Abengoa

Innovative Solutions for Sustainability

ABENGOA
Second-Generation Biofuels: Ready for Take-off
Analyst and Investor Day
Javier Salgado Leirado Executive VP
April 2011

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 informationcurrently 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, changes to national and international laws and policies that support renewable energy sources; inability to improve competitiveness of our renewable energyservices and products; decline in public acceptance of renewable energy sources; legal challenges to regulations, subsidies and incentives that support renewable energy sources; inability to obtain new sites and expand existing ones; 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.

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Highlights

Biofuels demand is growing worldwide and supply-demand unbalance is shifting

Abengoa posses a unique 1G ethanol platform that has yield stablemargins over time

Abengoa plans on leveraging its 1G platform and 2G proprietary technology to become one of the leaders in 2G

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Agenda

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Business Description. Our Capabilities

2

Future Opportunities

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Biofuels market
Biofuels expected to make up 60% of global fuel demand growth by 2030
Liquids Demand Growth (BGY)
60% Average annual growth Biofuels share of growthBiofuels share of transport fuels 40%

6% 17 15

50%

14

30%

20%

9%
10%

11
0%

1990-00 2000-10 2010-20
Source: IEA, EIA, UN, WB

2030-40
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Ethanol market
Expected +10% CAGR ethanol demand in all markets though 2020, supported by energy security and sustainability

Ethanol demand (BGY)

36 17 13
2010 2022

4 1 1
2020 2010

4
2020

6
2010 2020

2010Drivers

 Legislation:
RFS (36 BGY in 2022)

 Legislation:  Energy security
RED (10% renewable energy in transportation by 2020)

 Population growth  Income increase
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 Energy security

 Sustainability

Ethanol demand
Demand will remain strong due to legislation, sustainability & better economics

Global Demand (BGY)
14,0

13,4

1,4
2010

1,7
2012e

20102012e

22,0

26,0

6,3

7,3

1,3
2010

2,5
2012e

2010

2012e

2010

2012e

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Source: Unica, RFA, Ebio, FO Lichts, Abengoa estimates

Ethanol supply
While ethanol supply growth has slowed down in the past 2 years ...

Global Capacity (BGY)
14,2

13,7

1,2
2010

1,6
2012e

2010

2012e

23,0

24,0

6,9

7,1

1,0
2010

1,0
2012e

20102012e

2010

2012e

... resulting in demand expecting surpassing supply by 2011
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Source: Unica, RFA, Ebio, FO Lichts, Abengoa estimates

Global footprint
Strong position through diversification
Biofuel capacity = 380 MGY
Feed capacity = 980 KTY

Biofuel capacity = 395 MGY Feed capacity = 885 KTY

York, NE

Colwich, KS

Evansville, IN

Cartagena, Sp

Coruña, Sp

San...