In its February 24th meeting, the Board of Directors of Grupo Ferrovial resolved to present a proposal to its next General Shareholders Meeting involving a reduction of capital stock through the amortization of own shares. The proposal is aimed at 1.31% of the capital stock held by Grupo Ferrovial as treasury stock and representing a total of 1,867,404 shares. These shares were purchased before 1999, when they were not listed in the stock exchanges, and are registered in the companys accounts at a very low cost compared to their present value. Increase of Value and Profit per Share Grupo Ferrovial believes that the best procedure for transferring the value of this portion of treasury stock to all shareholders is its amortization, since it will represent an increase of relative value and distributable profit among the existing outstanding shares. In this way, earnings per share will increase and, therefore, shareholder value will be maximized. On the other hand, the decision of buying own shares, taken by the Board of Directors of Grupo Ferrovial on January 26th, is still applicable. Once the old treasury stock is amortized (representing 1.31% of the capital stock of the Group), Ferrovial may carry out other share purchase transactions involving up to 5% of the companys capital stock.