Presentation Acquisition of a 25% stake in Hochtief - Grupo ACS

Acquisition of a 25% stake inHochtief1March 2007

The TransactionAcquisition of a 25%stake in• Grupo ACS has agreed to acquire a 25.1% stake in Hochtief,one of the world’s largest construction and infrastructuredevelopment groups.• The amount considered for the stake is € 1.264 million in cash, € 72 pershare.• This implies a 6.4% premium on the 19/03/07 market price (€ 67.7/sh).• Grupo ACS will become the industrial reference shareholder ofHochtief:• The company will remain independent.• It will be consolidated in ACS accounts by equity method.• The transaction requires the approval from German antitrustregulator.2

Brief Description of HochtiefAcquisition of a 25%stake inHOCHTIEFCONSTRUCTIONAMERICASHOCHTIEFCONSTRUCTIONEUROPEHOCHTIEFCONSTRUCTIONASIA PACIFICHOCHTIEFAIRPORTSHOCHTIEFDEVELOPMENTS• Leading building(commercial andinstitutional) in US, Canadaand Brazil.• 3 brands, Turner, Aeconand Hochtief Do Brasil.• Turner is a well renownbrand with US nationwidepresence.• € 8,241 million of backlogas of 30/09/06• Sales of € 5,934 million in2005• Construction: Civil Worksand building.• 80% of sales coming fromGermany, a growingmarket.• Specialist in sizeable andcomplex infrastructureprojects.• Affiliates in UK, Austria andEastern Europe.• € 2,790 million of backlogas of 30/09/06• Sales of € 2,110 million in2005.• Leading Constructionservices provider in the AsiaPacific Area: Civil Worksand building.• World largest contractorminer (€1,150 mn, 26% ofits sales).• Market cap as of 19/03/07€ 5,255 mn.• 2006 backlog higher than€12.200 mn.• Sales € 4,578 million in2005.• Shareholder of 5 airportsserving more than 70million passengers.• Athens: 40% stake, until2026• Dusseldorf: 30%, 2057• Hamburg: 49%, 2060• Sydney: 12%, 2097• Tirana: 47%, 2025• Concession developmentand management.• Development of real stateprojects specializing in nonresidentialproperty.• Facility Management.• 22 PPP projects withworldwide presenceportfolio.Sales0% 6%EBITA11%2%15%EBT6%5%15%1%4%42%30/09/06 Data39%13%71%America Europe Asia Pacific Airports Developments70%3

Hochtief’s new shareholders structureAcquisition of a 25%stake inShareholder’s StructureHochtief stock price evolutionEvolution, base 100 31/03/97HochtiefÍndice DAX25%6%20/03/07 Data69%€ per shareGrupo ACS Treasury Stocks Free FloatSource: Annual report and Web page20/03/07 Data4

Transaction RationaleAcquisition of a 25%stake in1. Strategic growth platform for the US market2. Leading and highly profitable contractor in Asia3. Strong position for the concession development market4. Timely opportunity in Central Europe5. Experienced management with local approach to clients6. Strategic acquisition at a fair priceUnique opportunity to become a reference shareholder in oneof the world leading contracting and infrastructure groupswith strong complementarities with ACS5

Transaction Rationale1. Strategic growth platform in the US marketAcquisition of a 25%stake inMarket conditionsHochtief’scompetitive advantagesACS skills to back Hochtief• High demand of newinfrastructures.• Increasingopportunities in the USconcessiondevelopment industry.• Grupo ACS has beenlooking for an adequateopportunity to accessthis market• Unrivaled branch network withnationwide presence (24states, 40 permanent offices).• Well established and highlyreputed brand (Turner).• Experienced local managementwith market know-how.• Highly diversified buildingactivity, with a leadingposition.• European-like approach in PPPs andconcessions development.• ACS and Turner complementaryactivities and know-how could create theclear leader in the US concessiondevelopment market.• Future developments should shareDragados expertise on concessions andcivil works with Turner’s localknowledge.• Promote Turner’s profitability increaseby supporting expansion plans in highervalue added activities.Access US concessions market together with a leading local playerExpand Turners activity in the concessions development marketIncrease Turner’s profitability6

