Presentación de PowerPoint...Iberdrola 13.5% 2.3% 15.8% March 3 Dividend c.32% upside Closing remarks Saeta Yield is successfully executing its business plan 2015 strategic milestones

Saeta YieldExecution & Growth

Spring 2016

Saeta is a total return investment opportunity, combining…

2

Attractive Dividend Yield based on stable CAFD

DPS Growthbased on having

a unique strategic platform

Robust portfolio of operating assets with stable cash

flows

Financial strength and liquidity to

tackle RoFO & third party opportunities

1st 2nd

&

A renewable energy utility with a robust portfolio of assets

(1) Capacity refers to Gross Capacity.

(2) Estimated cash available for distribution after investing and funding activities excluding net release of cash retained. Forecasts of financial information are based on current assumptions, are inherently uncertain and are subject to significant business and economic risks and uncertainties. The forecasts shown here are forward-looking statements and actual results may differ materially.

• Regulated revenues

• LT O&M contracts in place

• No CAPEX needs

• No corporate tax until 2023

68

208

69%

23%

90% pay-out ratio: €61.4m dividend in 2016 (2)

As % of revenue

789 MW in Spain(1)

539 MW

16 wind farms

250 MW

5 CSP plants

Long-life assets: c.19 years remaining life

Fully operational with good performance

Regulated remuneration

Euro denominated

Stable cash flows

€m

€m

Stable & predictable cash flows(2)

WindSolar

Thermal

EBITDA Recurrent CAFD

3

Saeta is a platform to benefit from accretive growth opportunities

(1) ACS currently owns a 51% stake in the two wind farms in Peru totalling 129MW, a 75% in the Portuguese wind farm totalling 124MW and a 100% stake in the solar thermal plant in Spain, in the wind farm in Mexico, in the wind farm in Uruguay and in the transmission lines asset in Peru

(2) Lestenergia is in the process of carrying out a repowering to increase its capacity by 20MW

Right of First Offer Agreement:

First drowpdownalready achieved

Current portfolio to be offered before Dec17

New assets developed by ACS or Bow Power

(DevCo) with no geographic limitation

Clear

Investment

Criteria

Accretive acquisitions: increasing DPS growth and attractive equity IRR

Assets providing safe and secure cash flows: in operation, long term revenue schemes, investment grade off-takers, safe jurisdictions and strong currencies

Saeta is benefiting from ACS/GIP

partnership and the RoFO

Agreement

Next RoFO Assets (454 MW)(1)

102MW

129MW

49MW

50MW

400km

124MW(2)

USD EUR

Call option

1.6x

Next RoFO

assets:

454 MW

789 MW

1,243 MW

CurrentPortfolio

If all Next RoFOassets are acquired(1)

3rd Party Acquisitions

4

Additional growth in Europe & LatAm, with high market potential

Saeta, ACS & GIP will form a value generating partnership

Virtuous circle …

Long Term Win-Win Relationship

… and ample room for value creation

Development Cost of capital

Yieldco Cost of capital

Asset transactions

Sponsor Value Creation

Saeta Yield Value Creation

Accretive growth visibility for Saeta Yield

ACS reinforces its strategy on the concessional business while focusing on its traditional EPC business

Global agreement: Bow Power to develop new projects

Quicker rotation of new Bow Power assets

Value creation thanks to proper risk allocation

… with benefits for all parties…

EXPLOITATION

O&

M

EP

C

DEVELOPMENT

5

Strong corporate governance

Saeta has achieved all of its strategic milestones in its first year

(1) 2015 recurrent expected CAFD according to IPO prospectus: € 62.0 m(2) In 2015 the dividend has been paid on a pro-rata basis, adjusted by the number of days Saeta traded in the market. 6

€ m Expected Real

EBITDA 154 156 Lower OPEX from efficiencies

Ordinary activities CAFD

72Recurrent 62(1)

74

Higher EBITDA and lower income tax despite lower CNMC

collections (WC variation)

