MY OFFICE OUR BUILDING. Interim Report January to September We are building the world of tomorrow.

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1 Interim Report January to September 2017 MY OFFICE OUR BUILDING 9M 2017: Financial Highlights EUR 320 million operational net profit, +29% yoy; EUR 303 million nominal, +36% EUR 463 million net cash from op. activities, +20% yoy Balance sheet further strengthened; EUR 508 million net cash, EUR +143 million yoy Strong Q3 EUR 7.7 billion new orders +34% yoy Guidance confirmed: op. net profit FY 2017 of EUR million (+13-25% yoy) We are building the world of tomorrow.

2 *All figures are nominal unless otherwise indicated 1) Operational earnings are adjusted for deconsolidation effects and other one-off impacts 2 ) Actual adjusted for two large Middle East projects at HOCHTIEF Europe division 3) incl. workforce UGL (6,801 as of Dec. 31, ) EBITDA and EBIT adjusted for The HOCHTIEF Group: Key Figures* (EUR million) 9M M Change Q Q3 Change Full year Sales 16, , % 5, , % 19,908.3 Operational profit before tax/pbt 1) % % Operational PBT margin 1) (%) Operational net profit 1) % % Operational earnings per share (EUR) 1) % % 5.62 EBITDA % % EBITDA margin (%) EBIT % % Profit before tax/pbt % % Net profit % % Earnings per share (EUR) % % 4.98 Net cash from operating activities % % 1,173.4 Net operating capital expenditure % % Free cash flow from operations % % Net cash (+)/net debt (-) % % New orders 21, , % 7, , % 24,813.5 Work done 18, , % 6, , % 22,291.5 Order backlog 2) 42, , % 42, , % 43,087.6 Employees (end of period) 3) 54,629 45, % 54,629 45, % 51,490 HOCHTIEF stock 140 % 130 % 120 % HOCHTIEF MDAX DAX % 100 % 090 % Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep

3 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 HOCHTIEF Group 9M 2017 Highlights EUR 320 million operational net profit, +29% yoy; EUR 303 million nominal, +36% Sales growth momentum continuing, 9M % yoy to EUR 16.5 billion Operational PBT margin of 3.8%, +50 bps yoy Strong EBITDA growth +35% yoy to EUR 959 million, EUR 1.24 billion LTM EUR million % + 36% M 9M 2017 Marcelino Fernández Verdes, Chairman of the Executive Board During the first nine months of 2017, the performance of HOCHTIEF has continued to progress in a very solid manner with significant further advances in the Group s sales and profits. This has been accompanied by a solid increase in cash generation and additional growth in the Group s order book. The positive ongoing performance and outlook, allied with HOCHTIEF s strong balance sheet position, has enabled the Group to announce an offer worth EUR 18.6 billion for 100% of the shares of ABERTIS, the largest toll road operator in the world, on October 18, The January-September 2017 period has seen further positive development in profits. Operational net profit, which excludes one-off impacts, increased by 29% year on year to EUR 320 million with nominal net profit rising 36% year on year, to EUR 303 million. Sales of EUR 16.5 billion showed a 15% increase year on year. This rise is driven by a combination of organic growth and the positive contribution of services business UGL, acquired by CIMIC at the end of last year. The Group operational PBT margin has increased by 50 basis points to 3.8%. HOCHTIEF s level of cash generation during the period has substantially increased. EBITDA of almost EUR 1 billion represents a rise of 35% year on year and in the last twelve months (LTM) stands at EUR 1.24 billion. Net cash inflow from operating activities for the nine-month period increased by 20% to EUR 463 million. EUR 463 million net cash from op. activities, +20% yoy EUR 778 million op. cash pre NWC +41% yoy Net cash from op. activities of EUR 1.25 billion LTM, +15% Net op. capex EUR +100 million yoy to EUR 226 million increased mining & tunneling work at CIMIC Free cash flow from operations LTM of EUR 1 billion Balance sheet further strengthened; EUR 508 million net cash, EUR +143 million yoy Net cash position of EUR 508 million per 9M 2017, EUR +143 million yoy (EUR million if adjusted for dividend payments and f/x effects) Ytd net cash increase of EUR 232 million, if adjusted by dividend payments and f/x effects (qoq increase by EUR 177 million) Strong Q3 EUR 7.7 billion new orders +34% yoy Q3 acceleration in new orders; 9M 2017 EUR 21.4 billion +13% yoy Order backlog of EUR 42.9 billion at consistently high level: +11% yoy; +6% ytd (f/x-adjusted) Backlog equivalent to 21 months of work done LTM Guidance confirmed: op. net profit FY 2017 of EUR million (+13-25% yoy) Strong tender pipeline in our core markets USA, Canada, Asia Pacific and Europe of over EUR 420 billion in project work for In relation to the ABERTIS transaction, S&P affirmed HOCHTIEF s BBB investment grade rating on October 23, 2017 EUR million EUR million EUR billion EUR million 387 op. CF 365 Net cash 9M , LTM op. CF EBITDA op. CF % Op. net profit op. CF 9M 9M Free CF from ops. + 34% 5.7 Q3 yoy LTM 463 (232) (113) 7.7 Dividends f/x effects 1,249 1,242 LTM (474) UGL investment + others + 13% 19.0 LTM EBITDA 508 Net cash 9M M yoy Capital expenditure continues to be increased due to rising mining and tunneling work at CIMIC. If we consider the last twelve months, the Group has achieved free cash flow from operations, after capex, of almost EUR 1 billion. This strong bps = basis points LTM = last twelve months NWC = net working capital qoq = quarter on quarter yoy = year on year ytd = year to date 3

