Innovative Technology Solutions for Sustainability

ABENGOA
Fiscal Year 2011 Earnings Presentation

February 27th, 2012

Forward-looking Statement

This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa. Such statements reflect the current views of Abengoa with respect to future events and are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Abengoa does business; changes in interest rates; changes in inflation rates; changes in prices; decreases in government expenditure budgets and reductions in government subsidies; changes to national and international laws and policies that support renewable energy sources; inability to improve competitiveness of our renewable energy services and products; decline in public acceptance of renewable energy sources; legal challenges to regulations, subsidies and incentives that support renewable energy sources and industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; our substantial capital expenditure and research and development requirements; management of exposure to credit, interest rate, exchange rate and commodity price risks; the termination or revocation of our operations conducted pursuant to concessions; reliance on third-party contractors and suppliers; acquisitions or investments in joint ventures with third parties; unexpected adjustments and cancellations of our backlog of unfilled orders; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of our intellectual property and claims of infringement by us of others intellectual property; our substantial indebtedness; our ability to generate cash to service our indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Abengoa does not intend, and does not assume any obligations, to update these forward-looking statements.

Agenda

FY 2011 Business Highlights FY 2011 Financial Highlights

Conclusions

Appendix

Agenda

FY 2011 Business Highlights FY 2011 Financial Highlights

Conclusions

Appendix

FY 2011 Highlights A year of delivery on our words

Growth

Deleverage

Diversification
5

2011 Key Financial Highlights 29 consecutive quarters of Y-o-Y financial growth

Revenues

EBITDA

7,089 M
46% (4,860 M FY 2010)

1,103 M
36% (812 M FY 2010)

Net Income

Corporate Net Debt to Corporate EBITDA

257 M
24% (207 M FY 2010 figure)

2.1x
from 3.8x at FY 2010

75% increase in dividend payout up to 15%*

Note: Figures exclude contribution from Telvent for all periods presented *Subject to shareholders approval

Crystallizing Value Reducing company leverage securing returns and growth options

Investment of 300 M in new Class B shares FR stable presence within our Board of Directors through nominee of a member, Mr. C. Santiago

First Reserve
2

Reduction of corporate net debt of 725 M and increasing overall liquidity by 391 M Great returns generation for Abengoa: 27% IRR

Telvent Sale
2

CEMIG Agreement
2

Sale of five power transmission lines to CEMIG, in line with asset rotation strategy Cash proceeds at corporate level of 479 M
7

E&C Business Model Description Value creation and requirements

Projects promoted by

External

customers, won through competitive process

EPC Margin Positive working capital

Projects promoted by customers or state agencies,

EPC Margin Positive working capital O&M Margin Equity contribution (< EPC margin) Asset rotation option

External with Equity

won through competitive process and requiring equity contribution

Projects promoted by

Internal

Abengoa, requiring equity contribution

Positive working capital Equity requirement

8

Corporate Evolution 2011, breaking point at corporate level

Corp. EBITDA generation + cash from assets rotations
Cash from assets rotations Corporate Ebitda

Capex Invested at Corporate Level

Net Capex invested at corp. Level / Corp. EBITDA generation

1,587

1,166 752 394

24 370 119 633

708
102 606

870

915

1,041 817

717

2.4x

1.6x

1.2x

0.2x

2008

2009

2010

2011

2008

2009

2010

2011
Capex - Internal

Corp. Gross Debt Evolution

5,043

Capex - External with Equity

4,830 18% 43% 66% 82%

82% 57% 34% 18%

3,286 2,619

2008

2009

2010

2011

2008

2009

2010

2011

Geographic Diversification A truly global business

Revenues FY 2011
12% E&C 2% Concessions
27%

1% 6% 11%

13% Industrial Production

15%

Revenues FY 2001
1% 2% 6% 9%

21% 19%

Geographies
Spain Rest of Latin America Asia & Oceania Africa

18% 64%

Brazil US Rest of Europe

10

E&C Financial growth year-after-year

3,526 M 45% 438 M 7.5 B 4.3 B 73 B

Revenues of FY 2011, representing an increase of 53% Y-o-Y

of revenues coming from external activities, and 55% from external with equity activities