Transaction Rationale2. Leading and highly profitable contractor in AsiaAcquisition of a 25%stake inMarket conditionsHochtief’scompetitive advantagesACS skills to back Hochtief• Fastest growingmarket in the worldwith high demand ofinfrastructures.• Good prospects inAustralian civil worksand mining markets.• Leighton is one of the main contractingcompanies in Asia & Pacific with anincreasing presence in Middle East.• World largest contractor miner.• Local presence and know how in 15countries including China, India andAustralia.• Growing and geographically diversifiedbacklog.• Close to € 6bn on sales with a 3,9% EBTmargin.• Combined commercial networks tocover worldwide markets• Technical and financialpartnerships could encourage thedevelopment of attractive projectsall over the world.Worldwide coverage in infrastructure development activities7

Transaction Rationale3. Strong position for the concession development marketAcquisition of a 25%stake inMarket conditionsHochtief’scompetitive advantagesACS skills to back Hochtief• High demand ofinfrastructures indeveloped countries.• Public administrationsincreasingly rely onprivate investors withtechnical backgroundto develop projects.• US, Europe andAustralia are allgrowing markets.• Hochtief has stakes in 5 airports andmanages 22 PPPs, being the marketleader in Germany and very wellpositioned in Eastern Europe, USand Australia.• More than € 500 million invested inairports, PPPs and toll roads indeveloped countries.• Positive cash position which impliesa high investment capacity• Grupo ACS and Abertis make todaythe global leader in concessiondevelopment, covering the fullvalue chain of the business.• Best practices and know howexchange will benefit both parties.• There is a path already covered asGrupo ACS and Hochtief partner inChilean concession developments.Grupo ACS and Hochtief as the world leading concessiondevelopers by size and profitability8

Transaction Rationale4. Timely opportunity in Central EuropeAcquisition of a 25%stake inMarket conditionsHochtief’scompetitive advantagesACS skills to back Hochtief• Recovery in theGerman marketexpected to continue,specially in civil works.• Eastern Europe marketsgrowing, investing oncivil works andinfrastructuredevelopment.• Main contracting firm in CentralEurope.• Established presence in all thecountries with partnershipopportunities already identified.• Support the rationalization ofsubcontracting and procurementprocesses currently underway.• Increase partnership in newmarkets in Eastern Europe.Recovering markets will improve margins, profitability and valueCombined growth opportunities in Eastern Europe to be explored9

Transaction Rationale5. Experienced management with local approach to clientsAcquisition of a 25%stake inHochtief’scompetitive advantages• International vision with local approach.• Service culture with a widespreadcommercial network.• Multi-Brand approach on internationalmarkets: Turner, Leighton and Hochtief.ACS skills to back Hochtief• Sharing of cultural values oriented to theclient.• Exchange of common markets insights: SouthAmerica, US and Eastern Europe.• Reliance on experienced local managementteams.Identified and valuable points of coincidence in culture,management and strategic vision10

Transaction Rationale6. Strategic transaction at a fair priceAcquisition of a 25%stake inACS has paid a fair price……for a strategic stake in Hochtief• Analyst consensus target price in 2007reports ranges between € 57 and € 91 /sh,averaging € 71 per share.• Implied EV/EBITDA multiples lower than 7times for a growing company• Irrelevant impact on ACS EPS.• Grupo ACS becomes the largest shareholder ofthe company with an industrial view.• It allows the Group to position itself as aworldwide construction firm andinfrastructure developer with a multi-brandapproach.• The transaction maintains singular corporatecultures and management independency whilstenables strategic and commercial cooperation.11

Valuation: Analyst Consensus 2007Acquisition of a 25%stake inPublicationTarget PriceBroker Recommendationdate(€/sh)21-Mar-07 Dresdner Kleinwort Buy 9116-Mar-07 DZ Bank Buy 6919-Feb-07 Bankhaus Lampe Buy 5714-Feb-07 WestLB Equity Markets Buy 7713-Feb-07 Société Générale Buy 7812-Feb-07 UBS Buy 737-Feb-07 Merrill Lynch Buy 6924-Jan-07 HypoVereinsbank Hold 651-Jan-07 M.M. Warburg Sell 57Mean 69Average 71Source: I/B/E/S Consensus 200712

Combined internationalizationAcquisition of a 25%stake in13

ConclusionsAcquisition of a 25%stake in• Unique opportunity• Positions Grupo ACS as a worldwide player in the construction industry(North America, Central Europe and Asia-Pacific, areas where ACS was not present)• Strategic investment at a fair price• Investment totals € 1.264 million• Available financing• Limited risks• Liquidity of Hochtief assets that, valued individually, greatly exceedsprice paid• Huge value generation opportunities• High growth potential• Slight margin improvements generate significant profitability increases14