Company Presentation

March 2018

At a Glance

Befesa – European market leader in providing mission critical hazardous waste

recycling services to the steel and aluminium industry.

2

Source: Company information, International Consulting Firm based on i.a. World Steel Association’s Steel Statistical Yearbooks, WBMS, industry research, expert Interviews.

(1) Excluding internal sales; sales split is calculated on total sales including internal sales. (2) Including stainless steel. (3) Including recycling of Spent Pot Linings (SPL) which is a hazardous waste

generated in primary aluminium production. (4) Excluding China.

Steel Dust Recycling Services(2) Aluminium Salt Slags Recycling Services

Adj. EBIT margin (FY 2017)(2)36% 24% Adj. EBIT margin in Salt Slags (FY 2017)(3)

Relationships

>15yrsRelationships

>15yrs

Position in Europe (c.45–50% market share)

and Asia(4)#1Position in Europe in Salt Slags

(c.45–50% market share)#1

More than 90% of EBIT generated from two core >20% EBIT margin operations with low capital intensity

FY 2017 Adj. EBIT:

€144m

FY 2017 Sales:

€725m(1)

Steel Dust

Recycling

Services

43%Secondary

Aluminium

46%

Salt Slags

Recycling

Services

11%Steel Dust

Recycling

Services

83%

Salt Slags

Recycling

Services

14%

Secondary

Aluminium

3%

Company History

Befesa has grown successfully through organic initiatives and acquisitions in

Europe as well as in emerging markets.

1987Metallgesellschaft, German

industrial conglomerate,

creates Berzelius Umwelt

Service (B.U.S)

1993B.U.S AB, together with two

other companies, group their

environmental assets in Spain

creating Berzelius Felguera

(Befesa)

2009Befesa becomes the

European leader in

salt slags recycling after

acquiring 3 plants in

Germany from Agor

2012

▪ Entry in the Asian

market by acquiring

successive stakes in

the Korean

Hankook(1)

▪ Inauguration

of Waelz Oxide

(WOX) washing

plant at Gravelines

2013Triton acquires

Befesa

2014Inauguration of the 2nd

aluminium plant in Bernburg

2010Entry in the Turkish

market through JV

with Canadian

Silvermet

2015Commissioning of

the second kiln in

Korea, converting it

into the largest

treatment plant and

further acquisition of

stakes

Founded in Germany

Entered 2 New Markets Through a JV and

Acquisition with a Subsequent Turnaround

Acquisitions and TurnaroundsSuccessful Greenfield Project

(State of the Art Technology)

Successful Expansion

in South Korea

2000Abengoa acquires a 51%

stake in Befesa from B.U.S to

develop its environmental

services business (stake

increased over time)

2006Befesa acquires a

100% stake in

B.U.S, becoming the

European leader in

steel dust recycling

2007Acquisition of Alcasa,

Spanish leader in the

secondary aluminium

market from Qualitas

Equity Partners

1998Befesa IPO at the Madrid

and Bilbao Stock Exchanges

2011Delisting from the Madrid

and Bilbao Stock Exchanges

Successful IPO

2017Successful IPO on

Frankfurt Stock

Exchange

(1) Befesa subsequently acquired 100%.3

Befesa has 11 plants in the steel dust recycling segment as well as 8 plants in

the aluminium salt slags recycling service segment and is present in 7 countries

in Europe and Asia.

