ACS
Actividades de Construcción y Servicios

Share capital

The share capital of the ACS Group totals 176,436,567 euros, represented by 352,873,134 ordinary shares with a nominal value of 0.50 euros per share, all of which are of the same class and series.

On June 10th, 2004, there was a reduction in the stock capital by a nominal amount of € 1,353,679.5 through the redemption of 902,453 shares of treasury stock. The shares were redeemed at their purchase cost charged to net worth for the amount of their nominal value and the rest was charged to free reserves. At the same time, there was a reduction of the nominal value of the shares from 1.50 to € 0.50 with the consequent and simultaneous increase in the number of shares in proportion to the stock capital (Split 3 x 1), to.

Date	Capital change	Number of shares	Share capital*
06/10/2004	Redemption of 902.452 shares of treasury Stock. Reduction of the nominal value of shares from € 1.50 to € 0.50, and split 3 x 1	352,873,134	176.44
12/15/2003	Capital increase	118,526,831	177.79
03/29/2001	Share capital redenomination to Euros	64,061,816	96.09
02/29/2000	Merged with IMES Group	64,061,816	96.09
06/01/1999	Capital increase	54,965,098	81.45
11/13/1997	Capital increase	47,795,737	71.69
09/05/1997	Merged of OCP and Ginés Navarro	42,485,100	63.73
09/05/1997	Split	23,132,720	34.70
*(Millions of Euros)