Presentation to Investors

December 2010 Grupo ACS is transforming from a Spanish Contractor…

1983

1986

1988 1997 1989 1992

Environmental Services Construction 1996 1997 1999 2000 2003 2006 2007

Industrial Services Concessions Energy 2010

SlSales 1992 >€080.8 bn SlSales 1997 >€ 212.1 bn SlSales 2010e >15. 6 bn

Industrial Services Environmental Environmental Industrial Services Industrial Services Services Services 40% 45% 2% 30% 17% 60% 68% 38%

Construction Construction Construction 8% International Sales 16% International Sales 30% International Sales 2 …to a leading Global Infrastructure Developer…

International presence Sales 3Q10 International +31.4%

30%

70% Domestic

Current Backlog

International +28.6%

41%

59% Intl. Backlog € 12.1 bn 42 countries 32,000 employees Domestic 3 …competing through 4 areas of activity…

In the fields of civil and industrial engineering

Operating Activities Capital Intensive Activities

Contracting Services Asset Based Strategic Businesses Businesses Businesses Investments

Civil Works Waste Management Concessions Hochtief Civil (27.5%) Toll Roads Abertis Infrastructures GlGeneral CCiontracting Facility Management PPPs (10.3%)

Applied Industrial Support Renewables Industrial Iberdrola Engineering Services Transmission Lines (16%) Activities Turn Key Projects Industrial Maintenance Desalin izat ion Plants

•Skilled & •High Visibility entrepreneurial People •Capital Intensive •Fundaments for future growth Key Factors •Labor Intensive •Project finance debt: •Lean Structure 4 •Anti‐cyclical high leveraged •Reference shareholder •Internationalization 4 …based on a reliable and consistent strategy

Diversified businesses Achievable Targets International expansion Global leadership to attract resources

Resilient free cash flow Solid financial Coherent capital allocation structure OtiOperating bibusinesses unldlevered

Profit focus and growth prospects Attractive return Current dividend yield > 5% to shareholders Intrinsic value >> market value

5 Grupo ACS main drivers for future growth

International expansion of activities Maintain profitable growth to generate Keep a solid financ ia l stttructure attractive returns Total Net Debt / Annualized EBITDA + to shareholders Dividends from affiliates (10e) = 48x4.8x

Invest for future development

6 ACS internationalization strategy

Construction International Current total Backlog 46% € 10,699 mn Grow th above 75%, Spain focusing on US and Europe 54%

Environment International Current total Backlog € 11,565 mn 33% Environmental international sales Spain to double in the coming 3 years 67%

Industrial Services International Current total Backlog € 6,921 mn The most international activity, Spain 50% 50% grows by 15% in sales and 40% in backlog

7 Solid balance structure: Net debt situation by 30th Sept 10

€ 893 mn Net cash Operating activities with net cash position

Renewable assets € 4,608 mn Infrastructure Maturity >10y Project finance concessions non recourse debt Treatment plants Cash Rich Assets Debt

rse mn

uu nn m Reco

Debt

Non Net

€ 9,970 al ,077 tal Iberdrola (12.47%) → € 4,497 mn tt oo 99 T To €

€ 5,362 mn SPVs

Hochtief (27.5%) → € 865 mn

Total Net Debt / Annualized EBITDA + Dividends from affiliates (10e) = 4.8x 8 Investing for future development in capital intensive assets…

€2.0 bn already invested as 9M10

Industrial Services: Concessions:

•A leading developer of renewable energy assets •World leader in greenfield concessions • Active investor in concession‐like assets as transmission lines and desalinization plants • 46 PPP projects around the world

26%

53% 13% Corporation 4% 4%

Environmental Services Construction

ACS keeps investing in concessional assets both in Spain and abroad, which will increase its contribution to the Group’s results directly and through the contracting businesses 9 … and in strategic listed companies for future development

27.5% stake 10.3% stake 16% stake

• First in class electric utility • Most international contractor in • European concessions leader by the world market cap and number of projects • Worldwide renewable energy generation leader

• ACS is the reference shareholder • Highly diversified assets portfolio, • Regulated sector under conti‐ • Significant influence on Hochtief’s geographically and by segments of nuous consolidation process strategy activity • Sustainable & predictable long‐ • Support to the Management & • Outstanding investment capacity term growth Supervisory Boards • Strong entry barriers ACS keeps a shareholding interest in Extensive opportunities of Abertis to contribute with its ACS is a reliable partner and a loyal international collaboration industrial approach shareholder of Iberdrola

Current situation ACS is the industrial reference ACS aims to reach up to 20% stake Public Tender Offer announced shareholder in the future

Market value of ACS stakes in listed affiliates exceeds €6.5 bn (17th Dec 2010)

10 Public tender offer for Hochtief

ACS has announced its intention to launch 1 a public tender offer for 100% shares of HOCHTIEF The offer will be made in ACS shares: 2 9 ACS shares for every 5 HOCHTIEF shares 3 Reaching 50% stake in Hochtief will allow full financial consolidation

Reaching just above 50% can be completed in two steps, if needed Acquisition of shares Exchange offer in ACS shares in the stock market if required

