Published on 07/27/2004

In compliance with the provisions of Article 82 of the Securities Market Law (Ley del Mercado de Valores), GRUPO FERROVIAL, S.A. hereby notifies the Comisión Nacional del Mercado de Valores of the following:

SIGNIFICANT INFORMATION

Grupo Ferrovial, S.A. has reached an agreement with Aquagest Promoción Técnica y Financiera de Abastecimientos de Agua, S.A., owned by Grupo Agbar, to sell all the shares representing the capital of subsidiary Helguina, S.A., which holds all of Grupo Ferrovial´s full-cycle water management concessions.

The deal amounts to €43.3 million and is conditional upon approval by the Spanish Competition Authorities.

Helguina, S.A operates a total of fourteen concessions in various municipalities.

Madrid, 27 July 2004

José María Pérez Tremps. Director and General Secretary of Grupo Ferrovial, S.A.