Letter to shareholders Annual Report 2001 Dear shareholder: In 2001, Ferrovial once again increased in size and profitability. Net profit rose by 37% to €218 million, boosting earnings per share to  €1.56. This achievement is due not only to good  performance  in  the  markets  where  we  operate  but  also  to  judicious  investments made in previous years and to our strict culture of cost-control and efficiency. The share also had an excellent year, gaining 44%, and it was one of the star performers in the Ibex-35 index. As a result, we are now one of Europe's largest construction groups in terms of market capitalization, in addition to our prominent ranking in terms of revenues and earnings. Ferrovial celebrates its 50th anniversary in 2002. As well as acknowledging the efforts of all the  people  who  have  come  before  us,  I  would  like  to  highlight  four  events  which  have shaped Ferrovial's recent history: the acquisition of Agromán in 1995 and the subsequent integration of Ferrovial's and Agromán's construction businesses;  the concession for 407 Express Toll Route in Toronto; our initial public offering in the same year; and our alliance with Australian group Macquarie. The latter transaction was, without doubt, the most important event in 2001 and it gave visibility to our concession business by valuing it at €2.3 billion, provided €816 million in cash and placed us in a privileged position from which to grow in the area of privately- financed  infrastructure  development  due  to  our  partners'  quality  and  Cintra's  renewed investment capacity. In 2001, all our businesses raised their key figures significantly.We consolidated our position as Spain's leading construction company, with a backlog totaling €5.6 billion at year-end, and we made progress in consolidating and improving management methods at Budimex, which we expect to become a source of earnings growth in the years to come. In  the  concessions  area,  the  extension  of  the  407ETR  was  opened  to  traffic,  we  were awarded a second toll road concession in Portugal, and the financing of the construction projects in Chile was completed successfully, all of which enhances our position as one of the world leaders in this sector.