EBITDA achieved in FY 2011, with margins of 12.4%, compared to 11.3% in 2010

Backlog at December 31, 2011, 3.8 B to convert in 2012

of bookings awarded in 2011 for construction of major energy infrastructures

pipeline at December 31, 2011

Note: Figures exclude contribution from Telvent for all periods presented

11

E&C A global leader in the power sector Financial figures

Revenues (M) EBITDA (M) 438 External with Equity External 11.3% FY 2011 Backlog (M) 7,535 6,253 Brazil Spain Rest of LatAm US Asia & Oceania Rest of Europe Dec 2010 Dec 2011 Africa 21% 25% 1% 2% 10% 29% 13% FY 2010 12.4%

FY 2011 Revenue Breakdown*

259 3,526 2,302

45% 55%

FY 2010

FY 2011

Note: Figures exclude contribution from Telvent for all periods presented *In addition, E&C had revenues from internal projects of 354 M for FY 2011 which get eliminated in consolidation

12

E&C Bookings Solid booking activity securing backlog at high levels

By Geography
Asia
13% 3%

Bookings (M)

By Type
External
44%

Latam

4,343 3,631

41% 19%

External with Equity

56%

Europe Africa
24%

USA

By Sector
Solar 22% 39% 3% 9% Environment T&D Conventional Power 14% Industrial Plants Others

By Size
< 100 M
36% 39%

100-500 M > 500 M

2010

2011

13%

25%

13

FY2011 E&C Bookings 2011 Landmark Projects awarded through highly competitive bids

Country

Project
CSP South Africa ALUR bioethanol plant Morelos combined cycle plant Zapotillo water project

Activity

Amount

Detail
100 MW trough 50 MW tower

725 M

120 M$

70 ML capacity

440 M$

640 MW

566 M$

5.6 m3/s water distribution capacity

Brazil Wind project

108 M

64 MW 14

E&C Pipeline Record pipeline, highest ever

M

Pipeline 72,537

By Geography
Asia
6% 17% 30%

By Type
2% 21%

External External with Equity Internal

77%

Latam Europe

Bids Presented

20% 27%

Africa USA

38,378
15,346

53,848

By Sector
T&D 22% 25% Conventional Power Environment 22% Solar Industrial Plants Others

By Size
< 100 M
20%

4,343 7,539 11,150 7,539 11,150

100-500 M
52% 28%

1% 14% 16%

> 500 M

2011
Denied Awarded

2012
New projects identified Pending to be awarded Under study

Proposal and sales team 2011: 414 people (2012e: 502 people) 60% expected to convert to advanced opportunities Average win rate: 10-15%

15

Concession-type Infrastructures Excellent year for all our plants and transmission assets

427 M 299 M 391 GWh 2,531 M 2.4 B 5

Revenues of FY 2011, an increase of 39% due mainly to new solar thermal assets in operation

EBITDA achieved in FY 2011, with overall margins of 70% for the segment of solar power produced and 99.5% of availability on our power transmission assets

Total investment during FY 11: 1,411 M in Solar, 851 M in Transmission, 69 M in Water and 200 M in Cogeneration and Others project finance facilities raised, signed and fully secured to back up our announced capex plan, obtained through a balanced mix of sources new assets commenced operation during the year

16

Concession-type Infrastructures Strong results driven by increased capacity and strong operational performance
EBITDA (M) 299
14 39 93 2 4 6

Revenues (M)
10 427 308
3

208
10
43 4

26

FY 2010 2%

FY 2011

Cogeneration Water
151 193

10% Brazil Spain 35% 53% Africa LatAm

Solar Transmission

FY 2010

Organic Growth

Solnovas

SPP-1

Helioenergy 1

ATN

ATEs

FY 2011

17

Timeline: Main Projects in Execution

As of Dec. 31 11
Abengoa (%) 51% 50% 74% 70% 100% 100% 100% 100% 51% 51% 92% 60% 100% 51% 51% 51% 100% 100% 2011 2012 2013 2014 Expected Start Up Q2 11 Q3 11 / Q1 12 Q1 / Q2 12 Q3/Q4 12 Q3/Q4 12 Q3 13 Q2 14 Q3/Q4 13 Q4 11 Q1 13 Q3 12 Q3 12 Q4 11 Q3 12 Q1 13 Q3 12 Q4 13 Q4 12
Ann. EBITDAe (M)