4 performance is a consequence of our focus on cash-backed profits and sustained improvements in working capital. As a result of our strong cash flow performance, the Group s balance sheet shows a solid improvement. HOCHTIEF ended September 2017 with over EUR 508 million of net cash, EUR 143 million higher than a year ago. New orders have advanced significantly during the third quarter, increasing by 34% year on year and the EUR 21.4 billion of new work secured during the first nine months of 2017 is 13% higher than the corresponding period of. HOCHTIEF s period-end EUR 43 billion order book is 11% higher year on year, helped by organic growth and the positive impact of UGL. Adjusting for exchange rate effects, the order backlog is up by 6% compared with December. Once again in the third quarter, the HOCHTIEF companies recorded significant project wins: The major orders secured by all three divisions underline the strong competitive position we have in our core markets. In Alberta, for example, Flatiron will build a bridge as well as sections of Highway 2 in the town of Peace River. The company will carry out the project, which is scheduled for completion by October 2020, as part of a joint venture. CIMIC companies (HOCHTIEF Asia Pacific division) also put in another strong performance, winning attractive, largescale contracts both in Australia and abroad. These include work on a section of the Pacific Highway in New South Wales as well as the sewerage system in Singapore. CIMIC s services activities developed positively. For example, UGL is part of a joint venture that will operate and maintain the Melbourne suburban rail network, while Thiess has won several new mining contracts in Indonesia. of USA, Canada and Australia, as well as Europe, would complement and strengthen ABERTIS by providing a growth platform to expand and diversify its brownfield concessions portfolio. The combined Group s substantially enhanced financial capacity would allow us to significantly increase investment in PPPs (a EUR 200 billion PPP investment pipeline has been identified in our core markets for ) as well as boosting shareholder remuneration. We consider this proposal to be a highly attractive opportunity for the shareholders of both ABERTIS and HOCHTIEF to participate in a unique and industrially-driven project, with strong value creation and significantly improved shareholder remuneration. In relation to the ABERTIS transaction, S&P affirmed HOCHTIEF s BBB investment grade rating on October 23, 2017 Group Outlook The future for HOCHTIEF s core businesses of Construction, Mining, Services and PPPs remains very positive. We have identified a pipeline of relevant projects worth over EUR 420 billion coming to our markets in North America, Asia-Pacific and Europe for We confirm the positive guidance given at the beginning of the year. We expect sales growth for HOCHTIEF of over 10% in 2017 and an operational net profit in the range of EUR million. This represents an increase of 13-25% on, with all our divisions driving this further improvement in our Group results. Yours, In addition, HOCHTIEF Europe has secured important infrastructure contracts, such as the expansion of Frankfurt s S6 suburban rail line as well as construction projects including a district development in Berlin and a residential complex in Frankfurt. Marcelino Fernández Verdes, Chairman of the Executive Board On October 18, 2017, HOCHTIEF announced an offer for 100% of ABERTIS, the world s largest toll road operator, worth EUR 18.6 billion. The combination of HOCHTIEF and ABERTIS would create a uniquely integrated and global infrastructure group. Our positioning as a leader in greenfield PPP project development focused on the higher-growth developed markets 4

5 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 Interim Management Report Financial review Overview HOCHTIEF generated sales growth of 15% in the first nine months of 2017, increasing nominal consolidated net profit by 36% year on year. Cash generation and the order backlog also continued to develop favorably. Our strong balance sheet including a strong net cash position means that we are well placed for the future. Asia Pacific recorded significant growth compared with the prior-year period (EUR 5.1 billion). In the first nine months of 2017, HOCHTIEF Europe generated sales of EUR 1.2 billion. The division thus increased sales by 10% year on year, primarily in the core business of construction. Earnings HOCHTIEF Group company CIMIC acquired Australian engineering and services company UGL in the fourth quarter of. Together with further organic growth in the core business, this acquisition considerably increased the HOCHTIEF Group s sales compared with the prior-year period. Sales generated in the period from January to September 2017 totaled EUR 16.5 billion, up 15% on the corresponding prior-year figure (EUR 14.4 billion). Sales (EUR million) 9M M Change HOCHTIEF Americas 8, , % HOCHTIEF Asia Pacific 6, , % HOCHTIEF Europe 1, , % Corporate % Group 16, , % HOCHTIEF Americas sustained its sound performance, recording a further improvement in sales. The division benefited from the favorable trend at U.S. subsidiaries Turner (building construction) and Flatiron (civil engineering). Sales not only in the third quarter but also for the entire 2017 nine-month period were up year on year in both market segments. Overall, HOCHTIEF Americas increased sales by 7% compared with the prior year to EUR 8.6 billion. CIMIC s sales in the current year were lifted by organic growth as well as the sales contribution by engineering and services company UGL. Organic growth in the core business of construction was driven above all by newly commenced, large-scale infrastructure projects. Favorable customer demand with contract extensions, higher production volumes, as well as expansion into new resources and markets, had a positive effect in contract mining. With sales of EUR 6.6 billion and an increase of 29%, HOCHTIEF Sales generated in markets outside Germany from January to September 2017 came to EUR 15.9 billion. As in the prior year, the international share of sales was 96%. HOCHTIEF continued to maintain its dynamic earnings trend from the first six months also in the third quarter, posting a strong increase in profits for the entire reporting period from January to September Nominal profit before tax (PBT) totaled EUR 608 million, up 36% on the comparative prior-year figure. Similarly, operational PBT (nominal PBT adjusted for one-off items) grew strongly to EUR 629 million, representing year-on-year growth of 31% for HOCHTIEF. The healthy earnings performance was driven by improvements in all divisions. Profit before tax (PBT) (EUR million) 9M M Change HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % Corporate (22.7) (22.2) -2.3% Group nominal PBT % One-off items % Restructuring % Investments/Divestments 3.1 (78.1) Impairments % Others % Group operational PBT % 5

