EXECUTIVE SUMMARY

BUSINESS PLAN 2019 -2023

A U G U S T 2 0 1 9

The information contained in this presentationhas been prepared by Greenalia, S.A.(hereinafter, "Greenalia").

Under the provisions of article 17 of Regulation (EU)No. 596/2014 on market abuse and in article 228 ofthe revised text of the Securities Market Law,approved by Royal Legislative Decree 4/2015, of 23October, and related provisions, as well as inCircular 06/2018 of the Alternative Stock Market(MAB) on information to be provided by Empresas enExpansión, hereby Greenalia, SA (the "Company" or"Greenalia") puts in its I know the followinginformation.

The following report document aims to (i) make abrief introduction about the Company, (ii) presentthe company's strategic plan and (iii) make anestimated financial projection for the years 2018 to2021

GREENALIA S.A. AUGUST 2019

DISCLAIMER

THE GREEN COMPANY

GREENALIA

Greenalia is an Spanish company listed in the MaB(Alternative Stock Market) from last December 1st,with a capitalization of €142M and an investmentproject portfolio of €525M for the next 2 years, andover €1.000M€ I 2023, as established in the Businessplan.

Find more information regarding stock evolution & investors info on the company's website: http://www.greenalia.es/shareholders-and-investors/stock-information/

These projects will allow Greenalia to reach anEBITDA of €64M in 2021 and over €100M in 2023,as established in the Business plan.

Recently, Greenalia S.A. it hasbecome one of the mostcapitalized companies of the MaB,being part of the "IBEX MaB 15"index sin last April. Likewise, it hasbeen nominated by BME in thecategory "Star 2018" in the "Smalland Mid Cap Awards 2018.

In addition to be listed inthe MaB, Greenalia haspositioned itself as one ofthe first SMEs in Spain inalternative financing.Recently, it has issued agreen bond in the Lux MTFmarket for an amount of€9M. These activities coverthe corporate fundraisingneeds for the investment inthe 50MWe biomass plant

IPO value: 2,03€ Post-money (43.100.960€)

Current value (26/08/19): 6,70€ Market Cap (142.264.262 €)

THE GREEN COMPANY

GREENALIAM a n a g e m e n t Te a m & B o a r d o f D i r e c t o r s

MemberAntonio Couceiro

MemberAlberto López

Secretary (not Member)Laura Luaces

President & MemberManuel García Pardo

MemberAntonio Fdez.-Montells

G. M. Renewable EnergyManuel Garcia Pardo

G. M. Industry & HeatingFelipe Ovalle

G. M. LogisticsCarlos Armenteros

G. M. ForestAdrian Corredoria

Deputy G. M. Renewable Energy

María Moreno

Business DevelopmentRenewable Energy

Juan Ortega

Management committee

CFOAntonio Fdez.-

Montells

CEOManuel García Pardo

COOMauro Couceiro

LegalLaura Luaces

B O A R D O F D I R E C TO R S

M A N A G E M E N T S T R U C T U R E

Independent Executive Business units Corporate

Proyect Location Capacity (MW) Action Go live

Miñon Galicia 24,26 Eolo I 2019

Monte Tourado Galicia 10,40 Eolo I 2019

Croa Galicia 6,93 Eolo I 2019

Croa II Galicia 13,86 Eolo I 2019

Campelo Galicia 40,50 Eolo I 2019

Bustelo Galicia 45,00 Eolo I 2019

Monte Toural Galicia 19,15 Eolo I 2019

Ourol Galicia 24,00 Eolo I 2019

Felga Galicia 21,00 Eolo II 2021

Gato Galicia 25,20 Eolo II 2021

Penas Boas Galicia 16,80 Eolo II 2021

Ombra Galicia 50,00 Eolo II 2021

Monte Cordal Galicia 16,80 Eolo II 2021

Friol Galicia 21,00 Eolo II 2021

Pena da Cabra Galicia 25,20 Eolo II 2021

Suime Galicia 33,60 Eolo II 2021

Coto dos Chaos Galicia 33,60 Eolo II 2021

Cabanelas Galicia 20,79 Eolo III 2022

Lamas Galicia 33,00 Eolo III 2022

Fonsanta Galicia 50,00 Eolo III 2022

Alto do Rodicio Galicia 50,00 Eolo III 2022

Pena do Pico Galicia 37,80 Eolo IV 2023

Carballal Galicia 37,80 Eolo IV 2023

Restelo Galicia 42,00 Eolo IV 2023

Acevedal Galicia 21,00 Eolo IV 2023

Granxón Galicia 25,20 Eolo IV 2023

Monteiro Galicia 33,60 Eolo IV 2023

RENEWABLE ENERGY

# 1 - 5 - 1 0 0 P L A N : A P O RT F O L I O

W I T H G R E AT R E S O R U C E

PROJECTS

W I N D

Wind Projects

SolarProjects

Biomass Projects

Wind & Biomass Projects

1,34GW portfolio

50MW under construction (Curtis Biomass Plant, financing close)