Location SPP1 Helioenergy 1-2 Solacor 1-2 Solaben 2-3 Helios 1-2 Solana Mojave Solaben 1-6 Tlemcen-Honaine Tenes Qingdao Cogen. Pemex ATN Manaus Norte Brasil Linha Verde ATS ATE VIII Algeria Spain Spain Spain Spain USA USA Spain Algeria Algeria China Mexico Peru Brazil Brazil Brazil Peru Brazil

Capacity 150 MW 50 MW x2 50 MW x2 50 MW x2 50 MW x2 280 MW 280 MW 50 MW x2 200 ML/day 200 ML/day 100 ML/day 300 MWe 572 km 586 km 2,375 km 987 km 872 km 108 km

Fully Funded?

34 42 39 41 41 65 55 41 11 17 10 60 10 38 66 13 30 2

Total

615

Note: Blue colour indicates change from previously reported date of entry in operation

18

Concessional Asset Portfolio Significant capacity increase when completing capex plan
Concession-type infrastructures
Solar (MW) 1,653 250 910 493 493 Dec 2011 E2013/14 Dec 2011 3,903 E2013/14 Transmission (km) 8,831

4,928 3,903

Cogeneration (MW)

693* 393* 300

Desalination (Ml/day) 970 110 560 300

Dec 2011

E2013/14 Under construction

Dec 2011

E2013/14

In operation

Under development

*Includes 286 MW of capacity of bioethanol plants cogeneration facilities

19

Solar Regulation Update Royal Decree 1/2012 27th of January 2012

No effects on pre-registered assets

No effects on capacity included in the Pre-Registry, yet under development

Excluding retroactivity

No retroactive measures on CSP capacity in operation or under construction

Abengoa Spanish CSP Asset Base

300 MW in operation , 250 MW under construction and 100 MW under development.

Royal Decree confirms feed-in tariff for all of our plants

20

Industrial Production Segment growth achieved in a very challenging environment Biofuels:

2,225 M 287 M 152 M

of revenues for the period, a 41% increase Y-o-Y, due to higher commodity prices and increase in volumes sold increase due to capacity expansion, with average plant utilization of 93% throughout the year EBITDA achieved in FY 2011, a year affected by challenging volatility in crush spread margins and returns below historical average

Recycling:

630 M 121 M 2.2 Mt

revenues achieved in FY 2011, a good period in both volumes and margins, with 12% growth Y-o-Y EBITDA achieved in FY 2011, maintaining margins at 19% despite volatility in zinc prices of residues treated in FY 2011

21

Industrial Production Sustained growth and stable outlook

Revenues and EBITDA Margin (M) 2,225 1,575 21% 13% 7% 30% FY 2010 FY 2011 FY 2010 FY 2011 Revenues and EBITDA Margin (M) 630 Industrial Waste Treated (Mt) 2.2 2.2 7% 2% Europe Spain 34% 57% Asia LatAm Production (ML) 2,758 11% 38% USA Europe Spain Brazil FY 2011 Revenues Breakdown

2,553

562

19%

19%

FY 2010

FY 2011

FY 2010

FY 2011

22

Technology Update - Solar Introducing breakthrough innovations to continue leading the CSP future

Leading in the past

PS10 first commercial saturated steam tower in the world 2009 second commercial saturated steam tower, 20MW Smooth daily operation at the expected performance

R&D pilot projects

Superheated steam technology reaches temperature up to 540C Higher cycle efficiency ~ 40% Natural flux dry cooling

New leading technology

Superheated steam technology ready for commercial scale PS50 selected by the South African department of energy, 50MW Reduced water consumption by 80%

More than 1,900h operation of Eureka pilot tower

~ 25% MW/h cost reduction from PS10

16 Patents Applications

2007: PS10

2010-11: Eureka

2012: PS50

23

Technology Update - Bioenergy Getting ready for commercial scale 2G

Enzymatic Hydrolisis

Proprietary 2G bioethanol producing technology from lignocellulosic raw material

Developed in lab, tested at pilot scale and demonstrated in our pilot Salamanca plant
Time Frame
Enzyme price (USD/Kg cocktail) Enzyme productivity (g/Kg broth) Enzyme dosing (mg/g cellulose) Glucan to ethanol yield (gal/kg)

