TheChek News Flow

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- Victor Franco, PhD from the Jaume I, has participated in the investigation that has led the US to uncover fraud

- Ensures that the problem of harmful emissions of diesel in Europe 'is very serious' by the more lax legislation

Vicente Franco, industrial engineer and PhD from the Universitat Jaume I (UJI), has participated in the research conducted by the International Council on Clean Transportation (ICCT) that produced the report that led to the Environmental Protection Agency (EPA) United States to discover that Volkswagen had installed special software for "tweaking" emissions in some of its diesel cars. As reported by the academic institution in a statement, the situation has led to the German company to recognize that he had acted "dishonestly" and announce the reservation of paras 7.300 million to cover the costs of repairing a problem affecting 11 million vehicles worldwide. These fees would be in addition to fines of up to 18,000 million dollars that could be faced. Vicente Franco, after finishing his doctoral work at the research center of the European Commission in Ispra (Italy), directed by Professor of Engineering and head of the Design Engineering Group UJI Sari Vidal joined in 2013 the research team of the ICCT in Europe, where he works in its headquarters in Berlin. Former student at UJI explains that the "scandal" of Volkswagen has been uncovered following a study by the ICCT to investigate differences between emissions from diesel vehicles in the US and Europe. For this study, roadside emissions tests on three vehicles (two Volkswagen and BMW) in collaboration with the University of West Virginia were made. Discovering that emissions from vehicles Volkswagen exceeded "40 times" emission levels of nitrogen oxides (NOX) registered in the laboratory during testing shall Franco stressed that alerted the environmental control agencies and California United States, "which immediately launched an investigation which is what has now become public." Serious problem in Europe Parallel to this research, have implemented a European study "that analyzes more than 140 hours of on-road emissions data from 12 different vehicles, and shows that the problem of harmful emissions of diesel in Europe is very serious, and that urgent action from European authorities to remedy is necessary, "he explained Franco, responsible for directing the work of ICCT on the situation of emissions in road-art diesel cars in Europe. Doctorate at the UJI highlights the problem in Europe is that legislation on the emission of nitrogen oxides, gases that have been proven harmful to health, by diesel vehicles is "much looser than in the United States." "This is compounded by the fact that the percentage of diesel cars is much higher," he added. In the US, diesel vehicles account for 2% of total sales, and two out of three cars of this type are Volkswagen, so that after this controversy, "it is expected that the percentage still be reduced further," he noted the institution. However, in Europe, 53% of the cars sold are diesel, so the problem of emissions is "much higher." In this sense, Vicente Franco has lamented the "lack of an agency at European level comparable to the Environmental Protection Agency (EPA) of the United States powers" which was in this case taking the research that has uncovered the "bad practices "of Volkswagen.

its diesel vehicles in the US in the pillory. But trick other carmakers? As the trade magazine AUTO BILD for your current edition 39/2015 (EVT: 09/25/2015) learned exclusively, VW is not the only automaker whose cars produce The strangest nitric oxide levels. Even the BMW X3 xDrive 20d has (Euro 6 limit) exceeded in road tests of the International Council on Clean Transportation (ICCT) the European emission standard by more than 11 times. Thus, the car cuts still underperforming the criticized by the US EPA Umweltbehoerde VW Passat. "All measured data suggest that this is not a VW-specific issue," says Peter Mock the ICCT. In tests of his institute the VW vehicles had the Euro 6 limit for the toxic nitrogen oxides (NOx) by an average of more than 22 times exceeded - determined the US Umweltbehoerde EPA.

"Whether other manufacturer except VW use a cheat software, remains to be seen," says AUTO BILD staff Benjamin Gehr.

A BMW spokesman commented on the request of AUTO BILD whether BMW at Pruefstandsmessungen other engine calibrations used than on the street, as follows: "There are at BMW no function for detecting exhaust cycles All exhaust systems remain active even outside the exhaust cycle.."