Oxide

Leaching

Stainless Steel Dust Recycling Plants

Salt Slags Recycling Plants

Secondary Aluminium Production Plants

Iskenderun(4)

Capacity: 65kt

GyeongjuCapacity: 220kt

LandskronaCapacity: 64kt

Sondika /

Amorebieta

GravelinesCapacity: 100kt

GravelinesCapacity: 110kt

WhitchurchCapacity: 80kt

ErandioCapacity: 64kt

ValladolidCapacity: 150kt Les Franqueses del Vallès

Capacity: 66kt

BernburgCapacity: 75kt

HannoverCapacity: 130kt

LünenCapacity: 170kt

Crude Steel Dust Recycling Plants

Steel Dust

Recycling Services

Aluminium Salt Slags

Recycling Services

11 Plants 6 Countries

7 Plants(3) 3 Countries

Employees(5): 1,107

Steel Dust Recycling Services Aluminium Salt Slags Recycling Services

DuisburgCapacity: 87kt

FreibergCapacity: 194kt

Asúa-ErandioCapacity: 160kt

Recytech(1)

Capacity: 110kt

#1

#1

Market Leader with Close Proximity to Clients

Europe(c.45-50%)

#1Asia(2)

(c.20%)

Europe(c.45-50%)

(1) 50/50 JV. (2) Excl. China (lack of publicly available information). (3) Excluding idle plant Töging (Germany). (4) Joint venture with Canadian Silvermet.

(5) Average number of employees as of December 31, 2017.4

Critical Services for Steel Producers

A leading services business, Befesa helps steel producers manage their

environmental liability by collecting and recycling their hazardous waste.

Clients / suppliers:

Electric Arc Furnace (EAF)

global steel producers

(mini-mills / scrap recyclers)

Clients:

steel industrySteel Dust Recycling Services

Upfront service fee

Collection of

steel dust and

regulatory services

Create environmental

liability with legal

obligation to recycle

hazardous waste

€

Zinc content in dust

Revenue

contribution(3) Waelz

Oxide

Waelz Kiln

Slags

Input:

steel dust

(hazardous waste)

Clients: consumers of zinc

concentrates (smelters)

Payment for

zinc content

Sale of

WOX(1)

€

Input:

zinc concentrate / WOX

Revenue

contribution(3)

Output:

Waelz Oxide (WOX)(1)

Output:

zinc(2)

Collection fees provide stable revenues supplemented by the sale of recovered metal content

Service Fee ~10-20%

WOX Sale ~80-90%

(1) Zinc contained product. (2) Ultimately again used for steel production. (3) Illustrative, split depends on the zinc price.5

Critical Services for Aluminium Industry

Similar service model as steel dust, focused on collecting and treating

hazardous waste from secondary aluminium producers.

Clients / suppliers:

secondary

(recyclers) & primary

aluminium producers(1)

Clients:

aluminium industrySalt Slags Recycling Services

Upfront service fee

Collection of

salt slags & SPL and

regulatory services

Create environmental

liability with legal

obligation to recycle

hazardous waste

Output:

alu concentrate,

salt, alu oxide

€

Alu content

Input:

salt slags

(hazardous waste)

Clients:

aluminium & other

industries

Own usage of

alu concentrate(3)

Output:

aluminium /

aluminium alloys

Input:

aluminium

(concentrate), salt

Revenue

contribution(5)

Revenue

contribution(5)

Payment for

salt(3)

Alu oxide(4)

~40%(2)

~20%(2)

<1%(2)

€

Service Fee ~40%

Outputs ~60%

Service fee is significantly higher than in the steel dust service business but value of residues lower

(1) Befesa is a secondary aluminium producer as well and, therefore, is both a supplier (salt slags) and a consumer (aluminium concentrate) for Befesa’s recycling business.

(2) % of total salt slags segment revenues. (3) Used in secondary aluminium plants. (4) Low value by-product. (5) Illustrative.6

Befesa’s strong and stable sales and earnings paired with its strong cash

conversion enable the company to fund its business expansion.

Highly Resilient Business

with Strong Cash Flow Generation

Sales

(in €m)

Consistently and strongly growing revenues …

Adj. EBIT

(in €m)

High margin steel business accounts for vast majority of EBIT

Steel Dust

Recycling

Services(4)

Salt Slags

Recycling

Services

2nd Alu Services

and Other

Note: Financials pro-forma for IES disposal.(1) Total sales are excluding internal revenues.(2) Free Cash Flow is based on management accounts and is calculated as EBIT +

Depreciation & Amortization (D&A) +/- WC change – maintenance capex – taxes(3) FCF / (Adjusted EBIT + Adjusted D&A).(4) Including crude and stainless steel.(5) FCF figures show Salt slags services together with 2nd Alu services.

