The world’s leading infrastructure developer

September 2013

Presentation to Investors

Why Grupo ACS?

2

Unique global contractor

Clear industrial strategy

Reinforced financial structure

Attractive valuation

Unique global contractor

3

Engineering contractor and greenfield developer with 2012 revenues over € 38 bn & current backlog c. € 70 bn

In the fields of civil and industrial engineering developing

Civil Works Contract Mining Energy, Oil & Gas Industrial Support Services Environment

Construction Environment Industrial Services

Unique global contractor

4

Through a worldwide, decentralized and flexible structure of local leading companies

Employing 170,000+ people, including 14,000 engineers

Active in 5 continents with stable presence in 50+ countries

15%

11%

34%

39%

1% Spain

Asia Pacific

Africa

Rest of Europe

6M13 Sales by geo area

America

Clear industrial strategy

5

Strengthen global leadership Increase profitability

World leading contractor and infrastructure

developer

Reinforce ACS as unique global contractor with stable presence in all the significant markets

Support growth in profitable markets

Strengthen the balance sheet reducing debt

Widespread corporate values & best practices

Put in place a set of strategic initiatives in all the companies of

the Group

Corporate Targets

Source: Engineering News Record, August 2013

Clear industrial strategy

6

Leadership

Top ranked companies locally

Leaders by areas of activity

In growing markets

Operating capacity

14,000 engineers

Highly specialized activities and long

experience

Globality: resources in all markets for all

activities

Corporate values

Entrepreneurship

Client service

Profit orientation

Risk Control

Based in our competitive advantages

Areas of activity: Construction

7

Construction

ACS is the largest construction company of the western world focused in developing infrastructures globally

Sales 12 €29.7 bn

EBITDA 12 €1,995 mn

Current Backlog €53.7 bn

Develops state-of-the-art construction activities such as Civil Works, Contract Mining and General Building activities in 30 countries, with a technical team including 10,000+ engineers

ACS is the leading greenfield concession developer in the world (Equity invested > € 1.1 bn)

5%

11%

33%

51%

0% Spain

Asia Pacific

Africa

Rest of Europe

America

6M13 Sales by region

54%

16%

20%

10% Civil Works

Mining

Gen. Building

Others

Sales

Concessional assets to complement public

spending

Growth drivers

Growth opportunities: Construction

8

Asset renewal Concessions

Transportation and social infrastructures

Maintenance Convergence

Resources & transportation infrastructures

Resources Transportation Concessions

Advanced economies to invest c.2% on GDP per

year

Emerging markets have large requirements in

new assets & resources

Expected world economic growth will

require new infrastructures

Areas of activity: Industrial Services

9

Industrial Services is a leading support services & EPC contractor with a decisive presence in emerging markets

Sales 12 € 7.0 bn

EBITDA 12 € 904 mn

Current Backlog € 7.4 bn

Specialized in the development of energy infrastructures through turn key projects (EPC)

Support services to provide industrial maintenance

Promote, finance and develop renewable energy projects

43%

8%

42%

2% 5%

Spain

Asia Pacific Africa

Rest of Europe

America

6M13 Sales by region

Industrial Services Support Services

EPCs

Generation

52% 43%

5%

Sales

Growth drivers

Growth opportunities: Industrial Services

10

Energy requirements worldwide

Key countries reshuffling primary

energy capacity

Maintenance activities

New markets for ACS as North America and Asia

Pacific

Energy, renewables, oil and gas, maintenance

Oil and gas, electricity

Maintenance, renewables, high tension Oil and gas,

electricity

Gas, water, electricity New assets

Areas of activity: Environment

11

Waste management, treatment, recycling and urban services. A very visible, stable and profitable activity

Sales 12 € 1,7 bn

EBITDA 12 € 241 mn

Current Backlog € 8.7 bn

A world leader in design, construction and operation of waste treatment plants, a capital-intensive activity that requires a strong technological and financial capacity

The Group currently operates over 300 facilities, including energy recovery plants, biogas production, composting, transfer, pre-treatment and landfills

66%

15%

16% 0% 3%

Spain

Asia Pacific

Africa

Rest of Europe

America

6M13 Sales by region

Environment

Urban Services

Waste Treatment

Logistics

29%

64%

7%

Sales

Growth drivers

Growth opportunities: Environment

12

State-of-the-art technology to develop

treatment plants

Very competitive prices in Urban Services

Cross selling opportunities with

other areas of activity

High quality services demanded by

population

Waste treatment plants

Urban services and landfills

Urban services and waste treatment plants

Waste treatment plants

13

Reinforced financial structure: Successful deleverage process over LTM

ACS ex HOT debt

6.769 7.332

3.788 3.647 3.999

1.810 1.882

1.164 2.341 1.966

8.579 9.214

4.952 5.988 5.965

jun-12 sep-12 dec-12 mar-13 jun-13

HOT AG Debt Total Net Debt

Reduction of € 2.6 bn ACS ex HOT

€ 2.8 bn

HOT € 0.2 bn

14

Reinforce financial structure: debt reduction under way

Assets sold not yet collected

Assets under sale processes

Cash flow generation

Hochtief Airports, sold in May

Cash= c. € 1.1 bn

Hochtief Services, sold in June

Cash= c. € 250 mn

Hochtief real estate

Energy assets

Concessional assets

Working capital requirements to be reduced in 2H13

Cash flow from operating activities growing

Attractive valuation: Sustainable free cash flow yield

15

(1) Source: FACTSET as of 2nd September 2013 (2) As of 30th June 2013, excluding Assets held for sale (3) Leveraged free cash flow excluding HOCHTIEF

