The leading global contractor

April 2016

Building the future

Legal Disclaimer

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This document contains forward-looking statements on the intentions. expectations or forecasts of Grupo ACS or itsmanagement at the time the document was drawn up and in reference to various matters including. among others. itscustomer base. its performance. the foreseeable growth of its business lines and its overall turnover. its market share. theresults of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-lookingstatements or forecasts can in some cases be identified by terms such as “expectation”. “anticipation”. “proposal”. “belief” orsimilar. 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 performancebut are conditional on the risks. uncertainties and other pertinent factors that may result in the eventual consequencesdiffering 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 itmakes 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 possibleunforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entitiesobliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and. in particular. by theanalysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation andinformation that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and. inparticular. 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 topossible changes in the future.

The leading global infrastructure developer

17th

1st

2015… to THE GLOBAL leader

15%

84%

2006… from A LOCAL player

3

Highly diversified in terms of activities…

CONSTRUCTION INDUSTRIAL SERVICES ENVIRONMENT

Building 40%

Civil works52%

Contract mining 8% Support

Services 59%

EPC 41%

Facility management 44%

Waste management

52% Logistic 4%

€ 34.9 bn revenues of which…

4

72% 19% 9%

…and geographies

40%13.9bn

6%2.3bn

25%8.8bn

1%0.2bn

11%3.7bn

17%6.0bn

32%

3%

5%

1%

R 3%

17%

8%

R

1%

6%

4%1%

1%

€ 34.9 bn revenues of which…Figures in € billions

NORTH AMERICA

SOUTH AMERICA AFRICA

AUSTRALIA

EUROPE

ASIA

5

Robust results in an adverse scenario…

EBIT € 1,541 mn -8.5% +5.8%

EBITDA € 2,409 mn -5.6% +3.6%

Net Profit € 725 mn +1.1%

Sales € 34,925 mn +0.1% +1.0%

Var. PRO-FORMA*Var. 14/15

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2015 RESULT VAR 14-15 Reported Proforma*

* Not taking into account the sale of renewable assets

EBITDA € 2,409 mn -5.6% +3.6%

Sales € 34,925 mn +0.1% +1.0%

…with underlying growth across business activities

23,122

23,254

2014 2015

Contract mining

25,82025,319

+0.6%

6,406

6,447

2014 2015

+0.6%

Renewables disposal

6,7503,139

Incorporation of Clece in jul-14

2,338

2014 2015

SALE

S (€

mn

)EB

ITD

A (€

mn

)

1,410 1,438

2014 2015

291

342

CONSTRUCTION INDUSTRIAL SERVICES ENVIRONMENT

1,002

1,051+4.9%

645

649

902

680

+0.6%

6506,501

+5.0%

Margin5.5% 5.7% Margin10.1% 10.1%

2014 2015 2014 2015

Margin10.8%* 10.9%

+5.9%32

* Including full year of Clece7

(86)

144 213

1,673 Boosting FCF generation

254 311336

1,6162,009

Free Cash Flow for shareholders 2015 (€mn)

Highly focused on Cash Flow generation

1,374

625

Operating CF(bf WC & CAPEX)

WC var OperatingCF

FCF forShareholders

Projects & other assets

5.84% HOT acquisition

Operating Free Cash Flow evolution (€mn)

2014 2015

Operating Net CAPEX

1,673

Operating

FCFNet Project &

Financial Investments

Total Net Investments

393

2012 2013

Disciplined WCmanagement and

investment policy

enhances shareholder’sprofitability

8

Risk and WC

management

system deployment

across business

activities

1,299 1,086 824 2,009

(207) (873) (571)

625

Consolidation adjustments and reclassifications

Operating WC var

625

2,464€

2,980465

160 109

Working Capital12/31/14

Operating WC var.HOCHTIEF

Operating WC var.ACS ex HOT

Others Working Capital12/31/15

Disciplined working capital management

WORKING CAPITAL Variation 2015 (€mn)

Operating CF (bf CAPEX) and WC var Evolution (€mn)

