Ferrovial

Investor Presentation • Mar 18, 2024

IRB Infrastructure Trust Transaction

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March 18, 2024

T I O N A L E

R A

T R A N S A C

T I O N

G R O

P R I C

E

ACQUISITION OF A 24% STAKE IN IRB INFRASTRUCTURE TRUST FOR €740 MILLION

W T H

Balanced risk/reward with immediate value creation

Capture future growth in India with direct exposure to new projects

Better alignment of interests to leverage our complementary strengths

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2

CO MPLETES FERROVIAL'S INVESTMENT IN THE INDIAN MAR KET R EACHING ITS INTERNAL TARGET SIZE

I O N

T H

E

P R I C E

3

Sound performance and fruitful partnership TRACK RECORD IN INDIA AFTER 2 YEARS

• (2) IRB Infrastructure Developers.
• (3) Issuance on March 11, 2024. Fitch BB+/Stable (Feb-24).
• (4) Sustainalytics scoring: 33.5 in 2023 (1st position in its sector construction and engineering).

Note: TOT: Toll Operate Transfer. BOT: Build Operate Transfer.

O W T H

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C E

IRB INFRASTRUCTURE TRUST AT A GLANCE

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Transaction structure and highlights

R A T I O N A L

(1) The transaction includes the acquisition of the same % in MMK (Investment Manager of IRB Infra Trust).

(2) 1 BOT + 3 TOT + Ganga Expressway BOT (to be transferred to IRB Infra Trust in the immediate term).

(3) Average Lane/Km-weighted contractual remaining life. I O N

INDIA MARKET, UNIQUE TOLL ROAD PIPELINE

Great prospects with a great player

R A T I O N A L E

T H

PRICE STRUCTURE AND VALUE CREATION Growth has been priced at book value

Price structure allows us to start creating value immediately

Price is built by two different tranches:

• »10 original assets(2) at Fair Market Value
• »5 new assets(2) at book value

(1) As of April 30, 2024. €706M upfront payment (including TOT 12 & TOT 13) and €34M in equity commitments over the next two years(2)See ANNEX for details.

Closing

• » Acquisition with balanced risk/reward and immediate value creation
• » We are now better positioned to capture growth from a substantial pipeline
• » We complete our acquisitions in IRB platform, aligning partners' interests towards growth

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C T I O N

P R I C E

10A N N E X

IRB INFRA TRUST – PRIVATE INVIT

R A T I O N A L E

Portfolio of 12 BOT and 3 TOT toll road concessions

As set #	Pro Na j ect me	Gra nto r	( ) Le h Km t ng s	La Km ne	Re ini ma ng Co Li fe ion nc ess	Ty p e
1	Go / Ka ka Bo de Ku da ta r to a rna r n p ur	Ce l Gv ntr t a	1 9 0	7 5 8	2 4 y ea rs	B O T
2	Ye de h Au ba d i to s ran g a	Ce l Gv ntr t a	1 8 9	7 5 6	2 3 y ea rs	B O T
3	So lap Ye de h i to ur s	Ce l Gv ntr t a	9 9	3 9 5	2 2 y ea rs	B O T
4	Ag Eta h By ra- wa p ass	Ce l Gv ntr t a	1 2 5	7 4 7	2 1 y ea rs	B O T
5	Gu la bp C h h itto ura g ar	Ce l Gv ntr t a	1 2 5	7 4 9	1 6 y ea rs	B O T	10 Original assets
6	da ha U Ra ip j to ast ur n	Ce l Gv ntr t a	1 1 4	8 3 6	3 y 1 ea rs	O B T
7	K ha h t Gu la bp is ng ar o ura	Ce l Gv ntr t a	9 0	5 4 0	1 6 y ea rs	B O T
8	Ha Mo da ba d p ur– ra	Ce l Gv ntr t a	1 0 0	5 9 9	1 7 y ea rs	B O T
9	ha l ha Ka Ra it j ast n	Ce l Gv ntr t a	1 6 6	6 6 5	2 4 y ea rs	O B T
1 0	Pa ls Da ku it i n n	Ce l Gv ntr t a	6 8	3 8 3	1 5 y ea rs	B O T
1 1	(1) Ga Ex Pa ka 1 ng a p res sw ay c g e	Sta Gv te t	1 3 0	7 7 8	2 9 y ea rs	B O T
1 2	Sa k h l Sa lp iy i to nta ma a ur	Ce l Gv ntr t a	9 1	5 4 5	2 0 y ea rs	B O T
1 3	Ne hru Ou R Ro d ing ter a	Lo l Gv t ca	1 5 8	1 2 6 4	2 9 y ea rs	T O T
1 4	T O T 1 2 La l Sa La k hn do itp (2) ur- g ar- a n	Ce l Gv ntr t a	3 1 6	1 2 6 4	2 0 y ea rs	T O T	5 New assets
1 5	O 3 h & Gw l ha T T 1 Ko By -J ior i (3) ta p ass a ns	Ce l Gv ntr t a	0 1 1	4 4 1	2 0 y ea rs	O T T

Source: IRB Infrastructure Developers / Trust

9 projects in operation before Dec-21

3 projects under construction

4 projects awarded post-Ferrovial acquisition of 24.86% in IRB

(1) Project to be transferred to IRB Infra Trust imminently. (2,3) Awaiting Appointed Date.

TOT: Toll Operate Transfer. BOT: Build Operate Transfer H