Financing of Serrezuela 2H15 2H15 €185m financing @ 2.4%

RoFO Dropdown

Attractive cash yield

10.5% cash yield

Extresol 2 and Extresol 3 acquired

DividendsAt least

€57m for 2015 & 2016

2015: €57.0m(2)

2016: €61.4m +7.7% dividend increase

Saeta generated €74m CAFD from ordinary activities

7

2015 EBITDA to cash-flows bridge analysis (€m)

CAFD ahead of forecasts and €35m dividend distributed since the IPO

Debt

Service

Change

in WK(1)EBITDA Taxes

92

156

Ordinary

Activities

CAFD

CAPEX

(1)

(2)

Total CFCF from

the IPO

restructuring

process

74

54

YTD

Dividend

(35)17 (96)

(1) The working capital variation considers €10m coming from a change in the DSRA (accounted as disposals in the CFS)(2) 2015 recurrent expected CAFD according to IPO prospectus: € 62.0 m

IPORecurrent

62(2)

+€2m

vs. expected

First dropdown of RoFO assets executed

8

Acquisition of Extresol-2 and Extresol-3 CSP plants to Bow Power

Equity price of € 118.7 m

Funding coming from existing cash liquidity and Serrezuela financing

Recurrent CAFD contribution of € 12.5 m, equivalent to 10.5% cash yield

Capacity 99.8 MW

Production’15 272 GW/h

Revenues’15 € 78 m

EBITDA’15 € 53 m

E1

Assets very well known by Saeta

E2

E3

More robust revenue and CAFD

9

Revenuebreakdown

CAFD bytechnology

Original portfolio New portfolio

• Market exposure will be reduced

• Technology breakdown will remain in the same levels: CAFD from E2 & E3 comes in exchange of CAFD from Serrezuela(1)

CAFD byplant

• Plant dependency is reduced: two more SPVs and less dependency on Serrezuela

38%19%

10 SPVs 12 SPVs

(1) Estimate based on Serrezuela being fully financed

30%

7%63%

Market Revenues Ro Ri

27%

8%65%

Market Revenues Ro Ri

62%

38%

CSP Wind

64%

36%

CSP Wind

Recurrent CAFD growth and dividend increase

10(1) 2016 recurrent expected CAFD according to IPO prospectus

(2) Dividend increase is effective since the date of the acquisition of the assets, the 22nd of March, 2016. Therefore, the payment will be prorated in 2016.

€61.4m

€57m

DPS growth+7.7%

IPO announced

dividend

New dividendafter E2&E3 acquisition(2)

Recurrent CAFD post financing increases by €4.7m

€63.5m(1)

Recurrent CAFD

€68.2m

Acquisition increases dividend yield by 70 bps

571 525

533

197

382184

723

Gross Debt31 Dec 2014

Debt Repayment Gross Debt31 Dec 2015

Cash &Cash Equiv

(including DSRA)

Net Debt31 Dec 2015

Dec 2015 strong financial position to allow further growth

(1) No fund were disposed out of the Serrezuela financing by the end of 2015.(2) Cash in DSRA: €42m

11

(2)

Net Debt/EBITDA

Gross and Net Debt (€m)

4.6x

1,104

All debt is at the plant level

907

Comfortable leverage: 4.6x ND/EBITDA

Cost of debt has gone from 4.9% to 4.0%

(1)

Available liquidity to perform acquisitions

(1) Cash in DSRA: €42m(2) No fund were disposed out of the Serrezuela financing by the end of 2015. Net proceeds after fees and DSRA funding

Dec 2015 Liquidity (€m)

12

Significant liquidity to fund additional accretive acquisitions

Growth opportunities for years 2016 and 2017

No capital increases required in the mid term to grow

€ 106 mCash at SPVs(w/o DSRA)(1)

€ 36 mCash at HoldCo

€ 173 mSerrezuela financing(2)