6 In the first nine months of 2017, nominal PBT at HOCHTIEF Americas improved by 29% compared with the prior-year period, to EUR 189 million. The positive earnings trend at HOCHTIEF Asia Pacific continued, with nominal PBT up 35% to EUR 416 million. First and foremost, the division benefited from the CIMIC Group s strong growth. Driven by organic growth with solid margins and higher sales helped by the acquisition of UGL, CIMIC s nominal PBT for the 2017 nine-month period climbed by 28% year on year to AUD 687 million. HOCHTIEF Europe turned in a solid performance in its core business in the first nine months of Nominal PBT improved by EUR 10 million year on year to EUR 26 million. In the January to September 2017 reporting period, all Group divisions recorded positive net income from equity- method associates, joint ventures, and other participating interests. At EUR 130 million, the total amount generated in the HOCHTIEF Group was almost on a par with the prior year (EUR 133 million). HOCHTIEF refinanced a long-term syndicated loan of EUR 1.7 billion in the third quarter. Entered into at considerably more favorable terms, the new facility is a core element of the Group s long-term financing strategy. The strong capital market response to this transaction was underpinned by Standard & Poor s BBB investment grade rating for HOCHTIEF awarded in May 2017 which was subsequently affirmed in October 2017 in relation to the ABERTIS transaction. Interest expenses were down slightly in the period from January to September 2017 compared with the prior-year period because of the improved financing terms. Net investment and interest income in the reporting period stood at minus EUR 95 million (: minus EUR 90 million). Nominal consolidated net profit in the period from January to September 2017 amounted to EUR 303 million, an increase of 36% year on year. HOCHTIEF also continued to record strong growth in operational consolidated net profit, which improved by 29% to EUR 320 million. As in the prioryear period (EUR 78 million), the bulk of the EUR 117 million non-controlling interest related to minority shareholders at the CIMIC Group. Consolidated net profit (EUR million) 9M M Change HOCHTIEF Americas % HOCHTIEF Asia Pacific % HOCHTIEF Europe % Corporate (24.6) (28.2) 12.8% Group nominal net profit % One-off items % Restructuring % Investments/Divestments 3.2 (38.6) Impairments % Others % Group operational net profit % Orders and work done New orders in the first three quarters of 2017 increased by 13% year on year to EUR 21.4 billion. New orders in the Americas division remained high at EUR 9.7 billion but as expected were down on the record figure in the prior-year period, which included a number of largescale projects. The Asia Pacific division lifted new orders by a substantial 51% to EUR 10.0 billion in the first three quarters. New orders in the Europe division also increased by a significant 21% compared with the prior-year period, to EUR 1.64 billion. The income tax expense for the 2017 nine-month period stood at EUR 188 million (: EUR 146 million). The effective tax rate normalized to 31%, and thus close to the full year-end level of 30%. 6

7 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 HOCHTIEF Group Selected Recent Significant Project Announcements Peace River Bridge Twinning Project, EUR 100 m S6 Frankfurt Rhine-Main Federal Ministry of Health Office park Wrocław, EUR 84 m Lake Isabella Dam, EUR 216 m Rockwell Integrated Science Center Coolidge Senior High School, EUR 120 m Expo Village Towers, EUR 154 m Brigitte Harris Cancer Pavilion, EUR 138 m GBU Coal Mine, EUR 492 m Harum Energy s Mahakam Sumber Jaya Coal Mine, EUR 200 m BMA Mining Services, EUR 287 m Pacific Highway upgrade works, EUR 244 m Melbourne Suburban Network, EUR 1.3 bn Contract values are total project volumes. Christchurch Convention Centre, EUR 148 m % % HOCHTIEF Europe* HOCHTIEF Asia Pacific HOCHTIEF Americas M 9M M FY Q H M 2017 *The order backklog was adjusted for two large Middle East projects (as of Sep. 30, : EUR 637 million; as of Dec. 31, : EUR 4 million). At EUR 42.9 billion, the order backlog at the end of the third quarter of 2017 remained at a stable high level. This represents a year-on-year increase of 11%. The prospects for the rest of 2017 and beyond remain positive thanks to a strong tender pipeline in all divisions. With work done at a high level, the order backlog represents a forward order book of 21 months. 7