Adj. EBITDA

(in €m)

Free Cash Flow(2,5)

(in €m)

… with profitability outpacing revenues over time

Strong and stable cash conversion

Cash

conversion(3)

Steel Dust

Recycling

Services

Margin

Salt Slags

Recycling

Services

Margin

Steel Dust

Recycling

Services

Margin

Salt Slags

Recycling

Services

Margin

Adjusted EBITDA (unaudited) is calculated by adjusting EBITDA (calculated based on operating result, adding back charges

taken for amortization/depreciation, impairment and provisions) to account for the impact of the IES divestment and for one

time effects (including holding and restructuring effects) and, in the case of 2013, for the impact of the first time consolidation

with the Company’s results of Befesa’s first half year EBITDA.

Adjusted EBIT (unaudited) is calculated based on the reported operating result adjusted for the impact of the divestment of

IES and, in the case of 2013, for the impact of the first time consolidation with the Company’s results of Befesa’s first half year

operating profit, further adjusted by holding, restructuring and one-time effects.

Free Cash Flow (unaudited) is calculated from the operating result, adding back charges taken for amortization/depreciation,

impairment and provisions, less maintenance capital expenditures and less taxes, summed with the change in working capital.

250 244 338 292 35168 69

84 7983

253 262254 281

332

2013 2014 2015 2016 2017

535(1) 554(1)631(1) 612(1)

725(1)

8 15 15 9 1118 21 30 24 2769

87 78 99135

2013 2014 2015 2016 2017

95123 123 133

172

26%

27%

31%

33%

35%

31%

31%

35%

33%

41%

5 12 11 4 612 15 23 18 2053

71 61 81118

2013 2014 2015 2016 2017

7097 95 103

144

17%

21%

22%

27%

27%

24%

23%

29%

24%

36%

1 3 7 920 36 27 3168

62 7694

2014 2015 2016 2017

88101 110

133

72% 82% 83% 77%

7

Befesa has successfully executed growth projects in the past and is well

positioned to leverage its leading market position for further growth initiatives.

Future Growth Opportunities

Favourable market

and underlying

mega trends

Salt Slags

Recycling

Services

Steel Dust

Recycling

Services

Execute well

defined and

accretive organic

growth projects

Capture upside

potential from

accretive M&A

opportunities

Pursue prudent

hedging to manage

commodity price

peak-to-troughs

Continue

operational

excellence and

utilization at

current plants

8

Experienced Management Team

9

Senior management team delivering results through long standing industry

expertise, entrepreneurial spirit and focus on operational excellence as well as

governance and compliance processes

Javier MolinaCEO

Wolf LehmannCFO; including responsi-

bilities for Operational

Excellence and IT

Asier ZarraonandiaVice President

Steel Dust

Recycling Services

Federico BarredoVice President

Aluminium Salt Slags

Recycling Services

Has run the Steel Dust Recycling

Services Business for >10 years

Has run the Aluminium Salt Slags

Recycling Services Business

for >15 years

20+ years in operational and

finance leadership roles

50/50 General Electric

/ Private Equity

16 years with Befesa 25 years with Befesa

Successful international expansion

Track record of successful acquisitions and turnarounds (BUS, Agor, Alcasa, Hankook, Silvermet etc.)

Strong performance results through focus on operational excellence

Experience in developing greenfield projects (South Korea, Gravelines, Bernburg)

Extensive experience in steel and aluminium recycling business

Building strong business foundation of ESG, compliance and health & safety processes

Key Achievements / Track Record

CFO since 2014

Has run Befesa for >15 years

Became President of Abengoa’s

Environmental Services Division

in 1994

CEO since 2000