€ 80 mRevolving

credit facility

€ 119 mE2 & E3 acquisition

€ 276 mAvailable liquidity

Pro-forma liquidity after acquisition (€m)

Saeta already delivering attractive DPS growth

Strong and flexible financial position to make accretive acquisitions of additional operating assets, that will crystalize in additional DPS growth

2015 1Q 2016 Rest of 2016 2017 2018

Initial Portfolio RoFO Dropdowns 3rd party acquisitions

€0.699 per share(1)

€ 57 m

Attractive DPS growth

13(1) Number of shares outstanding: 81,576,928. In 2015 the dividend has been paid on a pro-rata basis. In 2016, the increased dividend will be paid also on a pro-rata basis since the

acquisition of the assets, the 22nd of March, 2016.

€0.752 per share(1)

€ 61.4m

+7.7% Dividend policy

• Regular quarterly dividend

• Payout of 90% of recurrent CAFD

• Tax efficient dividend, share premium reserve (€696m)

7,5

8,5

9,5

10,5

11,5

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

SAY Closing Price Average Target Price

Saeta is trading with a significant discount to consensus

14

Focus on total return: significant upside, attractive dividend yield and future DPS growth

Significant upside according to analysts

Analysts: B. Santander, Bankinter, Fidentiis, Citi, BoAML, BPI, Soc. Générale, Kepler Cheuvreux and BBVA

Avge. AnalystConsensus: 11.4

Dropdown creating momentum

SAY stock price (€ per share) Share price return since Feb 24 (%)

13,8%

11,6%

8,0%

6,8%

3,0%

1,1%

-0,1%

Saeta

GASNAT

EDP

RedElectrica

EDPR

Endesa

Acciona

Iberdrola

13.5% 2.3% 15.8%

March 3 Dividend

c.32% upside

Closing remarks

Saeta Yield is successfully executing its business plan

2015 strategic milestones achieved

Strong financial position to keep growing

Attractive Dividend Yield based on stable CAFD

+7.7% DPS Growth

based on having a unique platform

15

First RoFO dropdown agreed, dividend growth delivered

16

Appendix

97101

2014 2015

80 81

2014 2015

Price achieved: €44.8 per MWh

6874

2014 2015

Plants operations and cost control are yielding results

116 119

2014 2015

Comparable Revenues(2) Comparable EBITDA(2)

+2%

Availability: 98.3%(vs. 97.9% in 2014)

Output: 946 GWh(vs. 1,099 GWh in 2014)

PRC(1): 113.3%

Output: 421 GWh(vs. 417 GWh in 2014) +1%

Revenues EBITDA

+4% +8%

Solar thermal

Wind

17(1) PRC: The performance ratio measures the real production of the plants vs. a theoretical production model based on existing weather conditions(2) Calculated excluding extraordinary impacts in both years

Price achieved: €51.9 per MWh

(vs. 45.2 €/MWh in 2014)

(vs. 33.2 €/MWh in 2014)

(vs. 114.2 in 2014)

Robust EBITDA derived from stable revenues and expenses

18(1) Includes €1 m of management fees and rebilling to related parties (Extresol 2,Extresol 3 and Manchasol 1)(2) HoldCo expenses net of the revenues received due to management fees charged to Saeta Yield’s plants (which are included in Other Plant Expenses)

(24)

(16)(24)

(1)

10174

119

81

Electricity

Production

Tax

Operation &

MaintenanceRevenue

Other Plant

ExpensesEBITDA

11% 7% 71%

Wind

CSP

As % of revenue

Stable and diversified revenue & EBITDA by technology

EBITDA slightly above forecast

2015 revenue to EBITDA bridge analysis (€m)

HoldCo Net

Expenses(2)

0%11%

221(1)

156(1)

+€2m vs. expected

2015 Consolidated Income Statement

Income statement (€m) 2014 2015 Var.%

Total Revenues 217.0 220.6 +1.7%

Staff costs -0.4 -2.4 n.s.

