1. 2003 RESULTS February 25 th, 2004

2.  Consolidated 2003 Results  Analysis by business  Conclusions  Consolidated 2003 Balance Sheet  Year 2003 Highlights

3. 3 2003 Has been an Important year for Grupo ACS... Outstanding step towards leadership Fulfillment of Results Prospects And in Cash generation Maintaining investments in future projects And a solid financial structure Merger with Grupo Dragados Pro-Forma Net Profit EBITDA Net Investments Net Debt with recourse: € 914 mn € 380 mn+16.5% € 932 mn € 543 mn (Excl. € 385 mn from 10% Takeover Bid DRC) +16.0% +18.8% (After amortized 35% DRC acquired by 1,318 mn 1 ) (1) 33.5% acquired by ACS (€ 900 mn in 2002 and € 385 mn in 2003) + € 33 mn of Treasury Stock

4. 4... In Our Target of being an European Reference... Industry Leadership Leadership in Shareholders Profitability Nº 1 in Construction in Spain Nº 1 in Industrial Services in Spain, Portugal and Latam Nº 1 in Waste Treatment in Spain Nº 1 in Port & Logistics Services in Spain Nº 1 worldwide in the development of Infrastructure Concessions Highest EBIT Margin in Europe: 6% Highest Net Profit in the Spanish Construction industry: € 380 mn Total Return to Shareholder (Year-end 95´- Year-end 03´) = 33% Market Capitalization > € 4,800 mn

5. 5... Backed by the Financial Markets ACS + 26.8% DRC + 36.5% 12/31/2003 4/18/2002 Dow Jones + 2.4% Ibex 35 - 5.6% EuroStoxx50 - 25.5% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 18/0431/0512/0723/084/1015/1130/1211/0225/037/0518/0630/0710/0922/103/12

6.  Consolidated 2003 Results  Analysis by business  Conclusions  Consolidated 2003 Balance Sheet  Year 2003 Highlights

7. 7 For the determination of the pro-forma figures, merger has been considered effective since January 1 st, 2002, and the extraordinary provision for merger expenses accounted in 2003 has been excluded For further details look up in Annex I, FY 2003 Results Report at the CNMV and available at http://www.grupoacs.com

8. 8 Key Financial Pro-Forma figures (1) Net Profit does not include the extraordinary provision for merger expenses (€ 111.5 mn) (2) 2003 Shareholders Equity considers the extraordinary provision for merger expenses and 2003 interim dividend accrued on December 2003 (€ 42.6 mn) and paid on 01/15/2004. (3) The net investments does not include the acquisition of 33.5% of DRC (€ 900 mn in 2002 and € 385 mn in 2003) (Million Euros) 20022003 Var. Sales9,962.110,733.6 + 7.7 % EBITDA803.1931.8+ 16.0 % EBIT576.6649.0+ 12.5 % Net Profit (1) 326.4380.3+ 16.5 % EPS2.75 € 3.21 € + 16.5 % Total Net Debt978.61,230.6+ 25.7 % Net Debt with recourse673.3914.4 + 35.8 % Project Finance305.3316.2 + 3.6 % Shareholders Equity (2) 1,805.51,796.4- 0.5 % Net Investments (3) 457.3543.0+ 18.7 %

9. 9 Pro-Forma P&L Account (Million Euros) 20022003 Var. Sales9,962.110,733.6 + 7.7% Operating Expenses(9,159.1)(9,801.8) EBITDA803.1931.8 + 16.0% Amortizations/Provisions(226.4)(282.8) EBIT 576.6649.0 + 12.5% Financial Results(128.6)(118.5) Profit Equity accounted55.367.8 Goodwill amortization(59.9)(61.0) Ordinary Profit443.4537.3 + 21.2% Extraordinary Results(51.1)(38.5) Profit before Taxes392.3498.9 + 27.2% Corporate Income Tax(62.1)(109.7) Minorities(3.8)(8.9) Net Profit326.4380.3 + 16.5% Effective Tax Rate16.4%25.4%

