ABENGOA YIELD

ABENGOA YIELD

Fiscal Year 2014 Earnings Presentation February 23, 2015

ABENGOA YIELD

2

Forward-looking Statement

This presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this prospectus, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “is likely to,” “may,” “plan,” “potential,” “predict,” “projected,” “should” or “will” or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements.

Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, changes in government expenditure budgets, challenges in making acquisitions, changes in public support of renewable energy, weather conditions, legal challenges to regulations, changes to subsidies and incentives that support renewable energy sources, government regulations, the volatility of energy and fuel prices, counterparty credit risk, failure of customers to perform under contracts, our ability to enter into new contracts as existing contracts expire, reliance on third-party contractors and suppliers, failure of newly constructed assets to perform as expected, failure to receive dividends from assets, changes in our tax position, unanticipated outages at our generation facilities, the condition of capital markets generally, our ability to access capital markets, adverse results in current and future litigation and our ability to maintain and grow our quarterly dividends. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect Abengoa Yield’s future results included in Abengoa Yield’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.w.sec.gov.

Abengoa Yield undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

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.

This presentation includes financial measures which have not been subject to a financial audit for any period.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.

ABENGOA YIELD

3

Fiscal Year 2014 Results 1

Acquisitions plan 2

Agenda

3

ABENGOA YIELD

4

Fiscal Year 2014 Results 1

Acquisitions plan and new dividend guidance 2

4

Agenda

ABENGOA YIELD

5

Solid performance and cash available for distribution for the period

3 months Dec. 14 M$

FY 14 M$ FY13 M$ Variation FY vs FY

Revenue 93.4 362.7 210.9 72%

Further Adj. EBITDA(1) 81.6 308.0 158.5 94%

CAFD 28.4 56.5 - n/a

DPS (2) 0.259 0.555(3) -

n/a

(1) Further Adjusted Ebitda includes dividend from preferred equity investment in Brazil. (2) Dividend per share amounts are in U.S.$ per share. (3) Includes $0.2592 dividend per share declared by our Board of Directors on February 23, 2015 and

payable on or about March 16, 2015.

Highlights

5

ABENGOA YIELD

6

All Segments Performing in Line with Expectations

North America South America Europe

FY 14 FY 13 ∆ FY 14 FY 13 ∆ FY 14 FY 13 ∆

Revenues 195.5 114.0 72% 83.6 25.4 229% 83.6 71.5 17%

Further Adjusted EBITDA

175.4 96.7 82% 77.2 19.0 307% 55.4 42.8 29%

EBITDA margin 89.7% 84.8% 92.3% 74.7% 66.3% 60.0%

Renewables Conventional Transmission

FY 14 FY 13 ∆ FY 14 FY 13 ∆ FY 14 FY 13 ∆

Revenues 170.7 82.7 106% 118.8 102.8 16% 73.2 25.4 188%

Further Adjusted EBITDA

137.8 55.8 147% 101.9 83.3 22% 68.3 19.4 251%

EBITDA margin 80.8% 67.5% 85.8% 81.0% 93.2% 76.6%

$ Million

$ Million

Segment information

ABENGOA YIELD

Operational Performance in line with expectations

FY 14 FY 13

902 280

2,474 1,849

101.9% 97.0%

99.1% 99.6%

Renewable

Conventional

Transmission

GWh Produced

Electric Availability

Availability

GWh Produced

Key Operational Metrics

7

ABENGOA YIELD

Conservative Leverage at Holding Level

(1) Based on CAFD guidance for 2015 before the acquisition of Rofo 2, pre corporate interest. (2) Pro Forma of ROFO 2: Based on Net Corporate Debt and 2015 CAFD guidance after the acquisition of ROFO 2, pre corporate interest.

As of Dec. 14

Net Corporate Debt at Holding level 223.1

Net project finance debt of operating subsidiaries

3,624.3

Net Corporate Debt / CAFD (1) 1.5

Pro Forma Net Corporate Debt / CAFD (2) 2.2

Net Corporate Debt / CAFD Target < 3x

Financing

8

ABENGOA YIELD

(1) Operating Cash Flow before Interest paid

Financing

$ Million

Acquisitions Sep ‘14 Dec ‘14

Corporate Debt

ROFO 1

312

Operations

Operations(1)

114

Net Debt Bridge

Others

Other Dividend

paid

24 15 3,847

Interest paid

68

Mojave

530

Mojave consol.

ROFO 1 Project Debt

2,222

820

9

ABENGOA YIELD

Strong operating cash generation since IPO

Further Adjusted Ebitda 170.8

Interest paid (83.3)

Variations in working capital and other adj. 25.6

Operating Cash Flow 113.1

Investing Cash Flow (265.6)

Financing Cash Flow 289.3

Net change in Cash 136.8

H2 2014 M$

Cash Flow

10

ABENGOA YIELD

11

Third Quarter Results 1

Acquisitions plan and Potential ROFO update 2

11

Agenda

ABENGOA YIELD

Solacor 1/2 (74%) 100 MW Solar

PS 10/20 (100%) 31 MW Solar

Cadonal (100%) 50 MW Wind

$312 M purchase price.