Other operating expenses -64.2 -62.6 -2.5%

EBITDA 152.4 155.7 +2.1%

Depreciation and amortization -75.8 -77.2 +1.9%

Provisions & Impairments 23.9 17.7 n.a.

EBIT 100.6 96.1 -4.4%

Financial income 1.9 0.5 -72.5%

Financial expense -58.1 -75.2 +29.4%

Profit before tax 44.3 21.5 -51.6%

Income tax -8.9 -5.4 n.s.

Profit attributable to the parent 35.4 16.1 -54.6%

Comparable net profit (1)

18.2 25.8 +41.9%

(1) Excluding provisions and impairments in 2014 and 2015 and the extraordinary financial expenses in 201519

2015 Consolidated Income Statement

Income statement (€m) 1Q15 2Q15 3Q15 4Q15 2015

Total Revenues 53.9 58.8 61.7 46.2 220.6

Staff costs -0.2 -0.5 -0.8 -0.9 -2.4

Other operating expenses -16.7 -16.2 -15.0 -14.7 -62.6

EBITDA 37.1 42.1 45.8 30.7 155.7

Depreciation and amortization -19.2 -19.8 -20.5 -17.7 -77.2

Provisions & Impairments 0.0 0.0 0.0 17.7 17.7

EBIT 17.8 22.4 25.3 30.6 96.1

Financial income 0.2 0.1 0.1 0.1 0.5

Financial expense -38.8 -12.4 -11.5 -12.5 -75.2

Profit before tax -20.8 10.1 13.9 18.3 21.5

Income tax 6.8 -3.0 1.0 -10.3 -5.4

Profit attributable to the parent -14.0 7.2 14.8 8.0 16.1

Comparable net profit (1)

4.7 9.4 15.6 -3.9 25.8

(1) Excluding provisions and impairments in 2014 and 2015 and the extraordinary financial expenses in 201520

2015 Consolidated Balance Sheet: Assets

Consolidated Balance Sheet (€m) 31/12/2014 31/12/2015 Var.%

Non-current assets 1,494.0 1,407.5 -5.8%

Intangible assets 0.2 0.2 +16.9%

Tangible assets 1,409.6 1,337.8 -5.1%

Non-current financial assets with Group companies 1.5 1.3 -15.0%

Non-current financial assets 7.1 7.1 -0.1%

Deferred tax assets 75.7 61.2 -19.2%

Current assets 244.7 244.3 -0.2%

Inventories 0.7 0.5 -32.5%

Trade and other receivables 60.1 58.0 -3.4%

Other current financial assets with Group companies 83.6 2.2 -97.4%

Other current financial assets 54.4 45.2 -16.9%

Cash and cash equivalents 45.9 138.4 +201.2%

TOTAL ASSETS 1,738.8 1,651.8 -5.0%

21

2015 Consolidated Balance Sheet: Equity and Liabilities

Consolidated Balance Sheet (€m) 31/12/2014 31/12/2015 Var.%

Non-current assets 1.494,0 1.407,5 -5,8%

Intangible assets 0,2 0,2 +16,9%

Tangible assets 1.409,6 1.337,8 -5,1%

Non-current financial assets with Group companies 1,5 1,3 -15,0%

Non-current financial assets 7,1 7,1 -0,1%

Deferred tax assets 75,7 61,2 -19,2%

Current assets 244,7 244,3 -0,2%

Inventories 0,7 0,5 -32,5%

Trade and other receivables 60,1 58,0 -3,4%

Other current financial assets with Group companies 83,6 2,2 -97,4%

Other current financial assets 54,4 45,2 -16,9%

Cash and cash equivalents 45,9 138,4 +201,2%

TOTAL ASSETS 1.738,8 1.651,8 -5,0%

Equity 355.6 570.5 +60.4%

Share capital 61.6 81.6 +32.5%

Share premium 551.5 696.4 +26.3%

Reserves -163.2 -127.9 -21.6%

Profit for the period of the Parent 35.4 16.1 -54.6%

Adjustments for changes in value – Hedging -129.5 -95.6 n.s.

