4.- Anticipated future trends of the group

4.1.

To estimate the outlook for the Group, it is important to take into account the evolution and development achieved in
recent years, which forms the basis of the company’s growth prospects in the medium term. The Group’s strategy in the
medium term is based on the growing contribution of the activities linked to the markets for the environment, renewable
fuels (bioenergy), solar power and the ongoing development of the engineering and construction activities.

4.2.

Furthermore, the strengthening of Abengoa’s capacity in the environmental services market through Befesa Medio
Ambiente, S.A.; a greater bioethanol production capacity, as well as the development of the solar business will all
contribute to boosting the company’s long-term outlook. In so far as it achieves its current forecasts, Abengoa has new
activity base that will offer stability and continuity in the coming years.

4.3.

With its current reserves, taking into account the improved flexibility of the organizational structure, the specialization
and diversification of activities, and the investment opportunities identified in the domestic market and the company’s
competitiveness in the international market, as well as the exposure of part f its activities to the sale of commodities
and non-Euro currencies, the Group is clearly in a position to continue making positive progress in the future.