Innovative Technology Solutions for Sustainability ABENGOA Manuel Sanchez Chief Executive Officer Abengoa 3.0 Barbara Zubiria September 3 & 4, 2014 EVP Capital Markets & IR London & New York

Agenda 1 Strategy & Corporate Update 2 Our Business Model: Next Steps 3 Unlocking Value at Abengoa 2

Agenda 1 Strategy & Corporate Update 2 Our Business Model: Next Steps 3 Unlocking Value at Abengoa 3

Going Forward Solid delivery on all our Commitments In 6 months Sale of Befesa Improve biofuels Mojave & Hugoton in Positive Corp. FCF in 2014 performance from lowest operation +500 Mb of additional Resilient E&C ever Repay 200 Mb of annualized EBITDAe from business: 7 Bb syndicated loan in July new concessions projects Backlog, providing Solana in operation by 2015 (pre equity great Revenue and Refinance most of 2014 recycling/asset rotations) WC visibility Additional Equity remaining FSF maturities recycling for 560 Mb with ordinary bonds +180 Mb already Repay 200 Mb of in operation on schedule Equity recycling for 765 syndicated loan 2013/2014 Capex Mb with an additional 176 Mb EBITDAe 207 Mb Reduction debt reduction of 1,000 reduction in 2014 from Mb rotations (334 Mb Strong liquidity 517 Mb US equity Creation of ABY annualized impact) position offering with +800 MUSD of EBITDA retention Reinforced financial recycling through consolidation of discipline Refinance remaining FSF tranche and secured Equity recycling/asset funds to pay additional rotation for 165 Mb corp. debt maturities New targets announced 4 ABY’s stake

Our Value Chain Integrating technology and business development in our value chain Business Operation & R&D+Technology E&C Development Maintenance Commercial Stage Contract Secured COD ABENGOA YIELD LT Equity Partner Disruptive R&D Find new Basic and detailed Excellent operation opportunities engineering Target 1: cost Preventive reduction Customer education Construction maintenance Target 2: efficiency Pre-engineering Commissioning Maximize cash flow increase generation Proposal preparation Long term financing Pilot and demo plants Initial development Performance stage guarantees Our fully integrated value chain allows us to develop and maintain significant competitive advantages and deliver premium returns 5

Model A unique business model that allows for superior returns Tech. & Business E&C O&M Development 870 People working in R&D +70 Years of experience +40 B Contracted b Revenues of infrastructures 269 Patent applications +17 Bb successfully built over the last 5 years Assets Fully De-risked >700 People working in Business Development 7.7 B E&C Backlog at Abengoa Yield as our b preferred buyer June 14 Pipeline of 165 Bb opportunities Vertical Integration With Equity recycling our technology and component manufacturing plants O&M margin + E&C margins dividends + Capital Gains  6 Abengoa’s Business

Technology Update Continued development of our technology to secure growth Solar Technology CSP: Improved thermal efficiency through supercritical cycles (steam or CO2)CSP: Increased thermal storage with new materials with better heat capacity PV: Thin film panels, a new generation material with increased efficiency and lower costs/output Smart Solar Plant (SSP): CSP + PV + Electrical and Thermal Storage 9 Optimal management of energy supply, fostering grid stability 9 Fastest response in energy delivery Water Technology Started manufacturing process for Micronet Porous Fibers (MPF) modules Pilot project of water reuse with aquifer injection for indirect potabilization of waste water (Texas AM university) Bioenergy Improving Abengoa's enzymatic cocktail, lowering its ethanol cost contribution through an achieved enzyme dose reduction of 30% Developing pre-treatment processes to produce sugars from diversified biomass sources: agricultural residues, forest biomass, municipal solid waste Hydrogen Reformed H2: improving catalytic process to obtain H2 from ethanol Renewable Hydrolisis: applying renewable energy to produce H2 from water 7

Flawless E&C Capabilities $ Glocal +550 People Working in our Engineering Centres 6 Engineering Centres In strategically located countries Engineering centers in: USA, Mexico, Chile, India, Poland, and Spain Discipline Global Sourcing Local Presence Spotless project pre-design Cost reduction through Better market penetration global supply chain with improved view Montecarlo method 360 contract assessment Reduced dependency on a Perceived single provider competitor Prudent financial modelling Scale benefits Diversifies know-how 8 A “Global” set of engineering and sourcing capabilities to foster growth

Flawless E&C Capabilities Excellent execution track-record, always on time and on budget Power Generation Solar + 7 GW of installed power in 1,700 MW completed and 450 MW conventional generation plants under construction in Concentrated Solar Power (CSP) Time schedules Nuevo Pemex Stalowa Wola (Poland) Solana (USA) Khi Solar One (South Africa) (Mexico) Cogeneration Combined Cycle CSP parabolic trough CSP Tower 300 MW 450 MW 280 MW 50 MW Transmission and distribution Water Budget +1,300 ML/day (+344 MGal/day ) + 45,000 km (+28,000 mi) of T&D desalination capacity lines Performance Brazil Peru Skikda (Algeria) Qingdao (China) 2,500 km 872 km 100,000 m3/ay 100,000 m3/day 9