Non-current liabilities 1,224.7 965.2 -21.2%

Non-current Project finance 1,038.9 848.2 -18.4%

Other financial liabilities in Group companies 0.5 0.0 -100.0%

Derivative financial instruments 144.5 80.6 -44.2%

Deferred tax liabilities 40.7 36.4 -10.6%

Current liabilities 158.4 116.0 -26.8%

Current Project finance 64.9 58.3 -10.1%

Derivative financial instruments 28.6 22.5 -21.3%

Other financial liabilities with Group companies 15.4 0.1 -99.3%

Trade and other payables 49.5 35.1 -29.1%

TOTAL EQUITY AND LIABILITIES 1,738.8 1,651.8 -5.0%

22

2015 Consolidated Cash Flow Statement

Consolidated Cash Flow Statement (€m) 2015

A) CASH FLOW FROM OPERATING ACTIVITIES 112.0

1. Profit/(Loss) before tax 21.5

2. Adjustments for 134.2

a) Depreciation, amortization and impairment charges 59.5

b) Finance income -0.5

c) Financial costs 75.2

3. Changes in operating working capital -6.8

a) Inventories 0.2

b) Trade and other receivables 14.8

c) Trade and other payables -19.1

d) Other current assets and current liabilities -2.7

4. Other cash flows from operating activities -36.8

a) Net Interest collected / (paid) -43.1

b) Income tax collected / (paid) 6.2

B) CASH FLOW FROM INVESTING ACTIVITIES 8.9

5. Acquisitions -0.7

6. Disposals 9.6

C) CASH FLOW FROM FINANCING ACTIVITIES -28.4

7. Equity instruments proceeds 200.1

8. Financial liabilities issuance proceeds 60.4

9. Financial liabilities amortization payments -253.8

10. Dividend payments -35.2

D) CASH INCREASE / (DECREASE) 92.5

Cash or cash equivalents at the beginning of the period 45.9

Cash or cash equivalents at the end of the period 138.4

23

Cash flow visibility underpinned by a new regulatory scheme

(1) Remuneration to operation is not applicable to wind assets; (2) Source: Fitch (“Electric Shock II: Iberian Tariff Deficit Analysis”, 25 September 2014). Imbalances of up to 2% of estimated revenue or imbalance of up to 5% of the accumulated debt due to adjustments in prior periods, will be temporarily financed by operators receiving their remuneration from the electricity system, pro rata to the returns to which they are entitled as a result of the activity that they carry out. These imbalances will be compensated in following 5 years

...clear rules from new regulatory framework

• Output sold to the market

• Bands of prices limit market risk exposure

• Periodic recalculation to avoid volatility

Market Component

Regulated Component

Electricity saleat market price

Remuneration to Investment

Remuneration to Operation (1)

• Capacity payment on top of other components to guaranty a return on initial investment

• Fixed amount per MWhproduced to recover high operating costs (above expected market price)

Reasonable Return for assets efficiently managed

(5,5)(3,8)

(5,6)

(3,2)

0,4 0,6 0,5 0,6

2010 2011 2012 2013 2014 2015 2016 2017

Tariff deficit uncertainty has been coped with...

Historical tariff deficits between €3-6bn

No tariff deficit going forward(2)

€bn

Tariff Surplus

Zero deficit forecasted in 2015

Above €10bn measures approved by the regulator all through the value chain including renewables

24

ACS & GIP provide visibility of future growth

Source: ACS & ENR Global Sourcebook 2014; 1) Projects developed since 2004 in which ACS has invested; (2) Portion of the total investment carried out attributed to ACS, calculated as total investment multiplied by ACS stake in the plant at the moment of the construction; (3) ACS has developed conventional energy projects for third parties in the EPC role

