ABENGOA YIELD

ABENGOA YIELD

Second Quarter 2015 Earnings Presentation July 30, 2015

ABENGOA YIELD

This presentation and the information contained herein are strictly confidential and are being shown to you solely for your information. The permission to access the presentation is exclusive to you and is not

transferable and you acknowledge and agree that you have not passed, and will not pass, the password on to any other person. By accessing this presentation, you agree to become bound by the above-referred confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities.

You understand that this presentation and any materials accessed in connection with this presentation are solely for viewing by the persons designated and authorized by the Company and by electing to view the presentation you represent, warrant and agree that you will not download, copy, print, videotape, record, re-transmit or otherwise attempt to pass on, reproduce, duplicate or redistribute them in whole or in part by mail, facsimile, electronic or computer transmission or by any other means to any other person in whole or in part, or use it in any manner to sell securities to the general public, and you will not disclose the contents of the presentation to any other person.

This presentation is not for publication, release, disclosure or distribution, directly or indirectly, in, and may not be taken or transmitted into the United States, Canada, Japan or Australia, and may not be copied, forwarded, distributed or transmitted in or into the United States, Canada, Japan or Australia or any other jurisdiction where to do so would be unlawful. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of the United States, Canada, Japan or Australia or any other such jurisdiction.

The securities referred to in this presentation have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be directly or indirectly, be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within the United States absent registration or an exemption from registration under the Securities Act. There will be no public offer of these securities in the United States. The securities have not been and will not be registered under the applicable securities laws of Japan, Canada or Australia and, subject to certain exemptions, may not, directly or indirectly, be offered or sold in, or for the account or benefit of any national, resident or citizen of, Japan, Canada or Australia. Any failure to comply with these restrictions may constitute a violation of US, Japanese, Canadian or Australian securities laws.

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 presentation, 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. Such statements reflect the current views of the Company with respect to future events and are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation.

Many factors could cause the actual results, performance or achievements of the Company 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 the Company does business; decreases in government expenditure budgets, reductions in government subsidies or adverse changes in laws affecting the Company’s businesses and growth plan; challenges in achieving growth and making acquisitions; inability to identify and/or consummate future acquisitions; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions; changes in prices, including increases in the cost of energy, natural gas, oil and other operating costs; counterparty credit risk and failure of counterparties to the Company’s offtake agreements to fulfill their obligations; inability to replace expiring or terminated offtake agreements with similar agreements; new technology or changes in industry standards; inability to manage exposure to credit, interest rate, exchange rate, supply and commodity price risks; reliance on third-party contractors and suppliers; failure to maintain safe work environments; insufficient insurance coverage and increases in insurance cost; litigation and other legal proceedings; reputational risk; revocation or termination of the Company’s concession agreements; variations in market electricity prices; unexpected loss of senior management and key personnel; changes to our relationship with Abengoa, S.A.; weather conditions; 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 and 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 conjuction with information regarding risks and uncertainties that may affect the Company’s results included in the Company’s filings with the U.S. Securities and Exchange Commission at www.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 certain non-GAAP (Generally Accepted Accounting Principles) 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. No representation or warranty, express or implied, is given or will be given by or on behalf of Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Placing Agents”) or their

respective affiliates or agents, or any of such persons’ directors, officers, employees or advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Placing Agents in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.

Disclaimer

ABENGOA YIELD

3

Executive Overview

Strong EBITDA and CAFD for the period

All assets performing according to expectations

+18% dividend over Q2 guidance ($0.40 vs $0.34 per share)

Closed acquisitions of Helios, Solnovas, Helioenergy and Kaxu

Obtained rating from S&P (BB+) and Moodys (Ba3)

Solid execution

Fourth acquisition agreed for $370.6 M generating $31.4 M CAFD

• Acquisition of Solaben 1/6 agreed

• ATN2 deal improved and closed, including purchase of a third party stake

• Acquisition of a 13% stake in Solacor agreed with a third party

Revolving Credit Facility extended in $290 M

Continuous growth

3

ABENGOA YIELD Agenda

Q2 2015 Results 1

Q&A 4

Acquisitions and growth 2

Guidance 3

4

ABENGOA YIELD Agenda

Q2 2015 Results 1

Q&A 4

Acquisitions and growth 2

Guidance 3

5

ABENGOA YIELD Highlights

Consistent results driving CAFD for the six month period to $83M

(Amounts in $M) 3 months June 15

6 months June 15

6 months June 14

% Variation 6m vs 6m

Revenue 190.3 308.6 169.8 81.7%

Further Adjusted EBITDA inc. unconsolidated affiliates

(*) 159.6 264.8 137.2 93.0%

CAFD 44.6 83.1 - n/a

(*) Further Adjusted EBITDA includes dividend from preferred equity investment in Brazil and our share in EBITDA of unconsolidated affiliates.

