November 2010 1

Services for Citizens

FCC Overview

1.1 What is FCC?

1.2 Balanced Business Model 1.3 Consolidated International Presence 1.4 Sound Financial Position

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What is FCC?

Citizen Services

International leading group in Environmental Services and Infrastructures #1 in environmental services in Spain and #2 in infrastructure construction #1 in waste disposal in the UK Top 10 worldwide

( € 3 billion assets)

#1 in industrial waste management in Iberia and #2 in the US #2 in infrastructure construction in Austria and a leader in Eastern Europe #1 in waste management in Austria and Eastern Europe #2 in water management in Spain and #4 in the world #1 in Spain's cement market #1 in end-to-end water and waste management in Latin America

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Citizen Services

Balanced Business Model

EBITDA 1 by Business Area SERVICES & ENERGY 58% Environmental Services Urban Services 45% 8% Energy 5% INFRASTRUCTURE Construction 27% 42% Cement 15%

  Value creation supported by balanced infrastructure, services and energy business activities, with a strong long-term demand potential, based on an unstoppable urban growth.

Close to 60% of EBITDA comes from recurrent activities with high visibility on cash flow generation such as environmental services and energy

(1) 9M 2009

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Citizen Services

Consolidated International Presence

International Revenues 1 International 45% Construction 30% Services 12% Cement 2% Domestic 55%

   45% of revenues come from international markets Mainly from Europe (85%), where FCC has become a leading player in Infrastructures and Environmental Services International backlog has grown by 17% in the last twelve months 1

(1) 9M 2009

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Services for Citizens

29% Equity 71% Net debt Financial leverage 1

Sound Financial Position

38% 62% Without recourse With recourse Operating C.F.

Financial Expenses = 5.74

Net Debt EBITDA = 3.45

2 Infrastructure 24% Debt structure 1 Services & Energy 73% Other 3%

  Debt structure by area is in line with cash-flow visibility Strong liquidity position with over 1.2 billion € in available credit lines 3

(1) FY 2009 (2) Net Debt and EBITDA, both with recourse (3) As of 9M10

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Services for Citizens

FCC Strategy

2.1 Strategic drivers 2.2 Priorities by area 2.3 2010 targets

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Citizen Services

Profitability

Increase Organizational Efficiency

   Process reengineering Cost optimization Synergy Procurement

200 Mn€ of additional cost savings as from 2011 Growth

Reinforce Internationalization Process

   Infrastructures Environmental Services & Water Renewable Energies

Strategic Drivers Above 60% of sales from abroad in 2013, mostly from key areas Financing

Balance Sheet Management

   Working capital restraint Financial leverage reduction Active management of asset portfolio

Target Net Debt to Ebitda ≤ 3x

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Environmental Services

Citizen Services

Revenues by type of business 1 41% 28% 23% 8% Environment Spain Environment International Water Industrial Waste Features Revenues by region 1

•

High component of public service

•

Stable, regulated and long-term contracts

•

High entry barriers

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Capital intensive projects

•

High operating margins

•

High earnings visibility (backlog) Domestic 64% U.K. 18% Central & Eastern Europe 13% USA 3%

Growth in near markets (“buy and build”)

  

Strengthen position in Recycling area in core EU Markets (Spain, UK and Central Europe): EU foresees 35 % waste generation growth up to 2020, whereas European Waste Directive 2 aims for 50% of urban waste to be recycled by 2020 against current 40%.

Water business expansion based on BOT projects in developing countries. Water infrastructure needs in 2010/2020 will exceed combine investment in transport infrastructure and energy 3 .

Gear on our branding quality to raise capital from international banking support (agreement with EBRD and World Bank).

