The period for subscribing to the Public Offering of Exchange for 6.68% of Ferrovial Agromán is now open

The Ferrovial Group launches a Public Offering of Exchange for 6.68% of Ferrovial Agromán

The shareholders of the construction firm, who choose to do so, will be able to direct their investment towards Grupo Ferrovial, a more liquid stock with a presence in a greater range of businesses

The authorization from the Comisión Nacional de Valores (CNMV) for the Grupo Ferrovials Public Offering of Exchange for 6.68% of Ferrovial Agromán and the publication of the official announcement see the start of the subscription period for those shareholders of Ferrovial Agromán who wish to subscribe to the offering, a period which will run from 27 October to 27 November, both inclusive.

The Public Offering of Exchange is directed at the acquisition of 15,898,899 shares, representing 6.68% of the construction firms share capital. Grupo Ferrovial owns a direct and indirect holding of 93.32% of Ferrovial Agromán, which implies that the Offering will only be directed at the remaining 6.68% of the construction firm.

The shareholders subscribing to the Offering will receive newly issued Grupo Ferrovial shares. The swap equation is of 5 new Grupo Ferrovial shares for every 12 Ferrovial Agromán shares.

Grupo Ferrovial has reached an agreement with Banco Santander de Negocios whereby the latter will acquire in cash from all Ferrovial Agromán shareholders subscribing to the Offering, the shares or odd amounts of shares ("oddments") which exceed a multiple of 2.4 (agreed swap equation) and those which fail to reach this figure.

Advantages of integration in Grupo Ferrovial

The Offering enables the shareholders of Ferrovial Agromán, which only engages in construction businesses, to replace their investment with an investment in Grupo Ferrovial, which has a strong presence in other areas of business, such as infrastructure concessions, real estate development, services and telecommunications.

Thus, investing in the groups controlling company implies having a share in the profits of all the businesses conducted by Grupo Ferrovial and not only in the activities related to construction, which are concentrated at Ferrovial Agromán. Moreover, the Grupo Ferrovial shares which trade on the Ibex 35- have greater trading capacity in the stock market, which implies that the liquidity of the shareholders investment also increases.

The new shares to be delivered to the Ferrovial Agromán shareholders subscribing to the Offering, will have economic rights as from 1 January 1999.

Information for Ferrovial Agromán shareholders

The Prospectus for the Offering, together with the documents accompanying it, will be at the disposal of the shareholders of Ferrovial Agromán as from tomorrow, at the Stock Exchange Councils in Madrid, Barcelona, Bilbao and Valencia; in the public records of the Comisión Nacional del Mercado de Valores (CNMV); at the registered offices of Grupo Ferrovial; at Grupo Ferrovials Shareholder Attention Center; the registered offices of Ferrovial Agromán and the registered offices of Banco Santander de Negocios.