analysts  and  investors  due  to  the  visibility  of  its  generation  of  income, the  shares  were  also backed by the renewed interest in concession projects. The alliance with the Macquarie Infrastructure Group (MIG), announced at the beginning of September, provided considerable support for the valuation of the concessions backlog and a strong boost to the share price, which shot past the €20 barrier.The September 11 attacks curtailed this upward trend, although the price recovered subsequently to reach the high for the year (€22) in December. Corrections in the last few market sessions of the year took the market price at year-end to €19.69. 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% +44.8% +26% -7.6% Ferrovial       Ibex       Industry Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec