Stock options

The following table shows the number of stock options owned by the Executive Directors of the Company at 31 December 2007, allocated in application of the two remuneration plans approved in 2004 and 2006, further details of which are given in subsequent sections.

The number of stock options owned by the Executive Directors of the Company

Stock Options Plan (2004)

The first of these plans was approved by the Shareholders' Meeting on 26 March 2004 and consists of granting purchase options on Grupo Ferrovial, S.A. shares, which can only be exercised between three and six years after granting, so they cannot be exercised until 2007. This right is conditional upon attainment of a minimum rate of return on consolidated equity. Each option corresponds to one share.

In order to determine the price for exercising the option, the value of the Company shares that is taken as a reference is the listed price, this understood as being the arithmetical average of the average weighted changes in the twenty stock market sessions  prior to the date on which the options were granted. The amount was established at €33.65.

The system carries with it a premium of one (1) euro per share, to be paid by the beneficiary.

In order to offset future appreciation in the Company's share value, a hedge was arranged with a financial institution.

The Spanish Securities and Investments Board was informed of this system and the individual allocations on 26 and 31 March and 7 May 2004.

Stock Options Plan (2006)

On 31 March 2006, the Shareholders' Meeting approved the application of a remuneration system consisting of a Stock Options Plan applicable to Executive Directors and to members of Senior Management, in practically identical terms to those of the Options Plan approved in 2004, as described in the above section.

The system consists of granting purchase options on Grupo Ferrovial, S.A. shares, which can only be exercised between three and six years after granting, so they cannot be exercised until 2009. This right is conditional upon attainment of a minimum rate of return on consolidated equity. Each option corresponds to one share.

In order to determine the price for exercising the option, the value of the Company shares that is taken as a reference is the listed price, this understood as being the arithmetical average of the average weighted changes in the twenty stock market sessions prior to the date on which the options were granted. The amount was established at €65.92.

The system carries with it a premium of two (2) euros per share, to be paid by the beneficiary.

In order to offset future appreciation in the Company's share value, the appropriate hedge was also arranged with a financial institution.

The Spanish Securities and Investments Board was informed of this system and the individual allocations on 31 March; 10 and 12 May and 3 November 2006.