(1) 9M 2009 (2) Source: Eurostat (3) Source: “Infrastructure to 2030” – OECD

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Infrastructure

Citizen Services

Revenues by type of business 76% Civil Works 1 15% 9% Non residential building Residential building Features Revenues by region 1

•

Specialized in large infrastructures (civil works)

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High entry barriers

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Operating flexibility

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Strong cash flow generation

•

Backlog covers ≈ 18 months of production Domestic 45% Other countries 5% Austria 22% Germany 10% Eastern Europe 13% Rest of Europe 5%

Reinforce internationalization process with focus in 5/6 markets

  

A 2 folded strategy: Maintain EU “Home Markets” position plus strong expansion in 5/6 new selected quality jurisdiction. FCC international backlog has increased by over 20% since final 2008 1 . Some of the most relevant in-take in non-local markets are as follows:

 Algeria: 1.293 M €  Panama: 1.220 M €  UK: 366 M €  Mexico: 266 M €  Rumania: 220 M €

Extraordinary Investment Plan (PEI) in Spain might partially offset the impact of public demand restrictions for infrastructure Transport Infrastructure concession unit (50% stake in GVI) to crystallize value in the medium term (consolidation > growth > transfer) (1) 9M 2009

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Energy

Citizen Services

Installed capacity (MW)* Features Location 20 MW 20 MW Solar

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Recurrent revenues with regulated tariffs

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Capital intensive projects 422 MW 422 MW Wind

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Non recourse financing

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Natural hedge of energy cost in the Cement business in Spain (≈15% of the production cost) + 100 MW Thermo-solar Under development: 2011-2014

*Not including: – 165 MW of “Energy from Waste” (biomass) installed within the environmental division – 100 MW of wind capacity awarded in Catalonia (Spain) to be installed as from 2013 – 60/80 MW of wind capacity to be installed in FCC’s U.K landfills

Growth through green field projects in markets with higher potential

Wind farms Thermo-solar plants Solar power plants

  

Organic and self financing growth: Development of 2 thermo-solar projects in 2011/2014 (c40% growth in area revenues). Operating cash flow and project finance debt to back organic growth.

Synergies: Explore green field opportunities in Group diverse locations (UK, USA and Central Europe).

In house think-tank. New lines of activities from Energy Efficiency Services (Efitek), roof solar installation, energy and electric vehicle infrastructure.

(1) Source: Eurostat 2009

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Citizen Services

Leading position in Spain

Cement

Features Revenues by region 1

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High entry barriers

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Mature industry

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Strong cash flow generation

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Temporary low demand situation Domestic 67% USA 15% Tunisia 10% Rest 6% Region where CPV operates Cement Factories

Maximize cash flow generation

  

Focus on profitability and reinforcing leading position centered in the Spanish Market.

Enhance competitive leadership in Spain after the hard landing suffered in 2007/2010 (a 20-year low) Management focused on increasing efficiency improvement and cost optimization

 Plan 100 + → 71 M€ of recurrent savings in 2009 and goal of > 100 M€ savings in 2010  Alternative fuel replacement → 6% in 2009, up to 30% by 2013

(1) 9M 2009

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Urban Services (Versia)

Citizen Services

Revenues by type of business 1 Maintenance

& other

7% Vehicle Testing 7% Car parks 9% Urban Furniture 14% Handling 29% Logistics 34% Revenues by region 1 Domestic 67% Western Europe 26% USA 3% Others 3%

Active management of asset portfolio

  

Growing trend towards logistics and handling services outsourcing Weakening of traditional mass media in favor of Internet and outdoor publicity (urban furniture) Vehicle testing, car parks and maintenance businesses linked to long term public service concessions (1) 9M 2009

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2010 Targets

Services for Citizens

 

To beat 2009 results



sheet and cash generation Reinforce our leadership

EBITDA Net profit Debt containment Efficiency and cost saving (purchases and structure) Raise market share with improved profitability Increase presence in international markets 

Shareholder value commitment

Active management of asset portfolio Sustained Pay-out (2010 GDY over 7%)

Consolidate 2010 as year of the cycle change

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Services for Citizens

FCC Market Valuation

3.1 Valuation multiples

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Citizen Services

P/E 2010 (x) 13,8 8,6 FCC Sector Average Gross Dividend Yield 2010 (%) 7,4 3,8 FCC Sector Average

Market valuation

P/ Book Value 2010 (x) 1,9 1,0 FCC Sector Average EV/EBITDA 2010 (x) 8,7 7,0 FCC Sector Average European Infrastructure and Service Sector

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Services for Citizens We help create eco-efficient communities Thank you

Finance Department

Investor Relations 17