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Tax exemption for capital gains obtained by BAA on the sale of assets


Published on 02/03/2009

Madrid, 3 February 2009. In connection with a report in the media today regarding the tax exemption for capital gains obtained by BAA on the sale of assets, Ferrovial confirms, at the request of the CNMV, that the aforementioned exemption, established by United Kingdom 2002 Finance Act by the incorporation of Schedule 7AC to the Taxation of Chargeable Gains Act 1992 (TCGA1992), is applicable to the sale of assets by BAA subject to fulfilment of the requirements established by that legislation.

In short, the requirements are that the seller or the group to which it belongs must have held not less than 10% of the asset for the preceding 12 months, and that the entity being sold or the group to which it belongs must engage in “trading activities” and continue to engage in such an activity after the sale. The Ferrovial Group and BAA obtained confirmation of the application of this system in September 2007 on the occasion of the sale by BAA of its stakes in the Australian airports.

Moreover, that same exemption was applied in 2008 to the sale of World Duty Free. Although that confirmation referred to a specific asset disposal, the terms in which it was received suggest that, until such time as the system is modified, any disposal that fulfils the aforementioned requirements will qualify for the exemption.

This is understood to be the case with the future disposal of assets through which trading activities are carried on, such as Gatwick airport, which is in the process of being divested, and any other transactions that take place in the future.

Madrid, 3 February 2009.
José María Pérez. Tremps Director and Secretary of GRUPO FERROVIAL, S.A.

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