ACS Actividades de Construccion y Servicios : Announcements and agreements of shareholders general meetings

Comisión Nacional del Mercado de Valores

Edison, 4

28006 MADRID

Madrid, 4 April 2019

Dear Sirs,

For the purposes specified in Article 228 of the Consolidated Securities Market Act approved by Royal Legislative Decree 4/2015, of October 23, and supplementary provisions, please be informed of the following Significant Event:

Attached announcement of the call of the Ordinary General Shareholders' Meeting of ACS Activities of Construction and Services S.A. (ACS), to be held on May 9, 2019, on first call, and the next day, May 10, on second call, to be published tomorrow. All documentation of this Meeting will be available from tomorrow at the disposal of the shareholders on the company's website.

Sinceresly,

José Luis del Valle Pérez

Board Member, Secretary General

ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A.

ORDINARY GENERAL SHAREHOLDERS' MEETING

Agenda for the Annual General Shareholders' Meeting called by the Board of Directors on 28 March 2019, to be held in Madrid, Auditorio Sur de IFEMA, located in Avenida del Partenón s/n, Madrid at 12.00 am on 9 May 2019, at first call, and the following day, 10 May 2019, at the same time and place, at second call, (the Meeting will foreseeably be held on second call, unless otherwise announced on the web of the Company, www.grupoacs.com; on the web of CNMV, www.cnmv.es; on the BORME and one of the most widely read newspapers of Spain) with the following:

AGENDA

1.Approval of the 2018 Annual Financial Statements and Directors' Reports of both the Company and the consolidated of the Group of Companies of which ACS, Actividades de Construcción y Servicios, S.A., is the Parent company. Allocation of results.

2.Approval of the Consolidated Non-Financial Information State, corresponding to the 2018 fiscal year.

3.Approval of the performance of the Board of Directors during financial year 2018.

4.Appointment of auditors for both the Company and the Group.

5.Appointment of Directors (each proposal for appointment of Directors will be subject to a separate vote).

6.Annual report on directors' remuneration corresponding to financial year 2018, to be submitted to a consultative vote.

7.Acknowledge of the amendment to the Rules of the Board of Directors.

8.Amendment to articles 14 and 25 of the Rules of the General Meeting.

9.Capital increase charged fully to reserves and for authorisation of a capital reduction in order to amortise treasury shares.

10.Authorisation to buy back treasury shares and for a capital reduction in order to amortise treasury shares.

11.Delegation to the Board of Directors of the power to issue, once or several times, within a maximum term of five years, securities convertible and / or exchangeable in shares of the Company, as well as warrants or other similar securities that may be entitled, directly or indirectly to the subscription or acquisition of shares of the Company, for a total amount of up to three billion (3,000,000,000) euros; as well as the power to increase the share capital in the necessary amount, and the power to exclude, where appropriate, the right of preferential subscription up to a limit

of 20% of the share capital, leaving without effect the delegation conferred by the previous General Meeting.

12. Delegation of powers for the entering into and signing of agreements.

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COMPLEMENT TO CALL TO MEETING AND

SUBMISSION OF NEW PROPOSALS FOR AGREEMENT

Pursuant to the provisions in Article 519 of the Corporations Law and Articles 28 of the Company By-laws and 10 of the Shareholders' General Meeting By-laws, shareholders representing at least three per cent of the share capital may request the publication of a complement to the call to the Ordinary General Shareholders' Meeting, including one or more points in the agenda, provided that the new points are justified or, if relevant, include a justified proposal for agreement. Under no circumstances may this right be exercised regarding the call to Extraordinary General Meetings.

This right must be exercised through a notice by duly authenticated means to be received at the company's registered office within five days following publication of the call notice. The complement to the call to the Meeting shall be published at least fifteen days in advance of date established for the General Meeting to be held. Failure to publish the complement in due time will be grounds to challenge the meeting.

Shareholders that represent at least three per cent of the share capital may, within the period indicated in the section above, submit supported proposals for resolutions on matters already included or that must be included in the agenda of the meeting called.

More detailed information on these rights can be found on the Company website, www.grupoacs.com.

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ATTENDANCE AND VOTING RIGHTS SHAREHOLDER REGISTRY

Pursuant to the provisions in Articles 26, 29, and 30 of the Company By-laws and 15 and 19 of the General Meeting By-Laws, shareholders owning at least one hundred shares, whose ownership is registered in the relevant book-entry accounting record five days before the Meeting date shall be entitled to attend the Shareholders´ General Meeting. Whenever a shareholder exercises his voting rights using distance communication means, this condition shall also be met when the vote is cast. Each shareholder is entitled to a number of votes equal to the number of shares owned or represented. The owners or holders of fewer than one hundred shares may pool their shares in order to reach such number and may be represented either by one of them or by another shareholder who alone possesses the requisite number of shares required to form part of the General Meeting.