2009
1 40 30 0.23

2011
0.8 70 20 0.24

2013
0.6 80 10 0.25

Enzyme Contribution (USD/gal ethanol) % Cost Reduction

3.29

0.97 70%

0.30 70%

14 Patents Applications
24

Agenda

FY 2011 Business Highlights FY 2011 Financial Highlights

Conclusions

Appendix

25

2011 Key Financial Highlights 29 consecutive quarters of Y-o-Y financial growth

Revenues

EBITDA

Net Income

7,089 M
46% (4,860 M FY 2010) Bookings

1,103 M
36% (812 M FY 2010) Backlog

257 M
24% ( 75% excl. non recurring items) Pipeline

4,343 M
3,631 M FY 2010 Tot. Net Debt to Tot. EBITDA

7,535 M
6,253 M FY 2010 Corp. Net Debt to Corp. EBITDA

73 B
Providing great visibility for E&C division

Corp. Cash Flow Generation

5.0x
from 5.5x at FY 2010

2.1x
from 3.8x at FY 2010

1,412 M
including divestments and before interest and taxes payment

*Figures exclude contribution from Telvent for all periods presented

26

Business Diversification (I) Robust growth from diversified source of revenues

Revenues* (M) Engineering & Construction Concession-type Infrastructure Industrial Production Total
Q410 Q411 Var% FY10 FY11 Var%

663 79 755 1,497

1,370 107% 105 830 2,305 33% 10% 54%

2,302 308 2,250 4,860

3,526 427 3,136 7,089

53% 39% 39% 46%

FY 2010

FY 2011

E&C

46%

48%

Concession-Type Infrastructures Industrial Production

44%

50%

6%

Recurrent Activities

6%

4,860 M
*Figures exclude contribution from Telvent for all periods presented

7,089 M
27

Business Diversification (II) Towards a well diversified EBITDA profile

EBITDA* (M) Engineering & Construction Concession-type Infrastructure Industrial Production Total
Q410 Q411 Var% FY10 FY11 Var% Margin FY10 Margin FY11

87 56 142 286

174 68 117 359

99% 21% (18%) 26%

259 208 345 812

438 299 366

69% 44% 6%

11% 68% 15% 17%

12% 70% 12% 16%

1,103 36%

FY 2010

FY 2011

32% 42%

E&C Concession-Type Infrastructures Industrial Production

33%

40%

26%

Recurrent Activities

27%

812 M
*Figures exclude contribution from Telvent for all periods presented

1,103 M
28

High Revenue Visibility

Backlog (M)
Dec. 2011
E&C Order Book

Estimated Conversion to Revenues

2012e 2013e 2014e+

7,535* 3,832

2,624 1,078

Asset based, recurring revenues

Concession-type

35,570

34,257

463 16,800
(1)

850

Industrial Production

11,200 2,800 2,800

* Excluding Telvent
(1) Illustrative

calculation according to estimated 12 months of revenues. 2014+e is calculated as 4 years of revenues.

29

E&C Backlog Solid backlog, well diversified, provides revenue visibility

Backlog (M) By Geography
LatAm
33% 26%

By Type*
External

20%

USA Europe
74%

7,535 6,253

22% 25%

External with Equity

RoW

By Sector
Solar 12% 2% 9% 48% 10% 19% T&D Environment Conventional Power Industrial Plants Others

By Size
< 100 M
22%

100-500 M
51% 27%

> 500 M

Dec 2010

Dec 2011

Backlog at Dec 11 represents 2.1x 12M of E&C revenues 53% of backlog from emerging markets
*In addition, E&C has 245 M of backlog at Dec.2011 from internal projects whose revenues eliminate in consolidation