Consensus 13e1

Intrinsic value >

€ 30/share

Sales € 38.5 bn EPS 2.3 €

Successful financial deleverage

Current Net Debt < 2x EBITDA2

Fundamental background

Strong business profile EPS growth prospects 2012-15

Solid cash flow generation

13e FCF ACS Activities3 > € 600 mn

The world’s leading infrastructure developer

ANEXXES

1H/13 KEY FIGURES

16

Key figures 6M13

17

Recurrent Net Profit** € 310 mn -7.5% -6.7%

Sales € 19,121 mn +1.5% +3.6%

Net Profit € 357 mn n.a.

Backlog € 69,786 mn -11.9% -4.5%

* Excluding f/x impacts (Changes of perimeter only adjusted in the backlog) ** Excluding extraordinary results, Abertis and Iberdrola contribution

EBITDA € 1,545 mn -2.1% -0.2% Margin 8.1%

EBIT € 850 mn +2.3% +3.7% Margin 4.4%

20 months

Var. Comp. Var.*

76%

19% 5%

Grupo ACS Sales 6M13

18

Construction € 14,602 mn (+4.4% comp.)

Environment € 897 mn (+4.4% comp.)

Industrial Services € 3,641 mn (+0.5% comp.)

Total Sales € 19,121 mn (+3.6% comp.)

* Not included in the graph, € (18) million from Holding/Adjustments

15%

11%

34%

39%

1%

Grupo ACS Sales 6M13

America € 6,403 mn

Spain € 2,949 mn

Asia Pacific € 7,519 mn

Africa € 206 mn

Rest of Europe € 2,045 mn

19

International Sales € 16,172 mn +8.2% comp. (85% of the total) Industrial Services

€ 2,063 mn (+3.4%c.) 56.7%/total Construction

€ 13,807 mn (+8.3%c.) 94.6% /total Environment

€ 302 mn (+54.1%c.) 33.7%/total

15%

17%

24%

43%

1%

Grupo ACS Backlog by 30th June 13

America € 16,747 mn

Spain € 10,255 mn

Asia Pacific € 30,342 mn

Africa € 588 mn

Rest of Europe € 11,853 mn

20

International Backlog € 59,531 mn -2.7% comp. (85% of the total) Construction

€ 50,441 mn (-4.4%c.) 93.9% /total Environment

€ 3,721 mn (-7.2%c.) 42.9%/total Industrial Services

€ 5,369 mn (+23%c.) 72.6%/total

6M13 EBITDA Analysis

21

€ 1,578 mn

6M12

€ 1,545 mn

•AUD/EUR forex rates impact

•Activity reduction in Spain

•Gross margins convergence

€ (88) mn

-8.6% -2.1%

Construction 6M13 Industrial Services

€ 28 mn

+6.1%

• EPC international activity growth

• Cost reduction measures

Environment

+12.1%

• Change of mix towards waste treatment

€ (33)mn

64%

28%

8%

60%

9%

31%

Holding Adj. € 12 mn

€ 15 mn

f/x effect € (29) mn

6M13 Recurrent Net Results

22

6M13 € million 6M12

Net ordinary contribution IBERDROLA 20 49

Holding overheads (17) (20)

Net ordinary contribution ABERTIS 0 44

Holding net financial results & others (77) (71)

Net Profit 357 (1,233) n.s.

Recurrent Net Profit 310 335 -7.5%

Construction Net Profit 120 138 -13.3%

Industrial Services Net Profit 237 227 +4.4%

Environment Net Profit 46 45 +1.7%

Net capital gains and other extraordinary 27 (1,662)

Others 1 15

€ 4,952 mn € 1.952 mn€ 2.286 mn

€ 3.057 mn € 2.936 mn € 2.936 mn € 5,965 mn

€ 334 mn

€ 770 mn

€ 491 mn € 612 mn€ 30 mn

Grupo ACS - Net Debt 31/12/12

Cash flow from operating activities

Regular CAPEX Investments in Projects

Disposals Dividends & Others

Grupo ACS - Net Debt 30/06/13

23

Cash Outflow

Cash Inflow

1H13 Net debt evolution

€ 470 mn from NEXTGEN sale

Mainly mining equipment

Concessions and energy projects

The world’s leading infrastructure developer

Disclaimer 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