In addition, shareholders are required to procure the corresponding attendance card, the relevant certificate issued by the entity in charge of the book-entry accounting record, or

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the document certifying their capacity as shareholders by law in order to attend the General Sharehoders' Meeting.

Shareholders who attend the General Sharehoders' Meeting in person or through their proxy on the date set shall present their attendance card or the document that certifies that they are shareholders, pursuant to the legislation in force and the Shareholders' General Meeting By-laws.

Shareholders or their lawful representatives may present their respective attendance cards or the documents that certify that they are shareholders or, as applicable, the documents that they are shareholders' proxies, one hour before the time scheduled for the beginning of the meeting, on the date and time set for the Shareholders' General Meeting, on the first or second call. No attendance cards or representation documents presented to the staff in charge of the shareholder registry shall be admitted after the time set for the start of the General Shareholders' Meeting.

The record of the shareholders and proxies attending the meeting shall be taken by the individuals appointed for this task and by the General Shareholders' Meeting Secretary, using any suitable technical means.

Shareholders voting remotely shall, pursuant to the Company By-laws, be deemed present for the purpose of convening the meeting.

More detailed information on these rights can be found on the Company website, www.grupoacs.com.

III

VOLUNTARY REPRESENTATION

Pursuant to the provisions in Articles 184, 185, 187, 189, 522, and 523 of the Corporations Law, 29 of the Company By-laws, and 14 of the Shareholders´ General Meeting By-laws, any shareholder who is entitled to attend the meeting may be represented in the General Meeting by another person, even if the latter is not a shareholder. The representation conferred by shareholders who only by pooling their shares may have voting rights may be vested in any of them.

Power of representation shall be granted in the terms and with the scope established by Law, in writing, and specially for every Meeting, unless the representative is the shareholder's spouse (or any other person in an analogous position to that of spouse, pursuant to the applicable legislation), ascendant, descendant, or general proxy who has the power, by public deed, to manage the shareholders' entire property in Spain.

The documents including the power of representation for the General Shareholders' Meeting shall mention at least the following:

(a)The date when the General Shareholders' Meeting is to be held and the meeting agenda.

(b)The identities of the represented and the representing parties.

(c)The number of shares owned by the shareholder granting the power of representation.

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(d)The instructions regarding the vote given by the represented shareholders for each of the points in the agenda.

The proxy may also include items that are not included on the agenda established in the notice of the general meeting but which are dealt with, in accordance with the law, in the general meeting.

Unless otherwise specified by the shareholder, the proxy shall extend to any matters which, even if not included in the agenda, and thus ignored on the date when the power of representation was given, may be subject to vote in the Meeting, in which case the representative shall cast the vote that he deems most suitable for the interests of the Company and of the represented party. This rule shall also apply to any proposals subjected to the Meeting's decision which were not presented by the Board of Directors, and, in general, in the case of any power of representation granted by Law and under the Shareholders' General Meeting By-laws with no explicit voting instructions.

The Chair and the appointed individuals shall be regarded as entitled to establish the validity of the powers of representation granted and fulfilment of the requirements for attendance of the Meeting.

Attendance of the Meeting by more than one representative is not allowed, without prejudice to the provisions in Article 27 of the Shareholders' General Meeting By-laws on vote fractioning.

Powers of representation may be revoked in the terms provided by law and in the internal regulations of the Company. Power of representation shall also be rendered null and void by any disposal of the shares of which the Company becomes aware.

If the document that contains the power of representation received by the Company does not include the representative's identity, the shareholder shall be regarded as having appointed the Chair of the Board of Directors or its Vice chair or the Secretary of the Board as his representative, in this order in case of absence, or in case of a conflict of interest if the power of representation contains no voting instructions. Likewise, should the power of representation received with no voting instructions have been granted to any of the aforementioned individuals and he or she was in conflict of interest, the power of representation shall be understood to have been granted to the corresponding remaining person, also following the order in which they have been listed. In any case, in the absence of voting instructions, the new representative shall votes as hr or she deems most suitable for the Company's and the represented party's interest.

Should the represented shareholder have issued voting instructions, the proxy shall vote accordingly and shall keep these instructions for one year from the date of the corresponding General Meeting.

The proxy may represent more than one shareholder with no limit on the number of shareholders they may represent. When a proxy represents various shareholders, they may issue different votes according to the instructions received from each shareholder.

In any event, the number of shares represented shall be included in the number required to hold a valid meeting.

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