ACS to Reinforce its HOCHTIEF Offer by a Contingent Capital Increase

This announcement and the information contained herein are restricted and are not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan.

MADRID, October 15, 2010 -

    - Shareholder Meeting to Take Place Within the Next 35 Days
    - Purpose of the Capital Increase is to Increase Flexibility
      on HOCHTIEF Public Tender Offer
    - Support Already Confirmed by Majority of ACS Shareholders
    - German Financial Regulator (BaFin) has Granted Extension to
      Offer Submission Period for HOCHTIEF Public Tender Offer
    - HOCHTIEF Offer Completion to Take Place in January 2011

The board of Grupo ACS (ACS, Actividades de Construcción y
Servicios, S.A.), one of the leading global infrastructure companies, has
today unanimously approved the resolution of calling for an extraordinary
shareholder meeting in order to enable a contingent capital increase. The
planned capital increase has the purpose to increase ACS's flexibility in
facing any possible scenario that might arise until the successful completion
of the proposed public tender offer for HOCHTIEF AG. Given ACS's objective of
retaining a substantial free float in HOCHTIEF and its ability to first
utilize its treasury stock for the exchange offer, it is envisaged that ACS
will have limited use of this facility, if any. Those shares not required as
part of the HOCHTIEF offer process would not be issued.

The planned capital increase provision will have a maximum
volume of 50 percent of the existing share capital, amounting to up to 157
million ACS shares. The shareholder meeting will take place in Madrid, Spain,
likely on November 19, 2010.

ACS's major shareholders represented in the board,
representing over 60% of the total share capital of the company, have already
confirmed that they will support the motion.

As a result of this step, ACS has requested and obtained an
extension of the submission deadline of its official public tender offer for
HOCHTIEF with the German financial regulator (BaFin). This extension will
most likely lead to the offer completing in January 2011.

With this step, ACS reinforces its commitment to increasing
its stake to a majority position in HOCHTIEF. ACS is confident that the
entire offer will be completed successfully by the end of January 2011.

The terms of the offer will remain as communicated and will
not change.

More information about the public tender offer is available at
www.acs-offer.com.

About Grupo ACS

Grupo ACS (ACS, Actividades de Construcción y Servicios, S.A.),
headquartered in Madrid/Spain, is a world leader in infrastructure
development. In 2009, the Group's revenues totaled EUR15,606 million. ACS has
more than 144,000 employees operating in 41 countries. ACS is listed on the
Madrid Stock Exchange.

Safe Harbour Statement

This announcement is neither an offer to purchase nor a solicitation of
an offer to sell HOCHTIEF Shares. Moreover, the announcement is neither an
offer to purchase nor a solicitation to purchase ACS Shares. The final terms
and further provisions regarding the public offer will be disclosed in the
offer document after the publication has been approved by the German Federal
Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht). ACS reserves the right to deviate in the
final terms of the public offer from the basic information described herein.
Investors and holders of HOCHTIEF Shares are strongly recommended to read the
offer document and all documents in connection with the public offer as soon
as they are published, since they will contain important information.

Subject to certain exceptions to be approved by the relevant regulators
or certain facts to be ascertained, the public offer will not be made
directly or indirectly, in or into the United States, Canada, Australia,
Japan or any other jurisdiction where to do so would constitute a violation
of the laws of such jurisdiction, or by use of the mails or by any means or
instrumentality (including without limitation, facsimile transmission,
telephone and the internet) of interstate or foreign commerce, or any
facility of a national securities exchange, of the United States, Canada,
Australia or Japan. Accordingly, copies of this announcement or any
accompanying documents are not being, directly or indirectly, mailed or
otherwise distributed, forwarded or transmitted in, into or from the United
States, Canada, Australia or Japan.

The ACS Shares have not been, and will not be, registered under the US
Securities Act of 1933 or with any securities regulatory authority of any
state or other jurisdiction of the United States or under the applicable
securities laws of Canada, Australia and Japan. Accordingly, subject to
certain exceptions, the ACS Shares may not be offered or sold within the
United States or Canada, Australia and Japan or any other jurisdiction where
to do so would constitute a violation of the laws of such jurisdiction, or to
or for the account or benefit of any person in the United States, Canada,
Australia or Japan.

To the extent permissible under applicable law or regulation, and in
accordance with normal German market practice, ACS or its brokers (acting as
agents) may from time to time make certain purchases of, or arrangements to
purchase, directly or indirectly, HOCHTIEF Shares or any securities that are
immediately convertible into, exchangeable for, or exercisable for, HOCHTIEF
Shares, other than pursuant to the public offer, before, during or after the
period in which the offer remains open for acceptance. These purchases may
occur either in the open market at prevailing prices or in private
transactions at negotiated prices. Any information about such purchases will
be disclosed as required by law or regulation in Germany or other relevant
jurisdictions.

This announcement includes forward-looking statements about ACS, HOCHTIEF
and the enlarged group. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. ACS cautions you that
forward-looking statements are not guarantees of future performance and
actual results of operations, financial condition and liquidity, and the
development of the industry in which ACS and HOCHTIEF operates may differ
materially from those made in or suggested by the forward-looking statements
contained in this announcement. Any forward-looking statements speak only as
at the date of this announcement. Except as required by applicable law, ACS
does not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information, future
events or otherwise.

    Company Contacts:

    German and international media:

    Phoebe Kebbel
    Hering Schuppener Consulting
    Phone: +49-69-921874-77
    Mobile: +49-173-2862110
    pkebbel@heringschuppener.com

    Oda Wöltje
    Hering Schuppener Consulting
    Phone: +49-69-921874-47
    Mobile: +49-151-15176631
    owoeltje@heringschuppener.com

    Investor Relations:

    Grupo ACS

    Avda. Pío XII, no 102
    28036 Madrid, Spain
    Tel: +34-91-343-92-00
    Fax: +34-91-343-94-56
    e-mail: infogrupoacs@grupoacs.com

Company Contacts: German and international media: Phoebe Kebbel, Hering Schuppener Consulting, Phone: +49-69-921874-77, Mobile: +49-173-2862110, pkebbel at heringschuppener.com . Oda Wöltje, Hering Schuppener Consulting, Phone: +49-69-921874-47, Mobile: +49-151-15176631, owoeltje at heringschuppener.com . Investor Relations: Grupo ACS, Avda. Pío XII, no 102, 28036 Madrid, Spain, Tel: +34-91-343-92-00, Fax: +34-91-343-94-56, e-mail: infogrupoacs at grupoacs.com .