6

ABENGOA YIELD Segment information

Good results across our geographies and business segments

(Amounts in $M) North America South America EMEA

6 months June 15

6 months June14

∆ 6 months June 15

6 months June 14

∆ 6 months June 15

6 months June 14

∆

Revenue 150.2 96.8 55.1% 50.6 36.3 39.7% 107.8 36.7 193.4%

Further Adjusted EBITDA inc. unconsolidated affiliates

137.3 83.7 64.1% 51.6 29.5 75.2% 75.9 24.0 215.9%

(Amounts in $M) Renewables Conventional Transmission Water

6 months June 15

6 months June 14

∆ 6

months June 15

6 months June 14

∆ 6

months June 15

6 months June 14

∆ 6

months June 15

6 months June 14

∆

Revenue 193.4 78.3 147.1% 65.3 57.1 14.4% 39.2 34.4 14.1% 10.6 - n.m.

Further Adjusted EBITDA inc. unconsol. affiliates

159.2 60.6 162.8% 53.3 48.6 9.8% 41.9 28.0 49.2% 10.4 - n.m.

7

ABENGOA YIELD Key operational metrics

6 months June 15

6 months June 14

Renewable GWh

Produced 1,083 418

Conventional

GWh Produced 1,223 1,205

Electric Availability 101.8% 101.1%

Transmission Availability 99.9% 100.0%

Water Availability 100.7% -

Operational performance in line with expectations

8

ABENGOA YIELD Cash Flow

Strong operating cash flow for the period

Further Adjusted EBITDA inc. unconsolidated affiliates 264.8

Share in EBITDA of unconsolidated affiliates (7.1)

Interest paid (131.4)

Variations in working capital 0.4

Non monetary adjustments and other (47.4)

Operating Cash Flow 79.3

Investing Cash Flow (571.9)

Financing Cash Flow (*) 675.0

Net change in Cash 182.4

(Amounts in $M)

H1 2015

9 (*) Includes ABY dividend payment.

ABENGOA YIELD

Conservative leverage at holding level

(1) Based on debt as of June 30, 2015, based on 2016 CAFD pre corporate debt service.

As of June 15

Corporate Cash at Holding level ($M) 154.8

Net Corporate Debt at Holding level ($M) 222.2

Net project finance debt of operating subsidiaries ($M)

4,867.9

Net Corporate Debt / CAFD pre corporate debt service (1) 1.3

Net Corporate Debt / CAFD pre corporate debt service Target

<3

Financing

10

ABENGOA YIELD

$ Million

Net Debt Bridge

(1) Operating cash flow before interest paid

Acquisitions Operations Other Jun ‘15 Dec ‘14

3,847

5,090

664

1,266

694

55 211 131

29

Other Dividend paid Interest

paid

Acquisitions

payments

Acquisitions Project Debt

Operations(1)

Capital increase

11

Financing

ABENGOA YIELD Q2 dividend

Q2 dividend of $0.40 per share approved, 18% increase vs guidance for the quarter

0.2592

0.34

Dollars per share

(1) Approved by the Board of Directors on July 29, 2015. Dividend per share guidance for the year 2015 remains unchanged at $1.60, consisting of $0.34 per share for Q1, $0.40 per share for Q2 and $0.43 for Q3 and Q4.

0.40 (1)

2015 Dividend guidance of $1.60 per share maintained

+25% Quarterly

Q4 2014

Q1 2015

Q2 2015

12

+18% vs guidance for the quarter

ABENGOA YIELD Agenda

Q2 2015 Results 1

Q&A 4

Acquisitions and growth 2

Guidance 3

13

ABENGOA YIELD

Honaine (26%)

Skikda (34%)

100 MW Helioenergy (30%)

100 MW Shams (20%)

ATN2 (100%)

ATN 2 renegotiated as part of a ROFO 4 in new improved terms

Honaine, Skikda and Helioenergy already acquired in Q1 for 94 MUSD

9.4 MUSD of incremental cash flow from the acquired assets at a 10% yield

ATN 2 purchased 100% as part of ROFO 4, including stake owned by a financial investor, not previously considered

Not all waivers secured for Shams, acquisition on hold. No impact on guidance

Update on ROFO 2

(ROFO 4)