8 * last twelve months Cash flow (EUR million) 9M M Change LTM* 10/ 09/2017 Full year Net cash from operating activities pre net working capital change , Net working capital change (315.5) (164.8) (150.7) Net cash from operating activities , ,173.4 Gross operating capital expenditure (259.2) (180.1) (79.1) (351.7) (272.6) Operating asset disposals (20.6) Net operating capital expenditure (225.8) (126.1) (99.7) (287.0) (187.3) Free cash flow from operations (23.8) Cash flow As well as making progress in profit and margin growth, HOCHTIEF posted a healthy cash flow performance in the first nine months of Net cash from operating activities was clearly positive in the first nine months of 2017, up EUR 76 million compared with the prior-year period (EUR 387 million) to EUR 463 million. This increase was primarily due to the substantial improvement in net cash from operating activities before changes in working capital as a result of the cash-driven earnings improvement in all divisions. Higher year-on-year cash outflow is mainly due to the positive initial effect of factoring at HOCHTIEF Americas in the prior-year period. In the past twelve months from October to September 2017, HOCHTIEF generated net cash from operating activities exceeding EUR 1.2 billion. The HOCHTIEF Group s gross operating capital expenditure amounted to EUR 259 million in the period from January to September 2017, representing an increase of EUR 79 million compared with the prior-year figure. This reflects the higher capital expenditure at CIMIC required due to stronger sales in the mining business as well as to procure project-specific tunneling equipment. Proceeds of EUR 33 million (: EUR 54 million) were generated from operating asset disposals. Free cash flow from operations of EUR 237 million was generated in the period from January to September 2017 (: EUR 261 million). In the twelve-month period from October to September 2017, free cash flow from operations came to EUR 962 million. Balance sheet Total assets as of September 30, 2017 stood at EUR 13.4 billion (December 31, : EUR 14.1 billion). Exchange rate effects from movements in the U.S. and Australian dollar were the predominant factors in the period from January to September 2017, with both currencies depreciating against the euro since the beginning of the year. Non-current assets fell by EUR 591 million compared with the year-end to EUR 4.0 billion as of September 30, Intangible assets declined by EUR 108 million, primarily due to exchange rate effects. In addition to exchange rate effects, the EUR 221 million decrease in property, plant and equipment reflected disposals of operating assets in the HOCHTIEF Europe division. The EUR 119 million drop in financial assets was attributable primarily to equity-method adjustments and the completion of CIMIC s sale of its investment in Macmahon Holdings Limited in July At EUR 802 million, non-current financial receivables were in line with the year-end and mainly consisted of loans to Group companies by CIMIC and to PPP projects in the HOCHTIEF Europe division. Current assets declined slightly in the first nine months of At EUR 9.4 billion, the figure as of September 30, 2017 was down EUR 79 million on the figure as of December 31,. The EUR 90 million decline in inventories to EUR 469 million was mainly due to the sale of real estate developments. With regard to trade receivables, the increase attributable to operational growth was offset by exchange rate effects. Mainly as a result of exchange rate effects, marketable securities and cash and cash equivalents fell by a total of EUR 221 million to EUR 3.1 billion. 8

9 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 HOCHTIEF Group net cash (+)/net debt (-) development* Sep. 30, Sep. 30, Change Dec. 31, (EUR million) 2017 HOCHTIEF Americas HOCHTIEF Asia Pacific (95.5) HOCHTIEF Europe 2.7 (252.5) Corporate (679.5) (615.7) (63.8) (450.0) Group *For definition, please see Group Report, page 242. Shareholders equity amounted to EUR 2.4 billion as of September 30, 2017 (December 31, : EUR 2.6 billion). The EUR 186 million decrease was mainly the result of exchange rate effects (EUR 378 million) and dividend payments (EUR 253 million). Profit after tax (EUR 420 million) and other items (EUR 25 million) positively impacted shareholders equity. The ratio of equity to total assets was 18% as of September 30, 2017, unchanged from December 31,. The HOCHTIEF Group s net cash position increased by EUR 143 million compared with September 30, (EUR 365 million), reaching EUR 508 million as of September 30, This growth was attributable to increases at the HOCHTIEF Europe and HOCHTIEF Americas divisions. The decline at HOCHTIEF Asia Pacific was due to the decrease in net assets in connection with the acquisition of UGL in the fourth quarter of. HOCHTIEF Asia Pacific s net cash rose by EUR 176 million in the first nine months of In the current year, the change in non-current liabilities was principally driven by a EUR 905 million increase in financial liabilities to EUR 2.5 billion. The main factor here was the placement by HOCHTIEF Aktiengesellschaft of a EUR 500 million promissory note to refinance a corporate bond that matured and was paid back to the bondholders in March Current liabilities decreased substantially in the current year. At EUR 7.7 billion, the figure as of September 30, 2017 was down significantly on the comparative figure as of December 31, (EUR 8.9 billion). This reflected in particular the repayment of the HOCHTIEF corporate bond mentioned above as well as the repayment of bonds by CIMIC, resulting in a net decrease in current financial liabilities by a total of EUR 806 million to EUR 241 million. Additionally, trade payables went down by EUR 347 million to EUR 6.2 billion, due mainly to exchange rate effects. Risk and opportunities report There has been no material change in the situation of the Group from that presented in our Group Report with regard to opportunities and risks*. The statements regarding the opportunities and risks made in the Group Report as of December 31, therefore continue to apply. Report on forecast and other statements relating to the Company s likely future development We confirm the positive guidance given at the beginning of the year. We expect sales growth for HOCHTIEF of over 10% in 2017 and an operational net profit in the range of EUR million. This represents an increase of 13-25% on, with all our divisions driving this further improvement in our Group results. * Our risk report is provided starting on page 127 of our Group Report and on our website, 9

