Global Construction Conference

November,November, 20032003 Index

Highlights

The new ACS Group

Outlook for 2003

Conclusions

2 Highlights Strategic rationale of the merger

Creation of a European leader • #1 in the most profitable market: • Market leader in all businesses related to the development and management of infrastructures Excellent growth opportunities • Diversified portfolio of activities • Government Investment Plans Potential synergies from the merger

Financial strength

Industry’s reference stock • Market Capitalization > € 4.3 bn • Liquidity > € 20 mn daily

3 Highlights Creation of a market leader …

# 1 in Spanish Construction

# 1 in Industrial Services in Spain, Portugal & Latam

# 1 in Waste Management in Spain

# 1 in Ports and Logistics Services in Spain

Core shareholder in the # 1 transport infrastructure concessions company worldwide (by # of concessions)

4 Highlights … of European size …

Comp. EBIT 03e* € million 650

Margin on sales 6,0% 525 425 4,3% 3,3% 285 3,0% 250 1,9% 200

1,6%

Sales 03e (€ bn) ACS Vinci Bouygues Skanska ** Hochtieff Total Sales 10.8 17.5 21.5 14.9 7.0 12.3 Comp. Sales* 10.8 15.7 14.2 12.3 5.8 12.3

* Comparable data are estimated figures in those activities carried out by all companies:Construction, Services & Industrial. It does not include data from Concessions, Real Estate and other businesses. ** Ferrovial figures include CESPA & Amey full year data Source: Analysts’ Reports and Companies data

5 Highlights … and invested in Concessions

Equity Investments in Concessions*

€ billion 3.0

1.7 1.0

Vinci Ferrovial ACS

Main Cofiroute(85%), carparks, Cintra (60%), including (12%), highways, Assets & ASF (17%) ETR 407, carparks & airports airports & railroads

Accounting Global consolidation Global consolidation Equity accounted method (except ASF: Equity acc.)

* Source: Companies’ Reports. It does not consider implicit capital gains.

6 Highlights Highly diversified

New ACS Group

Urban and Industrial Construction Logistics Concessions Services Services

Revenues 2003e 52% 29% 19% Equity Accounted

EBIT 2003e 47% 31% 22% Equity Accounted

High recurrence and visibility of revenues

7 Highlights Sound Financial Structure

Shareholders’ Operating Assets Equity1 & Goodwill € 2.0 bn Solid Balance Sheet € 2.6 bn LT Liabilities €0.5 bn

Financial Assets Net Debt € 1.4 bn € 1.5 bn

1 Before accounting for the extraordinary provision for the costs of the merger Strong Cash Generation

EBITDA 03e > € 900 mn Free Cash Flow 03e > € 500 mn

Merger Synergies

Recurrent net savings of € 85 mn from 2006 Extraordinary provision of € 110 mn2 in 2003

2 Net impact on P&L, after tax deductions

8 Highlights Excellent Growth Opportunities

Public Initiative

Domestic Market Ministry of National Plan Period Public Works Infrastructure 2000 - 2010 Environment Hydraulic 2001 - 2008 Economy Energy 2002 - 2011 Environment Urban Waste 2000 - 2006 International Market Public tender for Concessions across Europe and Latam

Private Initiative • Supported by GDP growth • Recovery of investment in equipment • Investment in infrastructures • New highway concessions • PFI in hospitals, airports, light trains, etc. • Outsourcing of services by large corporations & public entities

9 The new ACS Group Construction

A clear leader in Spain

1H/03

Total sales (€ bn) 2.8

1.7 1.4 1.4 0.8 0.6

New Group Ferrovial FCC OHL Sacyr- Vallehermoso

Domestic 92% 79% 87% 96% 90% 86% sales

10 The new ACS Group Construction

1H/03 Revenues: € 2.8 bn

Residential Building

Extended throughout the Non Residential Building Spanish territory 11% 22% Administrative offices, Cultural, Sports & Industrial buildings, Health Centres, Hospitals

67%

Civil Works

Highways and Roads, Tunnels, Railways & subways, Hydraulic & coastal infrastructures, Airports.