HOCHTIEF will remain as a listed German comppy,any, headquartered in 4 Essen, with a substantial free float

Tentative calendar milestones of the offer Publication of Offer Document Acceptance period Publication of the results Last week of November December 10 & January 11 By mid January 2011 11 Strategic objectives of the transaction

Become the world leader 1 in the global infrastructure industry Expected pro‐forma 12e revenues above €37bn

2 Improve global presence and regional diversification 60% of sales international, presence in all 5 continents

3 Increase competitive advantages and pyprofitability Attracting talent & widening financial markets access

4 Strengthen HOCHTIEF’s shareholder structure Secure ACS position as the core shareholder

12 CConclusion:onclusion: ACS pursues global leadership…

33.772 37.536 32.460 36.288 31.353 31.939 15.813 24.330 2009 Revenues 23.719 n.a. 2012E Revenues 13.680 14.493 13.639 13.650 12.095 12.810 Strong presence in all 5 continents Sources: Reuters, Bloomberg & ENR and unique foothold in emerging markets

2010pf Domestic sales* 40% 60% 2010pf Primarily Presence International Primarily Presence sales

* Spain and Germany 13 …to generate sustainable value for all shareholders

Value creation between ACS is the IBEX company that most value has 2000 and 2009 according to IE*

€mn created to its shareholders in the last 10 years ACS 6.840,89 Endesa 4.336,76 Iberdrola 2.897,75 (€ mn) Grupo ACS Ferrovial 868,30 ACS

, total annual return 99 ‐ 09 ss ‐373,99 Acerinox 212 ‐1.041,45 Acciona 20% 15.071 441

Dividend ‐1.237,50 FCC 14.344 IBEX + Div annual return = 3,5% ‐1.369,49 NH Hoteles 600 653 ap and

CC ‐1.569 ,28 Santander 10.951 10.953 138 ‐2.015,23 Alba 9.602

Market ‐2.273,69 Bankinter

97 ‐3.821,30 Zeltia 5.974 46 ‐5.150 ,76 B. Popular 4.587 ‐8.689,32 Gas Natural

25 32 38 ‐14.638,46 Repsol YPF 1.963 1.294 1.608 1.755 ‐21.371,04 BBVA

EdEnd 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 ‐26.360 ,08 Telefónica

*Source: Instituto de Empresa University: report published ACS dividends (€mn) Market Cap ACS, end of the year (€mn) during the first quarter of 2010. Professor López Lubián. Net present value of all ACS shareholder’s cash flows between 2000 and 2009 accounted for € 6,841 million 14 Disc lai mer This document contains forward‐looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of its business lines and its overall turnover, its market share, the results of Grupo ACS and other matters relating to the Group’s activities and current position. These forward‐looking statements or forecasts can in some cases be identified by terms such as “expectation”, “anticipation”, “proposal”, “belief” or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions. Such forward‐looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts. ACS, Actividades de Construcción y Servicios, S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the National Securities Market Commission (CNMV in its Spanish initials). This document contains financial information drawn up in accordance with International Financial Reporting Standards (IRFS). The information has not been audited, with the consequence that it is not definitive information and is thus subject to possible changes in the future This document includes information on the Offer announced by ACS last September 16th, 2010.This document is not a public offering for the acquisition of the shares of Hochtief A.G. or a public offering for the shares of ACS, Actividades de Construcción y Servicios, S.A. The terms and conditions of the exchange bid will be set out in the bid document that must be approved at the appropriate time by the GermanFederal Supervisory Authority (Bundesanstalt für Finanzdienstleitungsaufsicht). ACS, Actividades de Construcción y Servicios, S.A. reserves the right to amend the basic information contained herein in the final terms of the bid. Providing certain exceptions that must be approved by the relevant regulators and once certain facts are checked, the bid will not be extended directly or indirectly to the United States, Canada, Australia, Japan or to any other jurisdiction in which said offer might represent an infringement of the laws of said jurisdiction. The shares of ACS, Actividades de Construcción y Servicios, S.A. have not been and will not be registered pursuant to the US Securities Act 1933 or with any other supervisory authority of any state or jurisdiction in the US or pursuant to the securities laws of Canada, Australia or Japan. Consequently, and subject to certain exceptions, the shares of ACS, Actividades de Construcción y Servicios, S.A. cannot be offered or sold in the United States, Canada, Australia or Japan or in any other jurisdiction in which said fact represents an infringement of the laws of that jurisdiction, or on behalf of or for the benefit of any person in the US, Canada, Australia or Japan. Insofar as it is allowed by the applicable laws or regulations and in accordance with habitual practice in the German market, ACS, Actividades de Construcción y Servicios, S.A. or its brokers (acting as agents) may carry out certain acquisitions or agreements to acquire, whether directly or indirectly, shares of Hochtief A.G. or other securities which are convertible, exchangeable or exercisable in order to obtain shares of Hochtief AG, aside from the bdbid, bfbefore, during or after the period in whhhich the bdbid may be accepted.These acquisitions may take pllace in themarket or in off‐market transactions at an agreed price. Any information on these transactions will be disclosed as required by German law or by the laws of any other relevant jurisdiction.