B I O M A S S

Wind Projects

SolarProjects

Biomass Projects

Wind & Biomass Projects

Proyect Location Capacity (MW) Action Go live

Curtis-Teixeiro Galicia 50,00 Curtis 2020

Villalba Galicia 50,00 Otros Biomasa *

La Espina Asturias 15,40 Otros Biomasa *

Villaviciosa Asturias 15,40 Otros Biomasa *

Proyect Location Capacity (MW) Action Go live

Valverde Extremadura 30,00 Sunrise I 2022

El Gordo Extremadura 50,00 Sunrise I 2022

Los Manantiales Extremadura 50,00 Sunrise I 2022

Maestre Andalucía 50,00 Sunrise I 2022

La Romana Andalucía 50,00 Sunrise I 2022

Almendral Extremadura 50,00 Sunrise II 2023

Olivenza Extremadura 50,00 Sunrise II 2023

Trujillo Extremadura 50,00 Sunrise II 2023

Belén Extremadura 50,00 Sunrise II 2023

S O L A R

*The portfolio of the Biomass projects will be developed to the extent that retributive incentives could be obtained, as it has happened in the construction of the Curtis-Teixeiro Biomass Plant.

RENEWABLE ENERGY

# 1 - 5 - 1 0 0 P L A N : A P O RT F O L I O

W I T H G R E AT R E S O R U C E

PROJECTS

50MW Biomass retribution rights (January 2016 auction) - Go-live: March 2020

182.33MW Wind retribution rights (July 2017 auction) - Go-live: December 2019 (Eolo I)

T O T A L 1 . 3 3 9 , 2 9

The established roadmap within the #1-5-100 plan is as follows:

This plan has already started,and some of its milestones arealready in place. In addition tothe 3 projects already in progress(Biomass Curtis, Eolo and Eolo II),the group will develop the Eolo III,Eolo IV, as well as photovoltaicprojects (Sunrise and Sunrise II).

To achieve the 1,000 MW target,an additional 25% of projects havebeen identified. This will allow anypotential contingency during theconstruction and execution phase.

2019 2020 2021 2022 2023

184,09

MW

+184,09 MW

234,09

MW

+50,00 MW

477,29

MW

+243,20 MW

861,0

MW

+153,79 MW

+230,00 MW

1.258,48

MW

+197,40 MW

+200,00 MW

B I O M A S S W I N D S O L A R

O B J E C T I V E S

BUSINESS PLAN 2019-2023

KEY FINANCIAL FIGURES & PROJECTIONS

E X E C U T I V E S U M M A RY 2 0 1 8 - 2 0 2 3

Projects with great resource, with an efficient financial structure,

supported by public auction or long-term guaranteed sales contract

183 233

476

860

1250

2019 2020 2021 2022 2023

2 0 1 9 - 2 0 2 3

V I E W

2 0 1 8 - 2 0 2 1

V I E W

Accurate economic projections, based on audited financial models and due diligences

Non Resource(SPVs)

Leverage 60% / 70%

Income by technology:

Biomass: Auctions

Wind & Solar: PPA, Merchant, Auctions

Project IRR >12%

Equity IRR >20%

EBITDA MARGIN:

Wind: >76%

Solar: >80%

Biomass: >46%

P R O J E C T S O R G A N I Z E D I N A N N U A L A C T I O N S

+1.000M€ investment in 5 years

Business Plan Execution Financial Plan

Financing Model

Targets

€ 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 e 2 0 1 9 e 2 0 2 0 e 2 0 2 1 e

Total Net Income 29.747.761 29.668.980 35.003.836 39.582.997 45.990.774 104.570.388 146.452.783

Gross Margin 7.530.692 6.565.869 8.534.370 5.440.541 6.938.994 58.755.711 100.854.408

EBITDA 1.143.976 979.737 1.896.006 2.550.834 3.339.947 34.693.280 64.102.849

EBITDA Margin (%) 3,8% 3,3% 5,4% 6,4% 7,3% 33,2% 43,8%

EBIT 1.201.491 649.668 1.299.925 1.918.429 2.264.745 15.528.492 30.091.501

Financials (368.911) (460.187) (529.507) (1.260.876) (1.524.360) (14.012.770) (21.629.779)