11 The new ACS Group Construction-Business opportunities

National Infrastructure Plan (2000 – 2010) Total Investments € 102.9 bn (30% financed by EU) Highways € 39.8 bn Complete the high capacity road network Railroads € 40.5 bn Update current railway communications (HST) Airports € 11.4 bn New Airports Infrastructures Ports € 7.5 bn Modernisation & enlargement Spanish Ports Others € 3.6 bn Other actions related to transport infrastructures Budget breakdown 2000 - 2004 2005 - 2006 2007 - 2010 € 43 bn € 17.3 bn €42.6 bn National Hydraulic Plan (2001 – 2008)

Regulation € 2.7 bn Satisfy water needs of Irrigation €6.1 bn Eastern Spain Urban Supply, Sewerage & Purification €5.4 bn

Prevention & Environmental Restoration € 3.3 bn Promote environmental Water Control & Quality € 1.2 bn care in the use of water Total Investments € 18.8 bn

12 The new ACS Group Construction-Business Opportunities

National Public Budget for 2004 includes part of the investments carried out by the Infrastructure & Hydraulic Plans

€ bn Growth (%)

Highways 3.56 - 1.0

Railroads 4.57 + 8.5

Hydraulic Works 3.34 + 11.4

Airports 2.32 + 5.2

Ports 2.26 + 23.6 Good prospects Total 16.1 + 8.2 for Civil work activities

13 The new ACS Group Construction-Strategic Positioning

Targets Competitive Advantage

ƒMaintain consistent growth ƒHighly competitive position in public sector projects ƒConsolidate profitability through focusing on projects of: ƒ Proven quality and technical capacity ƒ Wide global multi-disciplinary experience ƒ Significant size ƒ Solid backlog ƒ Value added ƒWide geographical presence ƒ Specialisation ƒ Complete domestic coverage ƒSelective international expansion : ƒ Operations in more than 15 countries ƒ Build presence in stable countries with ƒCorporate reputation long-term prospects ƒ Worldwide prestige ƒ Concession projects ƒ Technical awareness

14 The new ACS Group Industrial Services

An unrivalled leader

1H/03

Revenues (€ bn) 1.5

0.8

0.3 0.3 0.2

New Group Abengoa Elecnor Isolux Técnicas Reunidas

15 The new ACS Group Industrial Services

Positioned throughout the value chain

Promotion Engineering Installation Maintenance

Energy 9 999

Oil & Gas - 9 99

Systems - 9 99

Industrial - 9 99

Integrated services for large clients and public sector

16 The new ACS Group Industrial Services-Highly diversified

1H/03 Revenues: €1.5 bn

Industrial Oil & Gas

Industrial, thermodynamic, Maintenance & mechanic and sanitary installation of Installation & maintenance 19% networks and storage 23% systems as the off shore Plants construction

28% 30%

Systems Energy

Systems related to Mainly generation and telecommunications, rail & distribution of energy street traffic, and industrial control

17 The new ACS Group Industrial Services-Business Opportunities

National Energy Plan Backed by Public & Private Investments

Energy Oil & Gas Systems Industrial Services

Generation Distribution Need to Railroads Urban Systems Telecom Installation Maintenance permanently match the supply and Energy lines, High Energy generation, Electric grid: industrial capacity Traffic Control: Applied engineering in Industrial Plants, Signaling, & standard renewable energy, HT & LT lines to the new Lightening Heating & Air conditioning and Integral other Control technology Desalination Plants, demands from the systems, & Maintenance Systems & other Gas storage market : other systems Networks ƒ Operating and and Systems drilling structures Energy Renewabl New High speed Traffic systems New capacities for Outsourcing of shortage e Energy: transportation ƒ train for large and Storage facilities New Chemical Plants and facilities services in South Support lines development medium size ƒ Pipelines operators other Industrial Europe from the cities facilities Adminis- ƒ Industrial networks Upgrading & tration maintenance ƒ Home distribution of the existing networks

18 The new ACS Group Industrial Services-Solid foundations for future growth

Targets Competitive Advantage

ƒLead sector growth in the coming years ƒ Unrivalled leadership position ƒImprove productivity ƒ State-of-the-art technical qualification ƒ Processes and services integration ƒ Growth in value added services capacity ƒ Strict cost-control policy ƒ Wide geographical reach ƒGeographical expansion based on strict ƒ 50 countries profitability criteria ƒ 200 operational centres in Spain ƒInvestment in promotion of technology- ƒ Dynamic and efficient structure intensive businesses ƒ Strong corporate culture ƒ Geographic/ product matrix structure ƒ Compensation scheme linked to objectives ƒ Business diversification

Selective growth to maximise profitability

19 The new ACS Group Urban & Logistic Services

A benchmark for the sector

1H/03

Revenues (€ bn) 1.0 1.0

0.5 0.3

New Group FCC Ferrovial Acciona (incl. Cespa*)

* Ferrovial acquired Cespa in August 2003

20 The new ACS Group Urban & Logistic Services

1H/03 Revenues: €1.0 bn

Facility Management Transport

Road passenger transport Integrated building maintenance Railway transport Sanitary services Advertising management 7% Urban fixtures & furnishings 23%

24% Port & Logistics Environmental Port handling 46% ƒ Loading Solid urban waste management: ƒ Towage ƒ Collection and treatment Maritime Agency ƒ Street cleaning ƒ Consignment Special waste (Sanitary, Industrial) ƒ Transit Integrated management of water Logistics Services cycle Gardening and reforestation

21 The new ACS Group Urban & Logistic Services-Business Opportunities

National Urban Waste Plan (2000-2006)

Total Investments € 3.3 bn

11% 7% 14% Restoring and recycling Compost National Program Incineration 25% Containers National Program Recoverable energy Other 26% 17%

Government main actions

ƒ Closure of uncontrolled landfills Market growth prospects for next 3 years > 10% ƒ Construction of new infrastructures

ƒ Selective waste collection Most active business areas: Treatment & Collection

22 The new ACS Group Urban & Logistic Services-Focus on growth

Targets Competitive Advantage

ƒMaintain double digit growth rates over ƒTechnological leadership in the next 3 years environmental services: ƒ SUW: Incineration, biological treatment, ƒLead the solid urban waste sector compost ƒ Special Waste: Toxic waste, oil, sanitary ƒExpansion in Port and Logistics Services waste ƒConsolidate international operations ƒLeadership in domestic port activity focusing on profitability ƒCritical mass benefit from economies of ƒPromote new complementary business scale areas ƒGeographical reach ƒ Over 300 centres ƒ Population covered > 50 mn ƒWide range of services per client type

23 The new ACS Group Concessions

World leader in infrastructure promotion

New Group

Promotion Financing Construction Operation

The new Group 22 concessions in highways, airports, railroads, holds 12% of with a total equity investment over € 600 mn Abertis, valued at € 700 mn

Total portfolio > € 1.3 bn

24 The new ACS Group Concessions

Diversification of current portfolio*

Geographical breakdown Assets breakdown

Europe RoW Railroads 2% 2% Airports Latam 4% 8% 6%

Chile 25%

Spain 63% Highways 90%

* By € mn invested. Considering Abertis´concessions proportionally to the Group´s stake

25 The new ACS Group Concessions: Highly competitive strategic positioning

Targets Competitive advantage

ƒLead the global market in promotion of ƒExcellent and proven experience over 30 concessions years: ƒ Bid ƒDevelop a diversified portfolio of projects ƒ Financing Reliability ƒFoster international expansion in ƒ Construction countries with stable environment ƒ Execution ƒComplementary to other activities of the ƒ Achieve attractive returns by leveraging Group on the group’s capabilities in all the stages of the project ƒLeading industrial shareholder in Abertis ƒStrong value creation track-record in the concessions under management

Selective investments with recurring returns

26 Outlook for 2003 Pro-forma Main Financial Figures

2003e Growth** € million Revenues > 10,800 + 10%

EBITDA > 900 + 14%

EBIT > 650 + 13%

EPS* ≈ 3.2 € + 13%

Shareholders’ Equity* ≈ 2,000 D/E ≈ 75% Net Debt < 1,500

Company Net Debt < 1,200

Project Finance > 300

* Before accounting for the extraordinary provision for the costs of the merger ** Like-for-like growth rates 27 Conclusions Excellent Strategic Positioning

Creation of a European leader

Value-creation oriented strategy

Committed management team with proven track record

Good position to benefit from attractive opportunities in the infrastructure sector

Attractive growth and profitability outlook across all the business units

Solid financial structure

28 Conclusions Achievable Financial Targets

Business Plan 2003 - 2007

CAGR

Revenues 5% - 10%

EPS 10% - 15%

Pay out

Dividend Policy ≈ 25%

29