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Abengoa considered the possible revaluation of lands in the sale of a piece of land to Ibisa

October 30, 2003

1. - Industrial urban ground property, property of Abengoa, where warehouses and several offices are located. Sold to a branch (Ibisa) of Corporate Investment on 17.12.2002, notified to the CNMV as Relevant Fact. The price was of 28,8 Million euros and considers a possible revaluation due to the change of the urbanistic use of lands, from industrial use to tertiary use. Three reports from expert independent valuers were obtained who validate the settled price (the average of the three valuations).

The interest of Abengoa as holder of the installed activities in the property, is to transfer these activities to a new urbanization area in order to be able to make a technological centre. This adds value to the present facilities and social and economical effects on the new zone.

The interest of the City Council is to modify the present Plan where the sold property is found, as there are reasons which advise a new approach adapted to the present reality of Seville and that make the economic and social development possible, in order to recognize urban opportunities for the implantation of new uses and functions (of industrial ground to tertiary use).

Abengoa has maintained conversations with the Urbanism Management and the City Council to find an alternative location for its present facilities and for the abovementioned technological centre that it intends to promote, with the collaboration on behalf of the Management to facilitate the availability of possible lands, their acquisition and their possibility for construction in the surrounding 50,000 m2.

As a result of this, the interest of the City Council arises to consider the possible modification of industrial use to tertiary use of the plot referred to, within the remodelling of the PGOU of Seville in progress at present Thus, the City Council approved the "Avance del Nuevo Plan General Municipal de Ordenación" on 26.12.2002 which establishes the bases of the future city-planning model of the city, granting the sector where the property referred to is located, the recognition of opportunities for the implantation of new uses and city-planning functions.

2. - The piece of land was sold to Ibisa with a valuation on the supposition that the reclassification was going to be carried out, and at the own risk of the buyer that was definitively thus or not.

As indicated in the Relevant Facts of 17.12.2002 of Abengoa sent to the CNMV, the price established for the transaction considers the city-planning qualification of the building and its foreseeable development.

The three valuations obtained by Abengoa offer a relatively ample fan of real values, depending on the final terms of the change of city-planning arrangement at present in motion and whose final resolution is not known to this day, not having varied with respect to the existing one in December of 2002 which states this is ground for industrial use.

The auditor of accounts of the Company, in the attached document, validates the consideration of the price of the transaction as value of reference.

3. - Later, in June of 2003, the Bank Popular, ordered and obtained a new valuation report that priced the building in 18 Million euros under the premise of its effective reclassification (as opposed to the 28,8 Million euros in which it was sold to Ibisa).

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