10 Divisions HOCHTIEF Americas *All figures are nominal unless otherwise indicated 1) Operational earnings are adjusted for deconsolidation effects and other one-off impacts HOCHTIEF Americas Division: Key Figures* 9M 9M Change Q3 Q3 Change Full year (EUR million) Divisional sales 8, , % 2, , % 10,905.8 Operational profit before tax/pbt 1) % % Operational PBT margin 1) (%) Operational net profit 1) % % Profit before tax/pbt % % Net profit % % Net cash from operating activities % % Gross operating capital expenditure % % 36.8 Net cash (+)/net debt (-) % % New orders 9, , % 3, , % 13,659.3 Work done 8, , % 2, , % 11,122.2 Order backlog (end of period) 15, , % 15, , % 15,896.8 Employees (end of period) 10,622 10, % 10,622 10, % 9,490 The positive profit momentum at HOCHTIEF Americas has accelerated during the third quarter. For the nine-month 2017 period, operational PBT increased by 27% year on year to EUR 193 million with sales rising 7% to EUR 8.6 billion. The operational PBT margin has expanded by 30 basis points to 2.2%, compared with 1.9% a year ago, with increasing profits coming from both Turner s building activities and at our civil business, Flatiron. Divisional net cash ended September 2017 at EUR 743 million, up by nearly EUR 50 million year on year, or EUR 114 million if one adjusts for the exchange rate impact of movements in the U.S. dollar versus the euro during the last 12 months. The cash generation profile has improved during the third quarter. Net cash from operating activities exceeded EUR 100 million in the third quarter. The corresponding period in benefitted from the implementation of initial working capital measures. Seasonal working capital effects result in variations during the year but, if one examines the last twelve months, the division has generated a strong level of net cash from operating activities of over EUR 290 million. Turner and Flatiron have both made an important positive contribution to this figure. HOCHTIEF Americas new orders during the third quarter rose by 15% year on year and now stand at EUR 9.7 billion for the nine-month period. The order backlog stands at EUR 15.3 billion at the end of September and, when adjusted for exchange rate effects, is up a substantial 8% so far in 2017 and compared with a year ago. Third-quarter new orders were again strong in the HOCHTIEF Americas division. Among other projects, Flatiron is part of a joint venture contracted to upgrade the Lake Isabella Dam in Kern County, California, and improve its safety by early The total value of the contract is some EUR 216 million. In Alberta, Flatiron will work with a partner to build a bridge as well as parts of Highway 2 in the town of Peace River. With a total contract value of roughly EUR 100 million, the Peace River Bridge Twinning project is slated for completion in October Under a contract worth EUR 138 million, Turner is building the Brigitte Harris Cancer Pavilion at the Henry Ford Cancer Institute in Detroit, Michigan. The six-story center featuring an extensive glass curtain wall will give patients access to precision diagnostics and to various cancer treatment options. The company will completely modernize the Coolidge Senior High School in Washington D.C. by the fall of 2019 under a contract worth some EUR 120 million. In Easton, Pennsylvania, Turner is building the extensive new Rockwell Integrated Science Center at Lafayette College to be used for interdisciplinary purposes. HOCHTIEF Americas Outlook We continue to expect a further improvement at HOCHTIEF Americas in 2017 with operational profit before tax in the range of EUR million, up 10-17% year on year. 10

11 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 HOCHTIEF Asia Pacific HOCHTIEF Asia Pacific Division: Key Figures* 9M 9M Change Q3 Q3 Change Full year (EUR million) Divisional sales 6, , % 2, , % 7,303.0 Profit before tax/pbt % % PBT margin (%) Net profit % % *All figures are nominal unless otherwise indicated 1) incl. workforce UGL (6,801 as of Dec. 31, ) Net cash (+)/net debt (-) % % Order backlog (end of period) 23, , % 23, , % 23,302.0 Employees (end of period) 1) 38,324 28, % 38,324 28, % 35,396 The performance of the HOCHTIEF Asia Pacific division reflects HOCHTIEF s stake in CIMIC (72.7% at the end of September 2017, unchanged year on year) as well as associated financing and holding costs, and the impact of variations in the AUD/EUR exchange rate. HOCHTIEF Asia Pacific s nominal profit before tax (PBT) increased strongly by 35% year on year to EUR 416 million. This was driven by sales growth of 29% due to both the contribution from services company UGL (acquired in Q4 ) as well as organic growth in the core markets in which CIMIC operates. Margins expanded; the divisional PBT margin rose 30 basis points to 6.3%. All of the Group s core businesses of Construction, Contract Mining, Services and PPPs continue to perform well. A strong cash flow performance resulted in HOCHTIEF Asia Pacific ending September 2017 with a solid net cash position of EUR 441 million, up by over EUR 175 million since December. The division s order book of EUR 23.7 billion is 20% higher year on year reflecting both organic growth and the contribution of UGL s services activities. CIMIC s key figures For the first nine months of 2017, net profit after tax (NPAT) at CIMIC increased by 21% year on year to AUD 501 million with PBT of AUD 687 million up 28% year on year. The PBT margin remains firm at 7.2% up 20 basis points year on year. The positive revenue trend continued; sales were up 26% year on year to AUD 9.6 billion due to both organic growth and the significant contribution from services. CIMIC s cash flow performance during the first nine months of 2017 remained strong. Cash flow from operating activities of over AUD 920 million is almost AUD 300 million higher year on year. The company s continued focus on working capital management remains key. Net capital expenditure more than doubled to AUD 288 million reflecting increased mining and tunneling work. As a consequence of this strong cash generation, the company ended the period with a net cash position of AUD 606 million, an increase of nearly AUD 200 million since the end of. Additionally, net contract debtors were significantly reduced by AUD 418 million year on year to AUD 1.2 billion. Work in hand continued to expand and at the end of September 2017 was AUD 1.7 billion higher year to date at AUD 35.7 billion with the construction order book advancing 17% year on year to AUD 14.7 billion. The contribution of UGL put the Services order book at AUD 6.8 billion or nearly 20% of CIMIC s total order book. The Mining-related portion also shows a positive trend during the last six months. A solid project pipeline with AUD 23 billion of tenders relevant to CIMIC has been identified for the remainder of 2017 with a further AUD 385 billion currently earmarked thereafter, including about AUD 50 billion worth of PPP projects. 11