E&C value for money Demonstrated ability to grow with lower equity investments Demonstrated ability to increase the improved value generated per euro VSHQWf through 2014 YTD 2014 Equity 4.882 162 Mb investment in concessions 4.024 3.781 2.462 H2 2014e Equity Investment 25% ~177 Mb 21% in concessions 19% 9% 7% FY 2014e Equity in ~339 Mb 2010 2011 2012 2013 2014e concessions E&C Revenues Capex/E&C Revenues % of 2014e E&C Historical reduction of capex while sales invested in 6% - 7% increasing our E&C revenue concessions Proven technology and track record of building & operating assets allowing to minimize future equity contribution and secure growth 10 spent expected to be further

 Flawless E&C Capabilities Vertical integration to assure margins and commitments Power structures Reflectors Design, test and manufacturing of steel structures for transmission lines, substations, thermosolar and PV plants, wind power generation and telecommunication towers Spain Spain USA Manufacturing of mirrors for solar fields Mexico India + SAF & Chile Ancillary Manufacturing Electrical boards & cabinets, power electronics, and control electronics. Motor control centers, relay frames and Spain electronic cards. China 11

Agenda 1 Strategy & Corporate Update 2 Our Business Model: Next Steps Unlocking Value at Abengoa 12

Abengoa Yield Key Advantages Abengoa Yield represents a game-changer in our equity story Market reference for Equity Successful +800 MUSD raised our 3.6 B€ recycling listing concessions portfolio Solidifies our Reducing the cost of Business model Lower cost of business model capital of our strengthening equity reducing its risks business model Platform for a Symbiotic relation – Crystallization Secured LT recurrent equity “natural” buyer of equity value partner recycling cycle Abengoa assets “Taking the “… YieldCo listing as Yieldco vehicle “Yieldco listing… a positive for ABG… to the next level” a turning point” …loweringWACC…” “Blue -sky “.... YieldCo has becomes the potential to reality” “Yield adds lots become a game to the appeal” changer…” 13

 The Impact of ABY on our Business Model Abengoa Yield opens up a new scenario for Abengoa ABENGOA Before Going Forward YIELD High cost of capital forces Abengoa to sell Ability to hold equity investments given equity investments in short term Abengoa Yield has lowest cost of capital Similar cost of capital than other Lower cost of capital than most competitors E&C’s and higher than utilities and IPP’s Abengoa can grow in projects requiring Necessity to grow solely via turn-key equity projects, due to capital restrictions Easier to value for financial markets thanks Complex and difficult to value for financial to Abengoa Yield’s market markets We needed a LT equity partner We need a ST equity partner Higher returns needed to bear exit risk Abengoa Yield is our LT equity Need for higher cost bridge financing Reduced cost of financing Limited growth prospects for Abengoa Maximized growth for ABY and ABG secured 14

 Concentrating Returns on Abengoa Secured equity exit allows for additional return improvement Significant value uplift to be achieved by Abengoa if business cycle is accelerated Construction Lower IRR Reduced Additional starts earlier required by cost of thanks to returns for new ST equity bridge faster access Abengoa partners financing to capital 15

 Our Roadmap for More Growth Accelerating our business cycle will unlock more value Getting faster from step 1 to 3 will allow us to earlier obtain Transition to an Asset-Light Model Capture Growth with Reduced Risk Technology & BD E&C Competitive Source for Bidding More cash flow per Euro invested Higher returns O&M 16

 New Business Structure An integrated business model that allows for maximized returns Abengoa Equity Corporate Structure = Equity Recycling + E&C Margin Dividends ABENGOA Equity Capital Markets ABENGOA ABENGOA Greenfield Yield Seed funding: R&D Bus. Dev. E&C O&M Debt Equity Bridge N/R Debt in Process Equity / Debt Bridge LT Equity E&C Margin Technology Margin O&M Margin Projects Long-Term N/R Debt 17

The Abengoa Greenfield Concept A vehicle to secure external funds to co-invest in greenfield project Diverse funding mix to develop Allows Abengoa to do more E&C new awarded projects projects Decreases Abengoa equity tied Increasing return of equity up in greenfield projects investment Accelerates timing of project Projects available earlier for completion Abengoa Yield Greenfield enhances the cash generation at corporate level, available for: Debt Continued Dividends Repayment Growth 18

From Abengoa 1.0 to Abengoa 3.0 Now a new scenario opens up for $EHQJRDf From Abengoa equity partners w/ revolving options Higher return due to lower risk and clear exit Ability to hold equity investments given Abengoa Yield has lowest cost of capital 2010 Ability to continue investing in concessions increases growth potential fto Abengoa 3.0 Corporate Structure Easier valuation for financial markets with $ Abengoa Yield as the most competitive ABENGOA ABENGOA buyer with own need to deliver growth Greenfield Yield R&D Bus. Dev. E&C O&M 2015 to capture growth with lower risk and lower equity 19