14

ABENGOA YIELD

ROFO 3 of 450 MW renewable energy assets closed

100 MW Helioenergy (Remaining 70%)

100 MW Helios (100%)

150 MW Solnovas (100%)

100 MW Kaxu (51%)

All acquisitions closed since May for a total amount of $682 M

Run-rate CAFD of $64 M, acquisition yield of 9.4%

Currency swap agreement signed with Abengoa for all Euro denominated assets(1)

Financed with the proceeds from capital increased pursuant to a private placement

Update on ROFO 3

(1) Average exchange rate for the acquisitions of €1.00 = $1.13 15

ABENGOA YIELD New ROFO 4

Equity purchase price of $370.6 M

Run-rate CAFD of $31.4 M, acquisition yield of 8.5%

Solaben 1/6 acquisition to be financed with recently expanded RCF (1) . CAFD from Solaben 1/6 to be covered by the currency swap agreement signed with Abengoa

13% stake in Solacor and preferred equity in ATN2 acquired to third parties

2016 DPS guidance to be updated once the RCF is repaid through long-term financing

New acquisition announced from Abengoa and third parties for $371M

100 MW Solaben 1/6 (100%) co-located with Solaben 2/3

13% stake in Solacor 1/2 to be acquired to partner JGC

100% stake in ATN2, larger than expected:

– Higher revenues negotiated with offtaker

– Acquisition of equity owned by Sigma, a financial investor

Note: Assuming a € - US$ exchange rate of €1.00=$1.09 (1) RCF Tranche B cost is Libor + 250 bp

16

ABENGOA YIELD Build up on CAFD growth for 2016

$1.5 Bn in equity value in acquisitions from Abengoa since IPO driving CAFD before corporate interest to $287 M

0

50

100

150

200

250

300

350

CAFD before corporate interest $ Million

CAFD 2016 IPO

CAFD 2016 Pro forma

ROFO 1

ROFO 2

ROFO 4

9

287

155

31

27

+85%

9% Average

Acquisition Yield

ROFO 3

65

8.6%

8.5%

10.0% 9.4%

% Acquisition yield

17

ABENGOA YIELD

Sector In Operation 2016 2017 2018/19/ 20 Estimated CAFD

run rate (M$)

Khi (51%)

Leasing

Nicefield (100%)

Xina (40%)

Atacama I (100%)

Ashalim (50%)

Atacama II (100%) ~ 90-110

ATN 3 (40%) ATE XVI-XXI (100%) ATE XXII-XXIV (100%)

Delaney- Colorado River TL

~ 85-95

SPP1 (51%) A3T (100%) A4T (100%) Norte 3 (100%)

Salina Cruz (49%) ~ 110-125

Nungua (56%)

Tenes (51%)

Agadir (51%)

Zapotillo (100%) SAWS (100%) ~ 25-30

Total ~ 310-360

Pipeline for growth

Abengoa’s portfolio is progressively “replenished” as we complete acquisitions

Expected COD

18

ABENGOA YIELD Agenda

Q2 2015 Results 1

Q&A 4

Acquisitions and growth 2

Guidance 3

19

ABENGOA YIELD

Guidance confirmed, to be updated with ROFO 4 final long-term financing

$1.60

$2.10 - $2.15

+20% CAGR DPS growth

since IPO

+X% +30-34%

YoY growth

+X% +12-15%

CAGR

Dividend per share

2015 2016 2020

IPO $1.36

IPO $1.70 +18 %

+25 %

20

Guidance reiterated

ABENGOA YIELD

21

Non-recourse project finance together with reasonable leverage at the corporate level.

Good geographic and business segments diversification with limited exposure to wind and significant share of availability-based contracts.

$ 1.5 bn in assets already acquired with an average 9% yield above industry

Proprietary pipeline of assets with Abengoa will nurture high growth without exposure to overheated markets

Investments Highlights

Portfolio of assets performing as expected, driving an increase on DPS due to good EBITDA and CAFD for the period.

Long-term contract with credit-worthy customers mostly denominated in USD provides a very stable risk profile.

Solid Results 1

Resilient Portfolio

2

Proven Track Record

5

Strong Risk Management Culture

6

Visible Growth

4

International Presence

3

ABENGOA YIELD Agenda

Q2 2015 Results 1

Q&A 4

Acquisitions and growth 2

Guidance 3

22

ABENGOA YIELD Appendix

23

ABENGOA YIELD

Portfolio including ROFO 4 assets

(1) Based on Moody’s rating. Offtakers for Quadra 1&2, Honaine and Skikda are unrated. Offtaker for ATN and ATS is the Ministry of Energy of the Government of Peru and for Spanish assets is the Government of Spain.