12 In the third quarter, the CIMIC Group companies again generated a significant number of large new contracts. These include a CPB Contractors project to carry out major civil engineering work on a 34-kilometer section of the Pacific Highway in New South Wales by Valued at some EUR 244 million, the work is part of the Woolgoolga to Ballina upgrade, Australia s largest regional infrastructure project. In mining services, Thiess secured new contracts in East Kalimantan, Indonesia, including a new contract for the Gunung Bara Utama coal mine and a contract renewal for the Mahakam Sumber Jaya coal mine until March These orders are valued at nearly EUR 492 million. In Australia, Thiess secured a contract extension at Jellinbah Plains in Queensland. This order is valued at around EUR 126 million. Leighton Asia is to build a large section of the sewerage system in Singapore. Scheduled for completion by mid- 2023, the tunnel project s value amounts to some EUR 317 million. In addition, an existing contract for the CIMIC company UGL has been extended. As part of a joint venture, UGL will continue the operations and maintenance of the Melbourne suburban train network for a further seven years. The contract will generate revenue to UGL of approximately EUR 1.3 billion over the initial seven-year term, with options of three further years in addition to this revenue figure. HOCHTIEF Asia Pacific Outlook CIMIC confirmed its NPAT guidance (net profit after tax) for 2017 in the range of AUD million, subject to market conditions, compared to the AUD 580 million reported for, up 10-21%. 12

13 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 HOCHTIEF Europe HOCHTIEF Europe Division: Key Figures* 9M 9M Change Q3 Q3 Change Full year (EUR million) Divisional sales 1, , % % 1,596.5 Operational profit before tax/pbt 1) % % 36.1 Operational PBT margin 1) (%) Operational net profit 1) % % 30.4 Profit before tax/pbt % % 18.7 Net profit % % 12.5 *All figures are nominal unless otherwise indicated 1) Operational earnings are adjusted for deconsolidation effects and other one-off impacts 2) Actual adjusted for two large Middle East projects at HOCHTIEF Europe Net cash from operating activities (105.1) (151.2) 30.5% (51.6) Gross operating capital expenditure % % 36.2 Net cash (+)/net debt (-) (252.5) 44.6 New orders 1, , % % 2,097.5 Work done 1, , % % 1,949.6 Order backlog (end of period) 2) 3, , % 3, , % 3,890.6 Employees (end of period) 5,480 6, % 5,480 6, % 6,414 of which in Germany 3,245 3, % 3,245 3, % 3,275 HOCHTIEF Europe s profit performance continues to evolve in a positive fashion. Operational PBT increased by almost EUR 7 million year on year to EUR 33 million in the first nine months of Nominal PBT also rose significantly reaching EUR 26 million, up by over EUR 10 million year on year. Sales were 10% higher at EUR 1.2 billion with operational PBT margins improving to 2.7% versus 2.4% in the corres ponding period of. The divisional balance sheet registered a very significant year-on-year improvement in net cash of EUR 255 million, ending September with a net cash position of EUR 3 million. This positive trend reflects the improvement of almost EUR 50 million year on year in net cash from operating activities as well as a further reduction in the capital employed at Real Estate which has been reduced by around EUR 1 billion since the end of Over the last twelve months, positive net cash from operating activities of EUR 108 million has been generated by the Europe division. New orders in the nine-month period of EUR 1.6 billion represent a year-on-year increase of 21% with the divisional order backlog of EUR 3.8 billion up 4% year on year. In Berlin, HOCHTIEF as general contractor is constructing the Bundesallee district development. By the end of 2019, three new nine-story office blocks and four seven-story apartment blocks will be built in Berlin s City West area. In addition, HOCHTIEF is to build the eight-story Living Lyon residential complex, comprising roughly 120 apartments, in Frankfurt by April As part of a joint venture, HOCHTIEF is constructing Fuhle 101 in Hamburg. Slated for completion in September 2019, this five-story building in a prime location will house retailers, restaurants, a hotel, and offices. In the third quarter of 2017, HOCHTIEF completed work on the Queensferry Crossing project in Scotland, one of the world s longest cable-stayed bridges. Additionally, two toll road projects in Greece received their certificates of completion and are now operational. HOCHTIEF Europe Outlook Looking forward we continue to expect an improvement in operational PBT to EUR million for 2017, an increase of 10-24% compared with EUR 36 million in. One of the new orders won by HOCHTIEF Europe involves adding two more tracks to the double-track S6 suburban rail line between Frankfurt-West and Bad Vilbel: HOCHTIEF Infrastructure will complete the expansion of a 12-kilometer stretch. 13

