HOCHTIEF Annual report 2008 - Information for our Shareholders

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Hamburg Airport: The last milestone in the HAM 21 expansionproject, the AirportPlaza, opened in December.

We continually build on our airport expertise, creating substantial added value for the airports operated by HOCHTIEF. As an investor, we aim to develop our airport holdings into profitable transportation and commerce hubs that are ready for the challenges of the future. Our many years' experience in operating and managing airports of various sizes along with our financing expertise and potential are key elements in meeting this goal. The airports in the HOCHTIEF portfolio are also integrated into a close network, yielding synergies and fostering direct exchange of experience.

Thanks to strong performance in the first six months of the year, worldwide passenger numbers remained almost unchanged in 2008. At HOCHTIEF's airport holdings, these numbers even increased by 1.5 percent. However, the weakening economy also caused growth to slow in this segment. Nevertheless, airports continue to be a dependable long-term choice for institutional investors seeking strong returns with relatively little volatility.

With a view to the planned expansion of the airports portfolio, HOCHTIEF AirPort formed HOCHTIEF AirPort Capital (HTAC) in 2005. Around one-third of the shares in Athens, D�sseldorf and Hamburg airports and about half of the shares in Sydney Airport were sold in this connection to our investment partners Hastings Fund Management, Caisse de d�p�t et placement du Qu�bec and KfW IPEXBank. HOCHTIEF AirPort is interested in joining forces with these and possibly other investment partners in future

A4 road project,Thuringia: HOCHTIEF PPPSolutions and a partner are refurbishing, building and operating 45 kilometers of expressway.

to field consortia with the financial strength to master further privatization projects.

HOCHTIEF helps its investment partners clear high barriers to entry and earns transaction and management fees from them for its services. In addition, HOCHTIEF and its investment partners generate income from dividends, interest on shareholder loans, and any gains on disposals of ownership stakes.

HOCHTIEF AirPort met a commitment in 2008 to sell to HOCHTIEF AirPort Capital 1.36 percent of the Sydney Airport shares it had taken over the previous year from the Spanish construction company Ferrovial. HOCHTIEF AirPort now holds 6.8 percent of Sydney Airport and HOCHTIEF AirPort Capital 6.5 percent.

HOCHTIEF PPP Solutions*

HOCHTIEF PPP Solutions serves the concessions market covering toll roads/transportation and public buildings/social infrastructure as well as the renewable energy segment. The company supplemented its existing European and South American activities in 2008 by also expanding into North America. We aim to take a slice of the rapidly growing US infrastructure business together with our American subsidiaries Turner and Flatiron. HOCHTIEF PPP Solutions' end-to-end portfolio of capabilities comprising design, financing, construction and operation allows it to provide services along the full project life cycle while optimizing project cash flows. This shrinks the necessary capital and operating outlay, at the same time enabling projects

The net present value (NPV) established by HOCHTIEF Concessions was calculated as of December 31, 2008 on the basis of various future-looking assumptions, among others with regard to the operative and financial development of individual subsidiaries/associates as well as with regard to the applied discounting rates. In the event these assumptions change or do not materialize, this may lead to a deviation – possibly even on a significant scale – of the actual value from the value shown here.