ACS, Actividades de Construcción y Servicios S.A.

Comisión Nacional del Mercado de Valores
Edison, 4
28006 MADRID
Madrid, 20 March 2014
Dear Sirs,
For the purpose established in article 82 of Law 24/1988, of 28 July, regulating the Spanish Stock
Market, and supplementary provisions, and following on from the Significant Events of 29 February
2014 (registry number 201096) I hereby inform you of the following Significant Event:
Through the pertinent registration in the Mercantile Registry, a reduction in the share capital of ACS Actividades de Construcción y Servicios S.A. amounting to EUR 1,281,423 has been executed, by means of the retirement of 2,562,846 treasury shares, with a charge to unrestricted reserves and through the allocation, for the same amount as the nominal value of the retired shares: EUR
1,281,423, to the reserve provided for in section c) of article 335 of the Spanish Corporations Law
(Ley de Sociedades de Capital).
As a consequence of the aforementioned share capital reduction, Article 6 of the Company Bylaws has been modified to read as follows:

"Article 6.‐The share capital is 157,332,297 euros, represented by 314,664,594 shares of

FIFTY CENTS OF EURO nominal value per share totally subscribed and disbursed.

The company may issue non‐voting shares for a value no greater than half the share capital and with entitlement to receive a minimum annual dividend of one per cent of the paid‐up share capital for each share, notwithstanding other rights conferred by law.

The company may also issue redeemable shares, for a face value no greater than a fourth of the share capital and in compliance with the other legally established requirements."

Sincerely,
Mr. Jose Luis del Valle Perez
Board Member, Secretary General

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