1. Ferrovial
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YEAR 2000 ISSUE

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Published on 07/15/1999

In relation with the technological adjustment to the year 2000, GRUPO FERROVIAL, S.A. initiated in 1996 an extensive action program with the goal of analyzing the magnitude of the problem and setting forth different strategies to overcome this situation.

As a result of the initial analysis of the information systems, a joint impact analysis and systems adaptation strategy was adopted with the goal of introducing the Euro and being Year 2000 compliant. The whole process of adaptation required the acquisition of specialized tools to perform the impact analysis and the involvement of various consulting companies in the implementation, counseling and auditing of these projects.

A total of 25,237 programs with 6,058,000 code lines were analyzed and the estimated cost of the project is Pta 321 million. These costs are included in the ordinary budgets of the different Group companies since they are treated either as maintenance of equipment and operating systems or as new investment in renewing or improving installations.

In accordance with the agreed plans, as of December 31, 1998, the Group was 75% Year-2000 compliant; this percentage will reach 90% in the first quarter of 1999 and 100% in September 1999.

In conclusion, the Group is aware of the “Year 2000 Issue”, it has a plan to deal with it and has implemented the actions required to minimize risks of impairment of its business activities.

This information is included in Grupo Ferrovial, S.A. Public Offering Prospectus, verified by the CNMV (Spanish Securities and Exchange Commission) on April 15th 1999, and was also included as a note to the financial statements of the company for the year 1998, approved by the Shareholders Meeting on March 23rd 1999.

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