The leading global contractor

May 2016

Building the future

The leading global infrastructure developer

17th

1st

2015… to THE GLOBAL leader

15%

84%

2006… from A LOCAL player

2

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…

3

72% 19% 9%

…and geographies

4

40%13.9bn

6%2.3bn

25%8.8bn

1%0.2bn

11%3.7bn

17%6.0bn

32%

3%

5%

1%R3%

17%

8%R

1% 6% 4%

1%

1%

€ 34.9 bn revenues of which… Figures in € billions

NORTH AMERICA

SOUTH AMERICA

EUROPEASIA

AUSTRALIA

AFRICA

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

5

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 activities

6

Building38%

Civil works29%

Contract mining

6%

Support services

11%

EPC7%

Waste management

5%

Facility management

4%

1,438

5.7%

680

10.1%

342

10.9%

2015 SALES breakdown 2015 EBITDA breakdown

Growth* +2,0% +0,6% +5,9%

* Adjusted by changes of perimeter (sale of renewable assets & incorporation of Clece)

25.3bn

72% 19% 9%6.5bn 3.1bn

CONSTRUCTION

INDUSTRIAL SERVICES

ENVIRONMENT

Margin*

€ 2.4 bn

(86)

144 213

1,673 Boosting FCF generation

254 311336

1,6162,009

Free Cash Flow 2015 (€mn)

Highly focused on cash flow generation

1,374

625

Operating CF(bf WC & CAPEX)

WC var FFO FCF

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 WC

management and investment policyenhances shareholder’s

profitability

7

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)

FFO and WC var Evolution 2012- 15 (€mn)

WC var 2012 2013 2014 2015

8

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

9

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

10

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%

11

* Not including IBE exch. bond nor other financial assets

EUR84%

USD12%

AUD2%

Other currencies2%

Increasing access to capital markets

12

9%14%

28%32%

36%

2011 2012 2013 2014 2015

Bond Debt/Total Gross Debt (%)

75%

14%

11%

Straight bonds

Equity-linked bonds

Eurocommercial paper

269 260

243

264

226

209

182

160 154

100

120

140

160

180

200

220

240

260

280

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Financial expenses

Significant reduction of financial expenses

13

Figures in €mn

5.43%

3.98%

Implicit cost of debt

4.53%

Year 2014 Year 2015 1Q 16

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

Solid work in hand to achieve sustainable growth

14

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

15

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

16

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

17

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

18

STREAMLINING

COMPETITIVENESS

PROFITABILITY

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

19

This document contains forward-looking statements on the intentions. expectations or forecasts of Grupo ACS or its management at the time thedocument was drawn up and in reference to various matters including. among others. its customer base. its performance. the foreseeablegrowth of its business lines and its overall turnover. its market share. the results of Grupo ACS and other matters relating to the Group’sactivities 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. plansor intentions.

Such forward-looking statements or forecasts in no way constitute. by their very nature. guarantees of future performance but are conditionalon the risks. uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained insaid 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 thesestatements to adapt them to circumstances or facts occurring subsequent to this presentation including. among others. changes in the businessof the company. in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimermust 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 byGrupo ACS and. in particular. by the analysts and investors reading this document. All the aforesaid persons are invited to consult the publicdocumentation and information 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 informationhas not been audited. with the consequence that it is not definitive information and is thus subject to possible changes in the future.