WC var 2012 2013 2014 2015

9

4,9524,235

3,722

2,624

Drastic leverage reduction during the last 5 years…

Net Debt / EBITDA 2015 = 1.09x

-30%

-72%

Dec 2012 Dec 2015Dec 2013 Dec 2014Dec 2011

Project Finance

395

781685

593

541

9,334

10

Indra

Acerinoz

Mapfre

Ebro

Amadeus

ACS

IAG

Grifols

OHL

Enagas

Endesa

Ferrovial

REE

Acciona

FCC

Aena SA

Abertis

Repsol

Arcelor

Gas Natural

Iberdrola

Telefonica

0x

1x

2x

3x

4x

5x

6x

7x

8x

…to achieve a solid financial position

One of the lowest leveraged IBEX companies…

NET DEBT 2015

ND

/EB

ITD

A

€ 2.6 bn

*Source: FACTSET

1.1x EBITDA

Net debt size€ 2,000 mn

€ 30,000 mn

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Dragados8%

Hochtief25%

Iridium5%Industrial Services

11%

Environment15%

Corporation36%

€ 10.6 bn Gross Debt structure breakdown

Long term72%

Short term9%

Revolving facilities19%

By maturity*

Bank Debt57%

Bonds36%

Other sources7%

By facilities

By currency By activities

CONSTRUCTION

38%

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* Not including IBE exch. bond nor other financial assets

EUR84%

USD12%

AUD2%

Other currencies2%

Backlog 2015 € 67,072 mn +5.0%

Var. 14-15

28% € 18,787 mn30%

€ 20,249 mn

7% € 4,554 mn

1% € 998 mn

34% € 22,485 mn

2015: a year of successful commercial performance

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SOUTH AMERICA

42%16.4bn

7%2.5bn

NORTH AMERICA

Backlog (€ bn)

Backlog (€ bn)

Growing in developed markets…

€ 38.6 bn intakes in 2015 of which…

• Leading position in the region of North America which has experienced a strong growth in the last two years

• 75% of the current backlog in North America corresponds to the USA with 56% growth in the last two years

• 15% corresponds to Canada where the backlog has grown by 61% in the last year

• El 10% of the backlog corresponds to Mexico where the backlog has grown by 13%in the last two years

13.5

16.6

20.2

2013 2014 2015

+50%

3.04.6 4.6

2013 2014 2015

14

2013 2014 2015

3%€ 1.2 bn

Middle East 23.5

Backlog (€ bn)

22.1 22.5

Contract mining

…with high potential growth

21%€ 8.0 bn

ASIA PACIFIC

Australia

Rest of Asia

5%€ 2.0 bn

€ 38.6 bn intakes in 2015 of which…

+19%

• Leading position in the Asia Pacific region where the construction backlog has grown by 19% from last year

• This is a high potential growth region for the coming years given the high demand and the public and private investment capacity

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2013 2014 2015

8%3.3 bn

EUROPE

Backlog (€ bn)

1%0.2 bn

…even in stagnated economies

Spain

AFRICA

13%5.0 bn

Rest of Europe

€ 38.6 bn intakes in 2015 of which…

19.0 19.5 18.8 • Resistant position in a stagnated region with low recovery potential in the mid term

• However…

Slight recovery of the backlog in Germany

Taking advantage of opportunities in countries with higher growth forecast: UK

Backlog (€ bn)

0.41.1 1.0

2013 2014 2015

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Walking the extra mile…

Reducing corporate complexity in order to gain cash flow visibility

Continuously seeking investment opportunities, promoting sustainable growth and consolidating leading position worldwide

Improving cash conversion and cash management in all layers of the organization

Optimizing debt structure to reduce financial expenses

2006 2012 2016INTERNATIONALIZATION TRANSFORMATION EXCELLENCE

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STREAMLINING

COMPETITIVENESS

PROFITABILITY

A solid security…

Global leader with a long

successful track record worldwide

Diversified geographical and

business mix

Outperforming an adverse and

challenging scenario

Growing in developed countries

with low risk profile and growth potential

Continuous transformation process which aims at optimizing

operating and financial structure, enhancing efficiency and improving profitability

…to optimize value creation

… with potential for profitable growth

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Conclusions

High net income potential upside derived from a continuous transformation process to enhance profitability

Solid financial structure after a significant reduction of the Group’s Net Debt

Better prepared to achieve our goals of recurring profitability

Excellent competitive and commercial position as infrastructure developer in the largest developed markets

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