The Appointments and Remuneration Committee has drawn up this Report on Directors’ Remuneration Policy for the 2009 financial year in accordance with Article 28 of the Regulations of the Board of Directors of Abengoa, S.A.

The report sets forth the remuneration policy pursued by Abengoa, S.A. for members of its Board of Directors, subject to the principles of transparency and full access to information. It defines and singles out the compensation payable to non-executive Board members and to executive directors, who form part of the company’s senior management team and whose remuneration is based on the general remuneration policy applicable to the entire workforce.