Note 22.- Parent Company Reserves
22.1. The following table shows the amounts and the movements of the Parent Company Reserves in 2009 and 2008:

The amount corresponding to “Other Movements” for the 2009 exercise is part of operations carried out with own shares.

22.2. The Capital Reserves have been created in accordance with Article 214 of the Anonymous Company Law, which states that in all cases, an amount of at least 10% of the earnings of the period will be allocated to this reserve until at least 20% of the share capital is achieved and maintained. The Capital Reserves may not be distributed and if used to compensate for losses in the event that there are no other reserves available to do so, it should be replenished from future profits.

22.3. The Revaluation Reserve encompasses the net effect of updating balances for revaluations in accordance with the Royal Decree Law 7/1996; the balance is unavailable for distribution until it has been deemed available by the Spanish Tax Administration. Such approval is only within the first 3 years following the revaluation being performed. However, the revaluation reserve was created as at 31 December 1996, with such a window for approval therefore closing on 31 December 1999. Once the 3 years has passed, or approval has been granted, the balance of the account may be used to offset accounting losses, to increase share capital or, ten years following its creation in the accounts, into reserves freely available for distribution.

22.4. On 19th November 2007, the company undersigned an agreement with Santander Investment Bolsa, S.V. for the purpose of, without interfering in the normal development of the market and in strict compliance with the Stock market Regulations, backing the liquidity of the transactions involving the shares, the regularity in trading and the avoidance of variations caused by anything else other than the market trend. Although said agreement fails to meet the conditions set forth in CNMV Circular 3/2007 of 19th December, Abengoa has ensured the voluntary compliance with the requisites of information set forth in Circular 3/2007 to that effect. The CNMV has always been informed of the operations carried out under said Agreement on quarterly basis and said operations have always been published on the company Webpage.

As at 31st December 2009 own shares in the repurchased stock portfolio amounted to 145,455 in correspondence with the liquidity agreement.

Regarding the operations carried out during the exercise, the number of repurchased stock amounted to 14,704,779 and own shares transferred amounted to 16,754,272, with the positive accounting net outcome from said operations recognized in the equity of the Parent Company in the amount of € 776,378.18.

22.5 The proposed distribution of 2009 results and other reserves of the Parent Company as to be presented at the General Shareholders Meeting, as well as that approved for 2008, is set out in the following table: