Clarification of the January-March 2006 earnings report

Further to recent press speculation following the publication yesterday by Grupo Ferrovial, S.A. (“Ferrovial”) of its earnings presentation (January-March 2006), Ferrovial wishes to clarify that, since the formal offer announcement by Airport Development and Investment Limited (“ADI”) on 7 April 2006, it has not given any indication as to whether or not ADI would be willing to increase its offer to acquire the entire issued and to be issued share capital of BAA plc (“BAA”) by a small increment in return for BAA agreeing to grant limited due diligence access and recommending ADI’s offer.

• Statement by Ferrovial in relation to BAA (PDF)