(2) Weighted by 2016 CAFD pro forma of ROFO 4

High Quality Offtakers(1)

Investment grade counterparties

# of assets by offtaker rating

Weighted(2) average

remaining life: 23 years

Long-Term Contracts

Remaining Contract Terms (years) as of December 31, 2014

Assets with unrated off-takers represent less than

4% of the CAFD

Low dependence on natural resources

64% Availability-

based

36% Production-

based

64% of total expected CAFD

expected to come from assets with

contracts based on availability

and not on production

A3: 5

Baa2: 11 N/A: 4

17 18 18 19 19 19 20 20 20 20 21 21

22 22 22 23 23 23 23 23 24 25 26

29 29

PS 10ACT

ATN2Skikda

PS 20Palmatir

KaxuQuadra 1&2

Solnova 1Solnova 3

CadonalSolnova 4

Solacor 1/2Helios 1

Solaben 3HonaineHelios 2

Solaben 2Helioenergy 1/2

PalmuchoSolaben 1/6

MojaveATN

SolanaATS

24

Sizeable and Diversified Asset Portfolio (including ROFO 4)

ABENGOA YIELD

Portfolio including ROFO 4 assets

>90% of long term interest rate exposure fixed or covered

<1% commodity exposure

RoW

North America

South America

Europe

Water

Transmission

Conventional

Renewable

66% 16%

15% 3%

93% US$

7%

Other

41%

30%

20%

9%

Geography Currency 1

Sector

(1) Including the effect of the swap agreement signed with Abengoa Note: All amounts based on 2016 CAFD pro forma of ROFO 4 25

Sizeable and Diversified Asset Portfolio (including ROFO 4)

ABENGOA YIELD Sizeable and Diversified Asset Portfolio (including ROFO 4)

(1) Liberty Interactive Corporation holds $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. (4) Refers to the credit rating of Uruguay, as UTE is unrated. (5) During the initial 5-year period, we have the right to receive, in four quarterly installments, a preferred dividend of $18.4 million per year. (6) Gross cash in Euros dollarized through a currency swap contract with Abengoa

Asset Type Gross Capacity Offtaker Rating(2)

Renewable Energy

Years Contract

Left

Solana

Mojave

Solaben 2/3

APS A-/A3/BBB+

PG&E BBB/A3/BBB+

Kingdom of 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- (4)

Status

Operation

Operation

Operation

Operation

Operation

Operation

Electric Transmission

Conventional Power

ATS

Economic Stake

100%(1)

100%

100%

100%

100%

100%

Location

USA (Arizona)

USA (California)

Spain

Chile

Chile

Peru

Uruguay

Currency

USD

USD

USD (6)

USD

USD

USD

USD

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

Preferred Instrument -

N/A; cash account & dividend

subordination Brazil USD

Exchangeable Preferred Equity in ACBH

Operation

(3)

280 MW

280 MW

2x50 MW

81 miles

6 miles

569 miles

50 MW

300 MW

$18.4M p.a.(5)

29

25

23

20

23

29

19

18

-

Cadonal 50 MW UTE BBB-/Baa2/BBB- (4) 20 Uruguay USD Operation 100%

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

PS 10/20 Spain BBB/Baa2/BBB+ 100%

2x50 MW

31 MW

22

19

Operation

Operation

Kingdom of Spain

Kingdom of Spain

Water Skikda Sonatrach & ADE Not rated Operation 34% Algeria USD (3) 3.5 Mft3/day 20

Honaine Sonatrach & ADE Not rated Operation 26% Algeria USD (3) 7 Mft3/day 23

ATN Peru BBB+/A3/BBB+ Operation 100% Peru USD (3)

362 miles 26

(3)

(3)

Helioenergy 1/2 Spain BBB/Baa2/BBB+ 100% 2x50 MW 23 Operation Kingdom of Spain

70%

Helios 1/2 BBB/Baa2/BBB+ 100% Spain

Solnova 1/3/4 Spain BBB/Baa2/BBB+ 100%

2x50 MW

3x50 MW

22

20

Operation

Operation

Kingdom of Spain

Kingdom of Spain

Kaxu ZAR South Africa BBB-/Baa2/BBB 51% 100 MW 20 Operation Eskom Holdings

USD (6)

USD (6)

USD (6)

USD (6)

USD (6)

Spain BBB/Baa2/BBB+ 100% 2x50 MW 24 Operation Kingdom of Spain USD (6) Solaben 1/6

Las Bambas Not rated Operation ATN 2 100% Peru USD (3)

81 miles 18

26