Profit Before Tax (EBT) 832.580 189.481 770.419 657.553 740.386 1.515.722 8.461.722

Net Profit 568.986 137.530 720.866 493.165 555.289 1.136.792 6.346.291

Greenalia Net Profit 405.652 78.976 618.066 294.451 269.599 717.502 5.937.506

KEY FINANCIAL FIGURES & PROJECTIONS

C O N S O L I D AT E D P & L2 0 1 8 - 2 0 2 1

Source: Greenalia

KEY FINANCIAL FIGURES & PROJECTIONS

The Traditional Business, based on the vertical integration of

the biomass supply activity, will add on

2021 an EBITDA above €5,75M.

The Biomass Plant will generate in 2021 sales of €32.75M and

an EBITDA of €15.35M.

The Wind Projects will Go-live on 31/12/2019 (Eolo) and 31/12/2010

(Eolo II), reaching a joint turnover above €56M€ and

an EBITDA of €43M.

RENEWABLE ENERGY PROJECTSP R O J E C T T Y P E : K E Y F I G U R E S

Te c n o l o g y : B i o m a s s

Location: Galicia, Asturias

Resource: Waste wood

Average Capacity 50MW

CAPEX 2,7M€/MW

Type of Debt Project Finance - Non-Recourse (SPV)

% Leverage 75%

Incentive model Public auction

W i n d

Galicia

+ 3.600 h.

25-40MW

1,1M€/MW

Project Finance - Non-Recourse (SPV)

60%/70%

PPA, Merchant, Public auction

S o l a r

Extremadura, Andalucía

>2.000h/kWh/kWp (V Zone)

50MW

0,65M€/MW

Project Finance - Non-Recourse (SPV)

60%/70%

PPA, Merchant

P r o j e c t s w i t h g r e a t r e s o u r c e ,

w i t h a n e f f i c i e n t f i n a n c i a l

s t r u c t u r e , s u p p o r t e d b y

p u b l i c a u c t i o n o r l o n g - t e r m

g u a r a n t e e d s a l e s c o n t r a c t

Project IRR

>12%

Equity IRR

>20%

BIOMASS POWER PLANTCURTIS -TE IXE IRO

Financia l C lose

S o u r c e s U s e sM Eur % M Eur %

Senior Debt [100,00] 73,90% EPC [106,00] 78,34%

European Investment Bank (EIB) [50,00] Lawyers, Consultants & Commissions [5,54] 4,09%

Santander – ECA [24,00] Reserve Accounts [11,88] 8,78%

Commercial Tranche (B. Santander, ICO) [26,00] Lands [3,36] 2,48%

Mezzanine [23,00] 17,00% Grid Connection [3,26] 2,41%

Shareholder Loan Greenalia S.A. [7,31] 5,40% Biomass Sock [2,77] 2,05%

Greenalia S.A. Capital [5,00] 3,70% Contingency Account [2,50] 1,85%

Total [135,31] 100,00% Total [135,31] 100,00%

The financing has obtained the highest rating (E1) as a green loan, according to the evaluation made by the Standard & Poor's agency.

Currently, four disposals have been requested for a total amount of approx. €100M

The work is in the construction phase according to schedule (without incidents)

U s e s & S o u r c e s

Financial Close 25/07/2018 Construction Schedule

Start Engineering

End of Construction

Connection to the system

Activity Go-Live

September 2017

September 2019

October 2019

March 2020

B I O M A S S P O W E R

P L A N T I N C U R T I S

P R O J E C T

S TAT U S

R E C O G N I T I O N

GREENALIA THE GREEN COMPANY

A portfolio of projects located in the main areas of wind, solar and biomass resource

High profitability, focused on the generation of EBITDA and shareholder value

Experience in the sector, ongoing projects

Long-term guaranteed sale agreements

Efficient financial structures, Non-Recourse (SPV)

A PROJECT

BASED ON

3 CONCEPTS

... executed by a GREAT team of talented people

RECURRENT INCOME

VERT ICAL INTEG RAT IO N

G REEN ECONOMY

A CORUÑA

Plaza de María Pita, 10 1º15001 A CoruñaPh. + 34 981.901.856Mob.+34 678.014.755www.greenalia.es

For any clarification or additional questions, please contact:

Manuel García PardoCEOGreenaliamgarcia@greenalia.es

Antonio Fernández-MontellsCFOGreenaliaafmontells@greenalia.es

CONTACT