Reconciliation of profit from operating activities to operating earnings (EBITA)

(EUR thousand)	Q1 2009	Q1 2008
Profit from operating activities	69,132	25,050
+ Net income from participating interests	69,204	96,078
- Non-operating earnings	-	(+) 768
+ Interest credited*	3,726	9,992
Operating earnings (EBITA)	142,062	131,888

Undiluted and diluted earnings per share

(EUR thousand)	Q1 2009	Q1 2008
Consolidated net profit (EUR thousand)	24.216	32.058
Number of shares in circulation (weighted average)	66500247	69947000
Earnings per share	0.36	0.46

Earnings per share can become diluted as a result of potential shares (mainly stock options and convertible bonds). HOCHTIEF?s share-based payment arrangements do not have a dilutive effect on earnings. Consequently, diluted and undiluted earnings per share are identical.

Responsibility Statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fiscal year.

Essen, April 28,  2009

The Executive Board

Dr. Lütkestratkötter 	

Dr. Lohr 	

Dr. Noé 

Dr. Rohr 

Dr. Stieler