Innovative Technology Solutions for Sustainability ABENGOA. Industrial Production Market Outlook. Analyst & Investor Day. Javier Salgado Javier Molina

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1 Innovative Technology Solutions for Sustainability ABENGOA Industrial Production Market Outlook Javier Salgado Javier Molina Analyst & Investor Day May 2012

2 Agenda 1 Bioenergy Market Outlook & Growth Strategy 2 Recycling Market Outlook & Growth Strategy 2

3 Drivers Ethanol demand (BGY) Market outlook: Brazil Long term prospects remain solid Structural problems persist, Brazil short of ethanol, India & Thai sugar crops to partially balance shortage Demand Short-term Longer-term 2%+ world sugar demand 3%+ growth new car sales Switch to E25 expected Supply Mt 12/13 Structural problems still not solved No new greenfields expected Tight balance 12/13 expected Abengoa insight Cogen facilities online San Luiz expansion start up Aggressive cane contracting plan towards 8MT e Energy security 3

4 Drivers Ethanol demand (BGY) Market outlook: EU Stable outlook long term Ethanol market will remain short, market to be balanced through imports mainly from US Demand Short-term Longer-term Low gasoline consumption, -8% y/y Slow penetration of E10 Ne, Sw, Fi, Dn accelerating targets, UK: aggressive ramp-up in 2013 Supply E90 imports flooding market in H1, already banned: 2 4 positive for H e Supply from EU source freeze Abengoa insight Rotterdam facility: operations integrated in AB culture, full speed CO2 negotiations Buy/sells activity Legislation: RED (10% renewable energy in transportation by 2020) Sustainability 4

5 Drivers Ethanol demand (BGY) Market outlook: US Short term oversupply Better H2 economics expected, similar to 2011; Long term outlook is positive Short-term Longer-term Demand Low gasoline consumption -5% y/y High exports expected at 2011 levels Import duty & VEETC discontinued Supply 36 Seasonal overcapacity E15 roll-out to comply with RFS: Introduction to catch up E11 & E12 penetration to substitute E Market short 2.5 bgal if E10 only Penetration to ramp up starting 2012, Midwest states likely to start Abengoa insight Buy/sells activity e Legislation: RFS (36 BGY in 2022) Energy security Export opportunities 5

6 2012 US Ethanol S&D Q1 Q2e Q3e Q4e Ethanol Supply Annualized installed capacity MGY 14,583 14,583 14,583 14,583 % installed capacity operating 97% 93% 94% 95% Ethanol production 3,526 3,360 3,433 3,482 Annualized Ethanol production 14,185 13,513 13,659 13,854 Ethanol Demand Annualized Motor Fuel Demand 130, , , ,190 Ethanol motor fuel inclusion rate 9.7% 9.9% 9.9% 9.9% -Gasoline blending 3,164 3,240 3,389 3,299 -Industrial use Exports Total Ethanol Demand 3,422 3,447 3,599 3,604 Annualized Ethanol Demand 13,772 13,868 14,319 14,339 Days Inventory Crush Spread (c/gal) Higher gasoline demand and ethanol gasoline blending will result in a demand-pulled market in H2 driving up crush margins 6

7 Big players are in 7

8 reshaping market structure Big players aim to control both technology and biomass access >1,000 M$ > 100 M$ >6,000 M$ >5,000 M$ >1,500 M$ >100 M$ >600 M$ 8

9 Showcasing our model Hugoton biomass to ethanol commercial plant Milestones Start-up forecasted end-2013 Construction started July 2011 Air Permit obtained DOE federal loan guarantee awarded (134 Musd) DOE Grant awarded (97 Musd) 9 9

10 Production Cost Our 2G biomass to ethanol technology will be competitive with ~70 $/bbl crude oil 2G Ethanol production cost ($/gal) Corn Ethanol Cellulosic Ethanol e 2013e 2014e 4.15 Yield (gal/dt biomass) e 2013e 2014e 2012 (6.5 $/bu) e 2013e 2014e Enzyme cost (c/gal Ethanol) Corn Ethanol production Cost Cellulosic Ethanol production Cost Share of Enzymes in total production cost 10