A Clear Path Going Forward Key Strategic Priorities for the Following Years Jan. Jun. 2015 2016 Balance Sheet Financial Expense Sustainable Cash Optimization Reduction Flow Generation Reduction of Corporate Reduce Levels of Gross Debt and Identify, Develop and Build Leverage Cash New Projects Reduction of Corp. CAPEX Reduction of Negative Working Ensure Viability of Financing Capital and Related Cost Model of the Concession Investments through Positive FCF in 2014 Abengoa Greenfield Significant Reduction of Financial Costs Recurrent Equity Recycling Systematic Equity Recycling Vehicle through Abengoa Yield (ABG ABY) Material EPS Improvement Improving Credit Rating Allowing to Unlock Further Value and Re-rating Abengoa 20

Agenda 3 Unlocking Value at Abengoa 21

Reduction of Financial Costs Significant room to reduce financial costs by pro-active BS management 1 2 3 Expected reduction of Outstanding bonds not Reduction of short Gross Debt&Cash at market price term Working Capital Debt Earmarked for Repayment ABG Credit Curve Abengoa Equity 7,0% 6,0% 186 5,0% 317 4,0% Equity Bridge 300 3,0% 100 ABENGOA 2,0% 200 192 Greenfield 1,0% N/R Debt in Process 2014 E 2015 E 0,0% EUR Bonds USD Bonds Syndicated Loan Convertible Bond 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr Other Debt HY Bond 1 Significant cash in balance sheet earmarked for repayment of outstanding debt 2 Although cost of funding has decreased, only last issuance reflects Abengoa’s real capital markets cost of debt 3 Abengoa Greenfield enables replacing short term working capital financing for long term financing 22

Long-term Recurrent Equity Recycling Attractive yields of visibility on drop-down cycleABG’s assets EBV in Abengoa as of 30/06/14 Fully Invested EBV Total: ~2.3 B€ 1 Total: ~3.0 B€ 1 31% 31% ~740 M€ Pending Equity Capex 55% 61% 4% 8% 4% 6% Average IRR of 12% Potential to drop assets > 1.0x P/BV Implied Dividend Yield of ABY of 5% Accretive acquisitions for ABY 1EBV adjusted to value of € 193m value of ABCH preferred share liability 23

Sustainable Cash Flow Generation Increasing discretionary cash generated at the corporate level FY 2013 FY 2014E • Corporate EBITDA 8211 ~900 M€ • Cash Financial (479) ~(450) M€ Taxes Paid • Dividends from ABY 0 ~10 M€ Funds From Operations 342 ~400-500 M€ • Change in Working Capital & 59 Flat Others Corp. Cash Flow From Operations 401 M€ ~400-500 M€ • Corp. (Incl. R&D & Maintenance Capex)Capex (158) ~(100-150) M€ • Equity Invested in Concessions (571) ~(300-350) M€ • Equity Recycled from 390concessions ~600 M€ Net Corporate Capex (339) ~100-200 M€ Corporate Free Cash Flow 62 M€ ~600 M€ x10 24 1Net of non-monetary adjustments

2015 Targets Strong focus on financial discipline while accelerating growth delivery Net investment in Corporate Free Corporate concessions1 Cash Flow Leverage 150-200 M€ > 250 M€ < 2.0x 2014 Net Income 2015 Net Income Improvement Improvement ~25-30 % ~40-60 % 25 1Net investment in concessions = + equity investment in concessions – equity recycling

. Main Takeaways Abengoa 3.0, a symbiotic relationship to foster additional growth ABENGOA ABENGOA ABENGOA YIELD GREENFIELD 1 A Simpler, Capital- Light Structure 2 Accelerating Growth A business model poised to deliver a 3 significant value Optimized Cash Cycle upsize 4 Improved Returns 26

Abengoa Currently Undervalued Figures as of June 30, 2014 Sum of the parts method Subtractive method Multiple ‘14e EBITDA Corporate Business Metrics ~8.0x ~900 M€ Current Market Cap ~3,800 M€ Corporate EV ~7,200 M€ Corporate Net Debt 2014E ~1,800 M€ Corp. Net Debt 2014e ~(1,800) M€ Concessions Equity BV (excl. ABY) ~2,300 M€ Corp. Minorities ~(100) M€ (H1 2014) 64% Market Cap Abengoa Yield ~1,600 M€ Corporate Business Equity 5,300 M€ J14 Corporate Minorities ~100 M€ Value Concessions Equity BV1 (excl. ABY) ~2,300 M€ Implied Corporate EV ~1,800 M€ 64% Market Cap Abengoa Yield ~1,600 M€ ‘14e EBITDA ~900 M€ Total Equity Value 9,200 M€ Corporate Business Implied 2.0x Multiple Current Market Cap ~3,800 M€ Upside Potential2 ~140% Current Abengoa’s market opportunity for investment upside 1EBV adjusted to value of € 193m value of ABCH preferred share liability 27 2Analysis excludes EBITDA from NR biofuels business for simplification

Innovative Technology Solutions for Sustainability ABENGOA Thank you September 3 & 4, 2014