10. 10 ConstructionIndustrial ServicesServices and Concessions 2003 Pro-Forma Businesses Breakdown 2002 Pro-Forma Sales 28.4% 19.9% 51.7% EBIT 32.7% 19.7% 47.6% Net Profit 25.5% 28.3% 46.1% Sales 28.1% 18.9% 53.0% EBIT 31.6% 19.6% 48.8% Net Profit 18.8% 38.7% 42.5%

11. 11 Operating Ratios Performance 8.1% 8.7% 3.3% 3.5% 6.0%5.8% 16.4% 25.4% 0% 2% 4% 6% 8% 10% 2002 PF2003 PF Margin 15% 18% 21% 24% 27% 30% Tax Rate EBITDA / SalesEBIT / Sales Net Profit / SalesEffective Tax Rate

12. 12 Pro-Forma Financial Results (Million Euros) 20022003 Var. Financial Expenses(259.5)(195.1) -24.8% Paid interests(197.6)(151.7) -23.2% Pro-Forma interests(20.6)(3.0) -85.4% Financial provisions(1.5)(4.7) +215.2% Negative exchange dif.(39.9)(35.7) -10.4% Financial Income130,976.6 -41.5% Earned interests99.866.2 -33.6% Positive exchange dif.31.210.4 -66.7% Financial Results(128.6)(118.5) -7.9% Net Interests(97.8)(85.5) -12.6% Pro-Forma interests(20.6)(3.0) -85.4% Financial provisions(1.5)(4.7) +215.2% Net exchange dif.(8.7)(25.4) +190.7%

13. 13 EPS Evolution 16.5% 15.9% 14.4% 23.6% 21.6% 1.65 € 1.89 € 2.33 € 2.83 € 3.21 € (1) 0.5 € 1.0 € 1.5 € 2.0 € 2.5 € 3.0 € 2003PF 1999200020012002 6% 12% 18% 24% 30% 36% EPS GrowthEPS (1) 2003 EPS does not include the extraordinary provision for merger expenses (€ 111.5 mn) for once

14. 14 Average Staff 20022003 Var. Product. (000´€ / Empl.) Var Construction21,07720,446 -3.0% 273.6 +8.2% Industrial Services25,76026,783 +4.0% 114.6 +4.4% Services and Concessions44,60750,545 +13.3% 42.7 +0.1% Holding and Others157146 -7.0% TOTAL91,60197,920 +6.9% 109.6 +0.8% Year-end figure94,09199,298 +5.5% Fixed over Total20.8%20.5%+4.0%

15.  Consolidated 2003 Results  Analysis by business  Conclusions  Consolidated 2003 Balance Sheet  Year 2003 Highlights

16. 16 Consolidated Balance Sheet (Million Euros) 2002PF2003 Var. Fixed Assets3,877.64,446.9 +14.7% Working Capital(584.2)(658.8) +12.8% Days of Sales (22) +0.0% Total Assets3,293.53,788.1 +15.0% Shareholders Equity1,805.51,796.4 -0.5% Other long term liabilities509.4761.1 +49.4% Net Debt978.61,230.6 +25.7% Project Finance305.3316.2+3.6% Corporate Net Debt673.3914.4+35.8% Gearing37.3%50.9%+13.6% Total Equity & Liabilities3,293.53,788.1 +15.0%

17. 17 2003 Investments Breakdown (Million Euros) Fixed Assets Invest. Conces. Projects INVEST. ASSETS DISP. TOTAL Construction83 (20) 63 Industrial Services7541116(21) 95 Services and Concessions294134428(74) 354 Holding31 TOTAL482175658(114)543 Main Disclosure Construction: Equipment and Technical installations Industrial Services: Wind farms (€ 71 mn); Electrical networks (€ 16 mn) Services: Equipment for new contracts (€ 100 mn), Treatment Plants (€ 45 mn), Port Terminals (€56 mn) and Coaches renewals (€ 55 mn) Concessions: Investments in 15 projects (€ 86 mn) Holding: Acquisition of 0.51% Abertis (€ 31 mn)