11 Agenda 1 Bioenergy Market Outlook & Growth Strategy 2 Recycling Market Outlook & Growth Strategy 11 11

12 Steel in the World: 2011 Abengoa enjoys a leading position (~45% market share) in Europe, the main steel dust market worldwide Crude Steel Production by region 2011 % Total = 1,414 Million tons Mini-Mill Steel Production (EAF) by country Top 20 Total 2011= Million tons NAFTA EU-27 Europe (Ex-EU) Other Latam CIS 7% 8% 46% 12% 19% Source: World Steel Association 3% 2% 3% China Asia (Ex-China) EU-27 USA Turkey South Korea Japan Russia Italy Germany Spain Iran Taiwan Saudi Arabia Brazil France Egypt Canada Poland Malaysia Indonesia Thailand Venezuela Source: CRU EU Abengoa operates 7 recycling plants in Europe with a total capacity of more than 700 Kt of steel dust

13 (million tons) (million tons) Source: Zinc Market Outlook, Quarterly October 2011; CRU Group International Ltd.; Eurostat; Company data EAF Steel dynamics in Europe Steel production in Europe expected to grow slowly to pre-crisis levels European Steel production follows real GDP growth Forecast Real GDP Growth Crude Steel 9% (EU real GDP growth) 0% -9% Mini-mill technology (EAF) gains share vs. integrated furnace (BOF) Forecast 150 BOF 35% EAF 8% 0 xx% Gap between EAF and BOF 13

14 (million tons) EAF Steel dynamics in EU-27 At current levels of mini-mills production in EU-27, Abengoa steel recycling generates strong stable cash flows, given high utilization rates Utilization of Abengoa s plants follows mini-mills (EAF) production 100 (million tons) Utilization rate 87% 93% 80% 92% 97% 97%* 100% (ABG s Utilization rate) EAF steel production ** * Q real ** FY Estimate e 50% Stable growth expected in steel production 250 Total BOF EAF Forecast Rest EU-27 UK France Spain Italy Germany e 2015e Source: Zinc Market Outlook, Quarterly October 2011; CRU Group International Ltd.; Eurostat; Company data e 2013e 2014e 2015e 14

15 (million units) Vehicle production in the World Abengoa Aluminum recycling business depends on EU automobile industry, the 2 nd largest market worldwide Vehicle production by region in 2011 (% Total = 80.3 million units) EU-27 Others Latam , % 5% 22% CEI Asia (Ex-China) 3% 1% 27% Europe (Ex-UE) 17% 23% NAFTA 16.5 China -17% 27% Vehicle production by region Top 20 Vehicle production by region 2011 Top 20 (Total = 80.3 million units) (Total 2011= 80.3 million units) China EU-27 USA Japan Germany South Korea India Brazil Mexico Spain France Canada Russia Iran Thailandia UK Czech Rep Turkey Indonesia Poland Argentina Asia (Ex (ex-china) China UE-27 NAFTA Ibereoamérica Latam Otros CEI; Other (CEI,(ex Europa EU-27) Ex UE) Source: Organisation Internationale Constructeurs d Automobiles, OICA; J.D. Power Automotive Forecasting 15

16 Vehicle production in EU-27 (I) European vehicle production industry shows slow recovering from 2009 lowest figures % % Germany France Spain Italy United Kingdom Rest EU-27 Signs of recovery although still far from pre-crisis Source: Organisation Internationale Constructeurs d Automobiles, OICA; J.D. Power Automotive Forecasting; Company data 16

17 Vehicle production in EU-27 (II) At current levels of vehicle production in Europe, Abengoa generates stable cash flows due to high utilization rates Plants utilization follows vehicle production trend % 85% % % 91% Average Utilisation Vehicles EU-27 Slow recovery expected to reach pre-crisis levels CAGR 4% Forecast e 2013e 2014e 2015e 2016e 2017e 2018e Source: Organisation Internationale Constructeurs d Automobiles, OICA; J.D. Power Automotive Forecasting; Company data 17

18 Abengoa aims at becoming a global leader in industrial waste recycling niches Our Vision Today - top european player in steel dust and salt slags Tomorrow global leader in industrial waste recycling niches Presence in 6 European countries 13 recycling plants ~900 kt treated annually Presence in countries of the world recycling plants ~1,600 kt treated annually Additional growth through recycling of other niche metal residues 18

19 Innovative Technology Solutions for Sustainability ABENGOA Thank you! Analyst & Investor Day May 2012

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