30

Capex Plan Commitment to invest only when financing is in place

Breakdown by Asset Type
M M

Breakdown by Financing Source

2,709
94 15 93 232

Solar Power Transmission Biofuels Cogeneration Water

2,170 918 265 93 108 60

2,709

Committed NonRecourse Debt Committed Partner's Equity Abengoa's Equity

2,252 289 1,073

736

Recycling

1,676

3,614

3,614

777
1,539 14 45 182 503 2012e 2013e 33

226

777
490

128
128 2014e

807 63 224 2012e 2013e

128
86 42 2014e

Our 3.6 B capex plan is identified and committed to be executed during the next three years

Capex plan financing and commitments from partners already secured, with nearly 2.3 B of project finance

31

Reinforced Capital Structure Improving capital structure from effective company management and corporate transactions
M Corporate Debt Corporate Cash, Equiv. & STFI Total net corporate debt N/R Debt N/R Cash Equiv. & STFI Total net N/R debt Total Net Debt Pre-operational debt(1) Total consolidated EBITDA LTM Total corporate EBITDA LTM Total Net Debt / Total EBITDA Corporate net debt / Corporate EBITDA
Total Net Debt / Total EBITDA
(excluding debt from pre-operational activities)

Dec 2010
5,043 (2,766) 2,277 4,050 (1,131) 2,919 5,196 2,094 942 606

Dec 2011
4,830 (3,346) 1,484 5,390 (1,406) 3,984 5,468 3,181 1,103 717

Key Leverage Ratios

5.5 3.8

5.0 2.1

3.3 1.77

2.1 0.14

Corporate Net Debt / Corporate EBITDA(2)

per covenant
(1)Pre-operational (2)Corp.

Net Debt relates to projects under construction which are not yet generating EBITDA Net Debt as defined by bank and bond facilities includes N/R cash and equiv. and STFI. Corp. EBITDA as defined by bank and bond facilities.

32

Net Debt Bridge Significant cash generated from Operating Activities

Consolidated
M
(870) 474 (1,103) 2,913 76

(919)

5,196
(300)

5,467

Net Debt (Dec 10)

EBITDA

NWC

Capital Increase

Capex

Disposals

Net Interest Paid and Taxes

Discnt., FX and Other

Net debt (Dec 11)

33

Debt Maturity Profile Sound maturity profile and liquidity position at December 31, 2011
Corporate Debt (M)
3,346 Average cost corp. debt: 7.9%
Committed Capex needs Convertible Bonds Corporate Debt Syndicated Loans No refinancing needs at corporate level through July 2013 Proactive management of maturities: extension process for syndicated loans currently underway Strong liquidity level:

1,529
807
556 166 Liquidity 2012e

1,781
224
1,282 275 2013e

1,613
250

498
42 200 256
2014e

407
407
2015e

1,363

~50-75% of corp. cash placed in public

debt (Germany, USA).

Subsequent

Remaining cash placed in bank deposits, with

minimum A- rating (S&P) - concentration: 5% per entity

Note: Maturities exclude revolving facilities

Non-Recourse Debt (M)

Average cost N/R debt: 5.8%

Currency exposure reflecting business mix:

41% EUR, 40% USD, 17% BRL, 2% others Highly diversified funding sources and limited interest exposure: 98% fixed

1,406 407
Liquidity 2012e

3,911 481
2013e

N/R Debt expected to be fully repaid with project cash flows

347
2014e

244
2015e Subsequent

Local funding of concessions at advantageous rates

34

Agenda

FY 2011 Business Highlights FY 2011 Financial Highlights

Conclusions

Appendix

35

Guidance Evolution Keeping our promises and overdelivering

H1 2011 Guidance

Q3 2011 Update

FY 2011 Actual

Revenues

5,975 960

6,850 1,050

7,089 1,103

EBITDA

36

Key Financial Targets

Revenues M

EBITDA

Corp. EBITDA

2012e Guidance

7,550 - 7,750
8%

1,275 - 1,325
18%

780 800
10%

Corporate Leverage

Corp. Capex Investment

Dividend Payout Ratio

Targets

~3x

<2013 Corp. Ebitda

>15%
37

Conclusions

What do we expect from 2012

Growth

Deleverage

Diversification
38

Agenda

FY 2011 Business Highlights FY 2011 Financial Highlights

Conclusions

Appendix

39

Results by Activity

M 2011

Revenues 2010 Var (%) 2011

EBITDA 2010 Var (%)

Margin 2011 2010

Engineering and Construction E&C Total 3,526 3,526 2,302 2,302 53% 53% 438 438 259 259 69% 69% 12.4% 12.4% 11.3% 11.3%

Concession-type Infrastructure
Solar Water Transmission Cogen. & other Total 131 21 238 37 427 59 15 203 31 308 122% 38% 17% 19% 39% 93 10 193 3 299 43 10 151 4 208 116% 0% 28% -25% 44% 71.0% 47.6% 81.1% 8.1% 69.9% 72.9% 65.7% 74.4% 12.9% 67.4%

Industrial Production
Bioenergy Recycling Other Total 2,225 630 281 3,136 1,575 562 113 2,250 41% 12% 149% 39% 152 121 93 366 212 108 25 345 -28% 12% 272% 6% 6.8% 19.2% 33.1% 11.7% 13.5% 19.2% 22.1% 15.3%

Total

7,089

4,860

46%

1,103

812

36%

15.6%

16.7%

40

Concession-type Infrastructure Balanced Asset Portfolio

(M)

Operating (Gross)

Under Construction Development

Total Gross Assets

Net Assets(1)

ABG Equity

Non Recourse Net Debt

Partners

Capex Invested in 2011

Trasmission CSP
Cogeneration

1,123 1,569 213 196

1,173 1,362 405 243

2,296 2,931 618 439

2,207 2,847 592 427

943 1,049 65 108

1,052 1,715 527 280

212 83 0 39

1,411 851 69 200

Water Concession-type infrastructure

8,892 3,101

3,183

6,284

6,073

2,165

3,574

334

2,531

We invest in Concession-type Infrastructure projects where we have a technological edge, targeting a shareholders equity IRR of 10% - 15% (excluding upsides from EPC margin, O&M and asset rotation)
(1) Net assets calculated as gross assets less accumulated D&A

41

Cash-flow Statement Strong operating cash flow generation

M Consolidated after-tax profit Non-monetary adjustments to profit Variation in working capital & Discont. activities Cash generated by operations Net interest paid / Tax paid & Discont. activities A. Net Cash Flows from Operating Activities Capex Other investments/ Disposals B. Net Cash Flows from Investing Activities C. Net Cash Flows from Financing Activities Net Increase/Decrease of Cash and Equivalents Cash and equivalent at the beginning of the year Exchange rate differences & Discont. activities Cash and equivalent at the end of the year

Dec 2010 215 502 336 1,053 (279) 774 (2,094) 1 (2,093) 2,740 1,421 1,546 (42) 2,925

Dec 2011 182 767 847 1,796 (443) 1,353 (2,913) 755 (2,158) 1,613 808 2,983 (53) 3,738

42

Capex Committed by segment* (I)

Total

Committed (M) Solar Algeria Helioenergy 1 and 2 Solacor 1 and 2 Solaben 2 and 3 Helios 1 y 2 Solana Mojave Biofuels Hugoton Cogeneration Cogen. Pemex Desalination Tlenclem Tenes Quindgao Transmission ATN Manaus Norte Brasil Linha Verde ATS ATE VIII Recycling Aser Sur

Capacity

Abengoa (%)

Country

Entry in Operation

Total Investment Pending Capex

ABG Corporate

Partners

Debt

150 MW 100 MW 100 MW 100 MW 100 MW 280 MW 280 MW 90 ML 300 MW 200,000 200,000 m3/day 100,000 m3/day 572 Km 586 km 2,375 km 987 km 872 km 108 km 110,000 tn m3/day

51% 50% 74% 70% 100% 100% 100% 100% 60% 51% 51% 92% 100% 51% 51% 51% 100% 100% 100%

Algeria Spain Spain Spain Spain US US US Mexico Algeria Algeria China Per Brasil Brasil Brasil Peru Brazil Europe

Q2 11 Q3 11 / Q1 12 Q1 12/ Q2 12 Q3 12 / Q4 12 Q3 12 / Q4 12 Q3 13 Q2 14 Q3 13 Q3 12 Q4 11 Q1 13 Q3 12 Q4 11 Q3 12 Q1 13 Q3 12 Q3 13 Q4 12 Q3 13

5,081 293 561 574 580 555 1,369 1,149 419 419 460 460 511 209 167 135 2,471 254 675 876 238 402 26 60 60

2,170 7 71 137 115 773 1,067 265 265 93 93 108 19 74 15 918 15 592 70 219 22 60 60

534 3 23 35 58 211 204 131 131 16 16 11 1 7 3 321 5 168 25 109 14 60 60

22 4 4 14

1,614

44 88 57 562 863 77 77 67 67 86 15 59 12 408 5 263 22 110 8

57 57 10 10 11 3 8 189 5 161 23

Total Committed
* Amounts based on the companys best estimate as of December 30, 2011. Actual investments or timing thereof may change.

9,002

3,614

1,073

289

2,252

43

Capex Committed by segment* (II)

Committed (M)
Solar Algeria Helioenergy 1 and 2 Solacor 1 and 2 Solaben 2 and 3 Helios 1 y 2 Solana Mojave Biofuels Hugoton Cogeneration Cogen. Pemex Desalination Tlenclem Tenes Quindgao Transmission ATN Manaus Norte Brasil Linha Verde ATS (Per) ATE VIII Recycling Aser Sur Total Committed
Total Capex 2012 ABG Partners Corporate Debt Total Capex 2013 ABG Partners Corporate Debt Total Capex 2014 ABG Partners Corporate Debt

1,539 7 71 137 115 513 696 232 232 93 93 94 19 60 15 736 15 465 57 177 22 15 15

368 3 23 35 58 138 111 131 131 16 16 10 1 6 3 267 5 132 20 96 14 15 15

22 4 4 14

1,149

503

124

379

128

42

86

44 88 57 375 585 67 67 67 67 75 15 48 12 318 5 206 18 81 8

260 243 33 33

73 51 23 23

187 192 10 10

128

42

86

34 34 10 10 9 3 6 151 5 127 19

14 14 182

1 1 54

2 2 38

11 11 90

127 13 42 45 45

36 5 13 45 45

34 4

57 4 29

2,709

807

226

1,676

777

224

63

490

128

42

86

* Amounts based on the companys best estimate as of December 30, 2011. Actual investments or timing thereof may change.

44

Capex Plan Capex Plan financing fully secured through a balanced mix of sources
Projects Solar
Helioenergy 1 Helioenergy 2 Solacor 1 y 2 Solaben 2 y 3 Helios 1 y 2 Solana Mojave Commercial Banks Commercial Banks Commercial Banks Commercial Banks Commercial Banks + Instituto de Crdito Oficial European Investment Bank - KFW Entwiklungsbank Federal Financial Bank Federal Financial Bank Federal Financial Bank Commercial Banks + Banobras State Banks Pool State Banks Pool State Banks Pool BNDES - Fondo de Desemvolvimiento da Amazonia BNDES BNDES BNDES Commercial Banks May 2010 August 2010 December 2010 June 2011 December 2010 September 2011 September 2011 June 2010 May 2007 November 2008 July 2009 Q2 y Q3 2011 November 2010 December 2010 Q3 2011 20 Years 20 Years 20 Years 20 Years 20 Years 30 Years 25 Years 13 Years 20 Years 17 Years 17 Years 18 Years Until 20 Years Until 16 Years Until 20 Years Until 14 Years 30 years 158 M 158 M 178 M Solacor 1 176 M Solacor 2 169 M Solaben 2 171M Solaben 3 144 M Helios I 145 M Helios II 1,450 M$ 1,200 M$ 134 M$ 460 M$ 233 M$ 185 M$ 880 MRMB 800 MBRL 295 MBRL 300 MBRL Pending 344 M$

Financial Institution

Date of Financial Close

Project Finance Facility Size and Maturity Currency

Biofuels
Hugoton

Cogeneration
Cogeneracin Pemex

Desalation
Tlenclem Tenes Quingdao

Transmissions*
Manaus Norte Brasil Linha Verde ATE VIII ATS

*Facility size refers to bridge loan amount Lote I pending amount assignation from BNDES

