Rafael del Pino, Chairman of Ferrovial, announces he is to leave the Ferrovial Group

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He will propose to the Board of Directors the appointment of Rafael del Pino y Calvo-Sotelo as the new Chairman At the Ferrovial Group´s Ordinary General Shareholders´ Meeting held today, Rafael del Pino, the Chairman of Ferrovial, announced that he intends to resign from his current post within the next three months and that he will suggest to the Board of Directors that Rafael del Pino Calvo-Sotelo, currently Executive Deputy Chairman be appointed as the new Chairman of the Group. The retirement of Rafael del Pino y Moreno will be accompanied by the resignation of present Board members Mr.Claudio Boada Vilallonga and Mr. José Mª López de Letona. Speaking at the end of the Meeting, Rafael del Pino y Moreno said, "Before closing the session, I must tell you something out of politeness towards you, our shareholders and partners. I have been working here since 1952 and, after a great deal of thought, I believe it is time to move on. I have been offered work elsewhere and I would like to take advantage of it before it is too late, if you understand my meaning". He added that "in the past few years and especially in 1999, as I said before, we have been preparing for this, which is something that has to happen. The company currently has modern governing bodies. Indeed, you will remember the Board´s Code of Conduct, which we drew up with the extraordinarily helpful assistance of Mr. López de Letona, a member of the so-called Olivencia Committee, created to change and modernize the actions of the governing bodies of public limited companies in Spain". "Ferrovial´s Board of Directors works very well, as we saw in 1999. The Board´s Committees also work well and, thus, I intend to present my resignation to the Board within the next three months, in order to be able to accept the other work I mentioned earlier. Mr. Boada and Mr. López de Letona, one a little older and the other a little younger than myself, also wish to do the same and would like to devote their time to other things", he went on. "It is the obligation of the person who is leaving to ensure that succession is suitably verified", he said. "I have decided to propose or suggest the appointment of a new Chairman when I present my resignation to the Board. Allow me to say what I think: over the years that he has been a senior executive, the present Deputy Chairman of the company has shown his capacity and his ability to take the company to the levels it is at today. And, as he is not as old as me, he still has plenty of time to continue to exercise his proven capacity for leading the firm. Thus, when I leave, I propose to suggest to the Board that it appoint Mr. Rafael del Pino y Calvo-Sotelo here as Chairman. He will have helpers: to start with, Company Director Santiago Bergareche; Company Director José María Pérez Tremps, and all the present and future members of the Management Committee. I am sure that the company will be in good hands. This is not a goodbye, because next year I will be with you, not behind this table, but sitting amongst you. Thus, ladies and gentlemen, many thanks for your attention and until next year".


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