14 Interim Financial Statements (Condensed) Consolidated Statement of Earnings (EUR thousand) 9M M Change Q Q3 Full year Sales 16,533,849 14,397, % 5,516,125 5,031,234 19,908,328 Changes in inventories (27,412) (71,731) -61.8% 16,298 (35,573) (93,030) Other operating income 134, , % 42, , ,477 Materials (11,767,489) (10,767,297) 9.3% (3,960,488) (3,783,399) (14,778,229) Personnel costs (3,088,945) (2,371,435) 30.3% (1,021,387) (826,350) (3,285,214) Depreciation and amortization (293,528) (208,029) 41.1% (92,158) (75,123) (287,721) Other operating expenses (917,790) (789,164) 16.3% (298,987) (273,425) (1,208,075) Profit from operating activities 573, , % 201, , ,536 Share of profits and losses of equity-method associates and joint ventures 68,436 94, % 30,676 16,021 75,117 Net income from other participating interests 61,285 38, % 16,283 15,282 39,803 Investment and interest income 56,196 62, % 17,813 18,023 87,415 Investment and interest expenses (151,513) (151,989) -0.3% (44,426) (45,845) (210,160) Profit before tax 607, , % 221, , ,711 Income taxes (187,960) (145,926) 28.8% (67,716) (34,931) (187,217) Profit after tax 419, , % 154, , ,494 Thereof: Attributable to non-controlling interest 116,739 77, % 40,364 28, ,011 Thereof: Attributable to HOCHTIEF shareholders (Group net profit) 302, , % 113,707 82, ,483 Earnings per share (EUR) % Consolidated Statement of Comprehensive Income *Adjusted due to the fina li - zation of the purchase price allocation from the UGL acquisition. Please see page 19 for explanatory notes on the restatement. (EUR thousand) 9M M Change Q Q3 Full year * Profit after tax 419, , % 154, , ,494 Items that may be reclassified subsequently to profit or loss Currency translation differences (378,263) (54,869) % (151,063) 40,552 96,990 Changes in fair value of financial instruments Primary (19,565) (25,186) 22.3% (11,432) (15,602) (17,800) Derivative 1,712 (435) (1,030) (1,003) (895) Share of other comprehensive income of equity-method associates and joint ventures (4,400) (15,532) 71.7% (2,208) 368 (16,174) Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans 41,692 (70,754) 5,556 8,953 (59,103) Other comprehensive income (after tax) (358,824) (166,776) % (160,177) 33,268 3,018 Total comprehensive income after tax 60, , % (6,106) 145, ,512 Thereof: Attributable to non-controlling interest 22,400 45, % (1,019) 25, ,646 Thereof: Attributable to HOCHTIEF shareholders 38,287 88, % (5,087) 119, ,866 14

15 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 Consolidated Balance Sheet (EUR thousand) Sep. 30, 2017 Dec. 31, * Assets Non-current assets Intangible assets 1,214,193 1,322,259 Property, plant and equipment 956,125 1,177,551 Investment properties 10,954 12,007 Equity-method investments 580, ,897 Other financial assets 77,114 71,562 Financial receivables 802, ,579 Other receivables and other assets 158, ,741 Non-current income tax assets 10,810 19,695 Deferred tax assets 209, ,384 4,020,903 4,611,675 Current assets Inventories 469, ,168 Financial receivables 189,203 55,985 Trade receivables 5,175,411 5,025,260 Other receivables and other assets 394, ,297 Current income tax assets 39,029 31,152 Marketable securities 423, ,424 Cash and cash equivalents 2,666,189 2,847,426 Assets held for sale 29,043 32,719 9,386,122 9,465,431 13,407,025 14,077,106 (EUR thousand) Liabilities and Shareholders Equity Shareholders equity Sep. 30, 2017 Dec. 31, * Attributable to HOCHTIEF shareholders 1,684,760 1,813,830 Attributable to non-controlling interest 700, ,279 2,384,806 2,571,109 Non-current liabilities Provisions for pensions and similar obligations 391, ,246 Other provisions 358, ,256 Financial liabilities 2,538,187 1,633,321 Other liabilities 32,532 36,841 Deferred tax liabilities 46,748 34,917 3,367,303 2,568,581 Current liabilities Other provisions 728, ,603 Financial liabilities 240,950 1,046,934 Trade payables 6,161,866 6,509,474 Other liabilities 503, ,341 Current income tax liabilities 20,442 4,064 7,654,916 8,937,416 13,407,025 14,077,106 *Restated due to finalization of the purchase price allocation for the UGL acquisition. Please see page 19 for explanatory notes on the restatement. 15

16 Consolidated Statement of Cash Flows (EUR thousand) 9M M Profit after tax 419, ,885 Depreciation, amortization, impairments and impairment reversals 263, ,585 Changes in provisions (40,781) (45,655) Changes in deferred taxes 90,927 80,657 Gains/(losses) from disposals of non-current assets and marketable securities 9,415 (7,151) Other non-cash income and expenses (primarily equity accounting) and deconsolidations 34,202 13,460 Net working capital change (315,493) (164,842) Changes in other balance sheet items 1,850 3,060 Net cash from operating activities 462, ,999 Intangible assets, property, plant and equipment, and investment properties Purchases (259,219) (180,118) Proceeds from asset disposals 33,429 54,052 Acquisitions and participating interests Purchases (59,713) (54,920) Proceeds from asset disposals/divestments 72,108 21,560 Income tax payments in connection with divestments (40,434) (21,342) Changes in cash and cash equivalents due to changes in the scope of consolidation 60,621 Changes in marketable securities and financial receivables (127,884) 104,600 Cash flow from investing activities (381,713) (15,547) Payments for repurchase of treasury stock (79,656) Payments received from sale of treasury stock 1,326 1,284 Payments for repurchase of treasury stock at CIMIC (284,026) Payments for the purchase of additional shares in subsidiaries (20,080) (86,501) Payments into equity by non-controlling interests 7,520 Other financing activities (3,185) (11,738) Dividends to HOCHTIEF shareholders and non-controlling interests (216,879) (204,111) Proceeds from new borrowing 1,778, ,955 Debt repayment (1,586,958) (470,103) Cash flow from financing activities (39,602) (812,896) Net cash decrease in cash and cash equivalents 41,568 (441,444) Effect of exchange rate changes (222,805) (27,293) Overall change in cash and cash equivalents (181,237) (468,737) Cash and cash equivalents at the start of the year 2,847,426 2,808,707 Cash and cash equivalents at end of reporting period 2,666,189 2,339,970 16