45

Detail of corporate debt FY 2011

(M (M)
Corporate Recourse Debt:
Bank Debt

Ranking

Maturity

Spread / Coupon

Strike
Swap/Cap Swap/Cap

Outstanding amount as of 31/12/2011

Syndicated Loan 2005 Syndicated Loan 2006 Syndicated Loan 2007 Forward Start Facility Tranche A Forward Start Facility Tranche B Efecto coste amortizado Total Syndicated Facilities Loan with Official Credit Institute Loan with the European Investment Bank Total Forward Start Facilities

Senior Unsecured Senior Unsecured Senior Unsecured Senior Unsecured Senior Unsecured

July 12 July 12 July 11 July 12 July 13 July 12 July 13

Euribor + 67.5 bps Euribor + 67.5 bps Euribor + 67.5 bps Euribor + 275-300 bps Euribor + 275-300 bps

167 100 224 993 65 289 -1 1,838 150 109 259 307 163 128 437 1,035 3,132

Senior Unsecured Senior Unsecured

01/07/17 01/08/17 01/12/20 01/12/21

Euribor + 60 bps Euribor + 60 bps

Inabensa Financing Contract Guarantee (total 376 M) Senior Unsecured Abener Financing Contract Guarantee (total 300 M) Senior Unsecured
Revolving credit facilities Abengoa SA (around 24 different contracts total 136 M)

Senior Unsecured

Others: Total Other Borrowings Total Bank Debt

Senior Notes

all-in 285 bps all-in 285 bps Euribor + 125-430 2011-2012 bps various various

Senior Unsecured Notes Senior Unsecured Notes Senior Unsecured Notes Total Senior Notes
Senior Convertible Notes

Senior Unsecured Senior Unsecured Senior Unsecured

01/12/15 01/03/16 01/10/17

9,625% 8,500% 8,875% 8,905% 6,875% 4,500% 5,556%

300 500 502 1,302 200 250 450

-95

2014 Senior Unsecured Convertible Notes 2017 Senior Unsecured Convertible Notes Total Senior Convertible Notes
Adj. to accounting value (derivative converts.+market value)

Senior Unsecured Senior Unsecured

01/07/14 01/02/17

Total Senior Notes Total Corporate Recourse Debt Avg. Cost: 7.9%

1,657 4,789

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2012 Guidance
M
E&C Evolution
E&C Concession-Type Infrastructures Industrial Production 3,085
2009 2010 2011 2012e

Total Revenues 7,650 7,089

3,526 1,683 2,302

4,100

4,860 3,444
1,542 2,250 308

3,136 465 427

Concession-Type Infrastructures Evolution

219 2009

308 2010

427 2011

465

219 1,683 2,302

3,526

4,100

2012e

Industrial Production Evolution

2009

2010

2011

2012e

3,136 (2)% 2,250 1,542

3,085

2009

2010

2011

2012e

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End-user Tariff Breakdown CSP represents 1% of end-user tariff

Fees 3% Transport 4% Nonrenewable premiums 5%

Hydro 1% Biomass Others 1% 2% Wind 5% Solar CSP 1% Solar PV 7% Energy costs 49%

Losses Capacity Payments 12% 12% 1% 5% 5% Risk Premium Adjustment Services Peak Services CESUR Auction

65%

Previous years tariff deficit 7%

Distribution 15%
Costs

Source: Protermosolar

Accumulated system costs since 2004: 148,360 M Abengoas retribution since 2004: 161 M (0.11%)

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Special Regime Costs CSP costs represent 2.1% of special regime accumulated costs

6,855 6,214
842 1,076

6,451
937 879 1,177 1,404

Total special regime (RE) cost accumulated since 2004

623 4,565

3,338
482

1,608

1,731

1,701

8,786 6,154 29,115 M

2,468 1,664 1,053

269 396 383 5
2004

517 656 1,085

731 1,144 980 23

2008 2009

1,073
249 284 528 12
2005

390 430 807 37

2006

2,665

2,490

,2.387

8,987

210
2007

174
2010

426
2011

Solar CSP

Solar PV

Wind

CHP

Others (waste, hydro, biomass)

Source: CNE

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Innovative Technology Solutions for Sustainability

ABENGOA
Thank you