18. 18 Shareholders Equity Evolution (1) 23.5% acquired to SCH on April 18 th, 2002, plus 1.5% of Treasury Stock (2) 10% acquired through the Takeover Bid Million Euros ACS Shareholders Equity at 12.31.2002980.4 DRC Shareholders Equity at 12.31.2002 1,122.0 25% of DRC Cancellation (1) (296.9) PRO-FORMA SHAREHOLDERS EQUITY AT 12.31.20021,805.5 10% of DRC Cancellation (2) (112.2) 2003 Pro-Forma Net Profit380.3 ACS 2002 Dividend(46.1) DRC 2002 Complementary Dividend(15.3) 2003 Interim Dividend(42.7) Exchange Differences and others(61.6) Extraordinary Provision for merger expenses(111.5) SHAREHOLDERS EQUITY AT 12.31.20031,796.4

19. 19 Net Debt Evolution 1.47 x EBITDA Net Debt with recourse/ Shareholders Equity: 50.9% Project Finance: € 316 mn (25.7% of Total) (1) September 2003 figures (2) ACS, DRC, ANA; FCC, FER, SyV, and OHL 213 125 591 323 1,230 13% 30% 45% 52% 48% 27% 25% 7% 84% 54% 0 200 400 600 800 1,000 1,200 1,400 19992000200120022003 € mn 0% 20% 40% 60% 80% 100% 120% 140% Debt / Market Cap. Total ACS Net DebtTotal Net Debt/ACS Market Cap. Total Net Debt/Market Cap. (Industry Average (2) ) (1)

20. 20 Pro-Forma Cash Flow Statement (1) € 900 mn from the acquisition to the SCH of the 23.5% plus € 58 mn from DRC Treasury Stock acquisition and € 62 mn of 2002 Dividends paid; € 385 mn of the 10% DRC Takeover Bid in March 2003 and € 56 mn in dividends paid during 2003 (Million Euros) 20022003 Cash Flow from Operations578.1743.8 Working Capital Excess338.774.6 Cash Flow from Operating Activities916.7818.5 Investments(843.6)(657.5) Disposals of Assets386.3114.5 Net Investments(457.3)(543.0) Bank Financing506.5424.2 Treasury Stock Cancellation + Dividends (1 ) (1,019.6)(440.8) Other long term financing16.9(86.6) Cash Flow from Financing Activities (496.2)(103.2) Cash Variation(36.7)172.3

21.  Consolidated 2003 Results  Analysis by business  Conclusions  Consolidated 2003 Balance Sheet  Year 2003 Highlights

22. 22 Construction: Pro-Forma Results (Million Euros) 20022003 Var. Sales5,3305,595+5.0% EBITDA385424 +10.1% Margin7.2%7.6% EBIT312331+6.0% Margin5.9% Ordinary Profit320341+6.6% Margin6.0%6.1% Net Profit225215-4.3% Margin4.2%3.8% Tax Rate28.1%32.4%

23. 23 Construction: Pro-Forma Breakdown (Million Euros) 20022003 Var. National4,6455,144 +10.7% Civil Works2,7642,952 +6.8% Non residential Building1,2431,431 +15.1% Housing638761 +19.2% International684451 -34.1% TOTAL5,3305,595 +5.0% 2002 PF Sales 23% 12% 13% 52% 2003 PF Sales 26% 14% 8% 52%

24. 24 Industrial Services: Pro-Forma Results 20022003 Var. 2,8273,069 +8.6% 246278+13.0% 8.7%9.0% 202227 +12.3% 7.2%7.4% 157199 +26.7% 5.6%6.5% 100132+32.6% 3.5%4.3% 32.1%29.7% (Million Euros) Sales EBITDA Margin EBIT Margin Ordinary Profit Margin Net Profit Margin Tax Rate