17 To Our Shareholders 3 Interim Management Report 5 Interim Financial Statements 14 Publication Details and Credits 24 Consolidated Statement of Changes in Equity Subscribed capital of HOCHTIEF Aktiengesellschaft* Capital reserve of HOCHTIEF Aktiengesellschaft* Retained earnings including distributable profit Accumulated other comprehensive income Attributable to noncontrolling interest Attributable to HOCHTIEF shareholders Remeasurement of defined Currency translation differences Changes in fair value of financial (EUR thousand) benefit plans instruments Balance as of Jan. 1, 177, ,163 1,144,034 (287,527) 286,791 19,008 2,143,901 1,002,847 3,146,748 Dividends (128,473) (128,473) (95,587) (224,060) Profit after tax 223, ,253 77, ,885 Currency translation differences and changes in fair value of financial instruments (33,543) (30,366) (63,909) (32,113) (96,022) Changes from remeasurement of defined benefit plans (70,754) (70,754) (70,754) Total comprehensive income 223,253 (70,754) (33,543) (30,366) 88,590 45, ,109 Other changes not recognized in the Statement of Earnings** (12,824) 13,264 (255,584) (255,144) (164,143) (419,287) Balance as of Sep. 30, 164, , ,230 (358,281) 253,248 (11,358) 1,848, ,636 2,637,510 Total Balance as of Jan. 1, 2017*** 164, , ,140 (346,630) 371,060 (5,775) 1,813, ,279 2,571,109 Dividends (167,044) (167,044) (86,261) (253,305) Profit after tax 302, , , ,511 Currency translation differences and changes in fair value of financial instruments (283,463) (22,714) (306,177) (94,339) (400,516) Changes from remeasurement of defined benefit plans 41,692 41,692 41,692 Total comprehensive income 302,772 41,692 (283,463) (22,714) 38,287 22,400 60,687 Other changes not recognized in the Statement of Earnings 750 (1,063) (313) 6,628 6,315 Balance as of Sep. 30, , , ,805 (304,938) 87,597 (28,489) 1,684, ,046 2,384,806 * 5,009,434 shares of treasury stock were retired in the third quarter of. This reduced the subscribed capital of HOCHTIEF Aktiengesellschaft by EUR 12,824 thousand; HOCHTIEF Aktiengesellschaft s capital reserve increased correspondingly by EUR 12,824 thousand. ** Other changes not recognized in the Statement of Earnings include minus EUR 284,026 thousand for the purchase of treasury stock by CIMIC Holdings and minus EUR 79,656 thousand for the purchase of treasury stock by HOCHTIEF Aktiengesellschaft. *** Restated due to finalization of the purchase price allocation for the UGL acquisition. Please see page 19 for explanatory notes on the restatement. 17

18 Explanatory Notes to the Consolidated Financial Statements Accounting policies The Interim Consolidated Financial Statements as of and for the nine months ended September 30, 2017, which were released for publication on November 3, 2017, have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU. In accordance with IAS 34, the reported information is presented in condensed form relative to the full Consolidated Financial Statements. This interim report is based on the Consolidated Financial Statements as of and for the year ended December 31,. Due to an increase in capital market interest rates, HOCHTIEF increased the discount factor used for the measurement of defined benefit obligations in Germany to 2.00% as of June 30, 2017 (December 31, : 1.75%). This report has been prepared in all other respects using the same accounting policies as the Consolidated Financial Statements. Information on those accounting policies is given in the Group Report. Currency translation For currency translation purposes, the following exchange rates have been used for the main Group companies outside the euro zone: Average Daily average at reporting date (All rates in EUR) 9M M Sep. 30, 2017 Dec. 31, 1 U.S. dollar (USD) Australian dollar (AUD) British pound (GBP) Polish złoty (PLN) Qatari riyal (QAR) Czech koruna (CZK) Chilean pesos (CLP) Changes in the scope of consolidation The Consolidated Financial Statements for the first three quarters of 2017 include 20 foreign companies for the first time. Two German and 48 foreign companies have been removed from the scope of consolidation. The number of companies accounted for using the equity method showed a net decrease of 20 foreign companies in the first nine months of In addition, the number of joint operations included in the Consolidated Financial Statements decreased by two. The Consolidated Financial Statements as of September 30, 2017 include HOCHTIEF AG as well as a total of 53 German and 402 foreign consolidated companies, 16 German and 136 foreign companies accounted for using the equity method, and 61 foreign joint operations. As an independent listed group, HOCHTIEF AG, Essen, Germany, Court of Registration: Essen District Court, HRB 279, publishes its own consolidated financial statements, which are also included in the consolidated financial statements of ACS Actividades de Construcción y Servicios, S.A., Madrid, Spain. 18