ACS: A world leading infrastructure developer

Environment IndustrialServices

Construction

12%

Rest of Europe

Americas

Spain

Oceania

AsiaAfrica

€8.1bn Mkt. Cap(7 Mar 2016)

€67.1bn Backlog(Dec 2015)

210,000+employees

Unique reputation: #1 Intl. constructor and #3 power developer

First class O&M operator for wind and solar thermal

Skill in structuring project financing: >€5bn raised since 2003

Demonstrated expertise in project development:

2015 EBITDA: €2.4bn2015 Sales: €34.9bn

500MW

10,200kmTransmission lines

Solar Thermal plants

>8,000MW(3)Conventional Energy

1,400MWWind farms

c. €3bn

c. €2.4bn

-

c. €1.5bn

Capacity (1) Investment (2)

€7.1bnTotal

Growth visibility: greater firepower

Full alignment: rotation to Saeta Yield

Long term partner for renewable assets

GIP: Alignment with our business model

Worldwide leading infrastructure fund

Core investor and partner with ACS throughout the whole value chain

Exhaustive due diligence

25

Shareholding structure

Bow Power

(including Initial

ROFO assets)

Exclusivity to develop future renewable assets

worldwide

Free Float

ROFO & Call Option Agreement

~24.6%

Up to24.4%

~51.0%~51% ~49%

ACS SI

100%

ROFO Agreement

26

Independent management team combined with a strong corporate governance

Independent and

experienced

management team

Majority of

independent Board

members

For related-parties

decisions, ACS and

GIP directors will

abstain from voting

Proper balance between an independent Saeta Yield and the sponsors maintaining a significant shareholding

Directly employed management team

Full incentive based on Saeta Yield performance

Extensive industry experience

Experienced and International Independent Board Members Honorato Lopez Isla (former CEO of U.Fenosa)

Jose Barreiro Hernandez (former Managing Director at BBVA)

Daniel B. More (former Managing Director at Morgan Stanley)

Paul Jeffery (former Head of European Power, Utilities and Infrastructure at Barclays Capital)

Transitional Services Agreement

Any other future related party decision

RoFO acquisition

O&M contract

Independent:

4

GIP

: 2

27

Disclaimer

This presentation has been prepared by Saeta Yield, S.A. (the “Company”) and comprises the slides for a presentation concerning equity story and the financial results of the

Company, which have not been audited and, consequently, the financials figures are subject to change.

This document does not constitute or form part of, and should not be construed as, an offer or invitation to acquire or subscribe, or a recommendation regarding, any securities of

the Company nor should it or any part of it form the basis of or be relied on in connection with any purchase of securities of the Company according to the Spanish Securities

Market Act (“Ley 24/1988, de 28 de julio, del Mercado de Valores”), the Royal Decree 5/2005 (“Real Decreto-Ley 5/2005, de 11 de marzo”) and/or the Royal Decree 1310/2005

(“Real Decreto 1310/2005, de 4 de noviembre”) and its implementing regulations.

In addition, this document does not constitute or form part of, and should not be construed as, an offer or invitation to acquire or subscribe, or a recommendation regarding, any

securities of the Company nor should it or any part of it form the basis of or be relied on in connection with any purchase of securities of the Company in any other jurisdiction.

Nothing in this document shall be deemed to be binding against, or to create any obligations or commitment on the Company.

The information contained in this presentation does not purport to be comprehensive. None the Company, or their respective directors, officers, employees, advisers or agents

accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the

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The information in this presentation includes forward-looking statements, which are based on current expectations and projections about future events. These forward-looking

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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 and acquisitions, that could cause actual results to differ materially from forecasted financial information. In light of these risks, uncertainties and

assumptions, the events in the forward-looking statements may not occur. No representation or warranty is made that any forward-looking statement will come to pass. No one

undertakes to publicly update or revise any such forward-looking statement. Accordingly, there can be no assurance that the forecasted financial information is indicative of the

future performance or that actual results will not differ materially from those presented in the forecasted financial information.

Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the

amounts listed are due to rounding.

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