25. 25 Industrial Services: Pro-Forma Breakdown (Million Euros) 20022003 Var. Distribution Networks692781 +12.8% Energy Projects569728 +28.0% Telecommunications368301 -18.1% Control Systems442446 +1.0% Industrial Systems757813 +7.5% TOTAL2,8273,069+8.6% 2002 PF Sales 2003 PF Sales 24% 20% 13% 16% 27% 14% 10% 24% 25%

26. 26 Services and Concessions: Services Pro-Forma Results (1) 2002 includes the gains from the sale of Redal, which totaled € 22 mn (Million Euros) 20022003 Var. Sales1,8992,157+13.6% EBITDA231275+19.2% Margin12.1%12.8% EBIT123143+16.4% Margin6.5%6.6% Ordinary Profit8091+13.4% Margin4.2% Net Profit (1 ) 10164-36.9% Margin5.3%3.0% Tax Rate10.6%26.1%

27. 27 Services and Concessions: Services Pro-Forma Breakdown 2002 PF Sales 24% 7% 21% 48% 2003 PF Sales 26% 7% 21% 46% (Million Euros) 20022003 Var. Environment903985 +9.1% Ports & Logistics454552 +21.5% Passengers Transportation142157 +10.8% Integral Maintenance400462 +15.6% TOTAL1,8992,157 +13.6%

28. 28 Services and Concessions: Concessions Pro-Forma Results (1) In 2002 it corresponds to Aurea, who enjoyed an exceptional low tax rate (2) In 2002 it corresponds mainly to the sale of the M-45 Stretches and Aulesa (Million Euros) 20022003 EBIT 3(6) Profit by Equity Method 45 Abertis (1) 4539 Others06 Gains from Assets Disposals (2) 4310 Net Profit 10455

29.  Consolidated 2003 Results  Analysis by business  Conclusions  Consolidated 2003 Balance Sheet  Year 2003 Highlights

30. 30 Year 2003 Results: Preparing the Future Good operating performance Net Debt < € 1,250 mn Net Investment > € 540 mn Provision Merger Expenses EBITDA > € 930 mn+16.0% Ordinary Profit > € 537 mn+21.2% PBT> € 499 mn+27.2% Net Profit > € 380 mn+16.5%

31. 31 Active Investment Policy Net investment (ACS+DRC) in 2000-2003 Future Investments (per year) Regular capex < € 200 mn Investments for business expansion > € 150 mn Investments in Concessionaire projects > € 150 mn Over € 2,200 mn, excluding acquisition 33.5% DRC Annual average above € 550 mn Mainly focused to diversification

32. 32 Extraordinary Merger Expenses Provision 2003 Extraordinary Provision net of taxes € 111.5 mn Streamlining of new organization Operating efficiencies by companies integration Economies of scales Tax shield of merger goodwill amortization  Construction€ 32.5 mn  Industrial Services€ 19.5 mn  Services and Concessions€ 20.4 mn  Holding€ 15.8 mn Pending assignment€ 23.3 mn 2006 Target: Net recurring cost savings of € 85 mn per year

33. 33 Good 2004 Prospects... SALES + 5-10% EBIT+ 10-15% NET PROFIT> 15% INVESTMENTS > € 500 mn Construction + 5-8% Industrial Services + 8-12% Services and Concessions + 8-12%

34. 34... Based on Our Strategy...... Based on Our Strategy... Focused on Value Creation through three criteria LEADERSHIP ORIENTED TO THE CLIENT EFFICIENT RESOURCES MANAGEMENT PROFITABLE AND SUSTAINED GROWTH Own corporate contractor culture Focus on customer service Coherent diversification Technical excellence Decentralized Organization Productivity improvements Cost savings Continuous training and innovation Profitable and recurrent businesses Strong Cash Flow generation Active investment policy Solid financial structure

35. 35... And a Solid Backlog 20022003 Var. Months Construction7,5597,888 4.3 % 17 Domestic 6,5446,989 6.8 % International 1,015900 (11.4 %) Industrial Services2,7833,049 9.5 % 12 Services11,79512,390 5.2 % 69 TOTAL22,13823,327 5.5 %

36. February 25 th, 2004