All acquisitions closed by December 2014.

3 Acquisitions

Completion of our First Asset Acquisition ahead of time in 2014

First Dropdown

12

ABENGOA YIELD

Honaine (26%) Skikda (34%)

10.5 Mft3/day Water

Shams (20%) Helioenergy 1/2 (30%)

200 MW Solar

ATN2 (40%) 81-mile Transmission line

5 Acquisitions

Agreement closed with Abengoa for Second Asset Acquisition

$14 M incremental CAFD before finance expenses.

$142 M purchase price.

Pending authorizations.

Impact already included in updated guidance.

Second Dropdown

13

ABENGOA YIELD Future ROFO acquisitions

Very Favorable framework for future acquisitions

Third party Acquisitions

• Already under negotiation with Abengoa

• Will include 12% call option over $100M of equity value

Reinforced ROFO Agreement

ROFO 3

3

1

2

14

• Binding for all existing and future subsidiaries and investment vehicles. We expect that APW-1 will sign the ROFO agreement in the same terms as Abengoa

• “Negotiation option”: ABY can request to negotiate any Abengoa contracted asset that reaches 18 months of operation

• Increase in Abengoa “lock-up period” to sell contracted assets after an agreement is not reached with ABY from 18 to 30 months

ABENGOA YIELD

Abengoa’s Portfolio gets progressively “refilled” feeding ABY’s growth

+ 410 MW Solar • Atacama 1 (+100 MW PV) • Atacama 2 (+210 MW) • Xina (+100 MW)

Chile Chile

South Africa

+ 1,544 MW Conventional • Norte 3 (+924 MW) • A4T (+620 MW)

Mexico

+ 270 Miles Transmission Lines • ATEs (+270 Miles) Brazil

+ 2.1 Mft3/day Water • Nungua (+2.1 Mft3/ day) Ghana

ROFO Update

New ROFO assets in Abengoa Portfolio since IPO

15

ABENGOA YIELD

Delivering accretive growth

DPS guidance USD per share

IPO guidancefor 2015

Last guidancefor 2015

Last guidancefor 2016

1.36 1.60 1.92 – 2.00

(1) Including ROFO 2.

ABY since IPO

710

1,091

Renewable (MW)

300 300

Conventional (MW)

1,018 1,099

Transmission (Miles)

0

10.5

Water (Mft3/day)

IPO

Today (1)

16

ABENGOA YIELD

17

Appendix

ABENGOA YIELD

(1) On September 30, 2013, Liberty Interactive Corporation agreed to invest $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.

(2) Reflects the counterparty’s issuer credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch, respectively.

(3) USD denominated but payable in local currency.

Asset Type Gross Capacity Offtaker Rating(2)

Renewable Energy

Years Contract

Left

Solana

Mojave

Solaben 2/3

APS A-/A3/BBB+

ATN

PG&E BBB/A3/BBB+

Peru BBB+/A3/BBB+

Spain BBB/Baa2/BBB+

Palmucho

Quadra 1&2 Sierra Gorda Not rated

Endesa Chile BBB+/Baa2/BBB+

Peru BBB+/A3/BBB+

Palmatir UTE BBB-/Baa2/BBB-

Status

Operation

Operation

Operation

Operation

Operation

Operation

Operation Electric

Transmission

Conventional Power

ATS

Economic Stake

100%(1)

100%

100%

70%

100%

100%

100%

100%

Location

USA (Arizona)

USA (California)

Peru

Spain

Chile

Chile

Peru

Uruguay

Currency

USD

USD

USD

Euro

USD

USD

USD

USD

ACT Pemex BBB+/A3/BBB+ Operation 100% Mexico USD (3)

Preferred Instrument ACBH

N/A; cash account & dividend

subordination Brazil USD

Exchangeable Preferred Equity

Operation

(3)

(3)

280 MW

280 MW

362 miles

2x50 MW

81 miles

6 miles

569 miles

50 MW

300 MW

$18.4M p.a.

29

25

26

23

20

22

29

19

18

Perpetuity

Cadonal 50 MW UTE BBB-/Baa2/BBB- 20 Uruguay USD Operation 100%

Solacor 1/2 BBB/Baa2/BBB+ 74% Spain Euro

PS10/20 Euro Spain BBB/Baa2/BBB+ 100%

100 MW

31 MW

22

19

Operation

Operation

Spain

Spain

Diversified asset portfolio comprising 891 MW of renewable energy, 300 MW of conventional power generation, 1,018 miles of electric transmission lines and 10.5 Mft3/day of desalination capacity

Water Skikda Sonatrach & ADE N/A Operation 34.17% Algeria USD (3) 3.5 Mft3/day 20

Honaine Sonatrach & ADE N/A Operation 25.5% Algeria USD (3) 7 Mft3/day 23

(3)

(3)

Sizeable and diversified Asset Portfolio

18