European authorities there have so far been no demands to the striking results of the NOx tests according ICCT experts Mock. Meanwhile, Federal Transport Minister Alexander Dobrindt (CSU) has instructed the Federal Motor Vehicle Office to check all VW diesel models. "Diesel vehicles from other manufacturers - or even on the other VW Group brands - but no mention was there," said Benjamin Gehr.

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Abengoa, S.A. (“Abengoa”), in compliance with the provisions of article 82 of the Securities Market Act, hereby notifies the following

Significant Event

Abengoa has announced today that the Board of Directors of the Company has approved the convening of an Extraordinary General Shareholders’ Meeting, which is expected to take place on 10 October 2015, to approve a capital increase of at least EUR 650m by way of a rights issue of new Abengoa Class A and Class B shares.

The agenda of the Extraordinary General Shareholders’ Meeting comprises other items relating to the measures discussed below, including the reduction of the number of directors to 13, the approval of restrictions on the new capital

expenditure commitments and the creation of the Investment Committee.

A group of banks and two of the main shareholders have committed to underwrite and/or subscribe in the equity raise for an aggregate of EUR 650m. HSBC, Banco Santander and Credit Agricole CIB have entered into an agreement

with the Company pursuant to which they have undertaken to underwrite EUR 465m in Class B shares to be issued in the capital increase, subject to certain conditions being met, including, among others, obtainment of regulatory and

shareholder approvals, completion of ongoing financial and other due diligence, entry into a definitive underwriting agreement and satisfaction of the shareholders’ subscription commitments. Inversión Corporativa I.C., S.A. (“I.C.”), has irrevocably committed to invest a minimum of EUR 120m of new money in new Class A and Class B shares to be issued under the rights issue, while Waddell & Reed Investment Management has committed, on behalf of certain of its affiliated funds, to subscribe for EUR 65mof new Class B shares in the rights issue.

In addition, the Board of Directors has approved a package of strategic measures, which will be adapted following the execution of the plan, aimed at reducing corporate leverage, improving the liquidity position of the Company and strengthening its corporate governance. The main elements to be implemented under this plan include the following:

1. Debt reduction will be a key objective of the Company.

 The Company expects to prepay EUR 375m of the 2016 bond before yearend. Moreover, proceeds from the combination of the rest of measures outlined below will be used to further reduce debt and improve our liquidity

position, in addition to fund our existing capex commitments in the second half of 2015 and 2016.

 The focus of the debt reduction will be on short-term maturities as the Company seeks to re-balance the maturity profile of its liabilities.

2. Reinforcement of the current asset disposal program to raise at least approximately EUR 1.2bn by YE 2016, including:

 Either the monetization of some or all of Abengoa’s economic rights or the sale through a private process of some or all of Abengoa’s interest in Abengoa Yield, while keeping the existing ROFO (“Right of First Offer”) agreement in place.

 The previously announced EUR 500m asset divestment plan has already been launched, with 50% of proceeds expected in Q4 2015 and 50% in Q1 2016. The plan includes the sale of a diverse list of assets including gas fired plants, solar plants, biofuel and other concessions.

 In addition, Abengoa expects to divest EUR 300m in assets during 2016 as part of its asset rotation strategy.

3. Adoption of capex limitations and creation of the Investment Committee.

 New equity capex commitments (on top of the current committed equity capex) will be limited to a maximum of EUR 50m per annum until the Company achieves a credit rating of “BB-“ from S&P or “Ba3” from Moody’s or the Company’s leverage ratio of gross corporate debt, including nonrecourse debt in process (“NRDP”), to corporate Ebitda falls below 3.5x.

The Company´s current expected committed equity capex, net of partners´ contributions, represent approximately EUR 384m in the second half of 2015, approximately EUR 517m in 2016 and approximately EUR 248m in 2017.

 A new Investment Committee will be created, formed by a majority of independent directors, in charge of, among other matters, approving all new capex investments, controlling and monitoring compliance of capex with these new investment guidelines and limitations in order to maintain target leverage ratios, and overseeing the Company’s leverage and dividend policy.

4. Amendment of the Company’s dividend policy.

 Until the Company achieves a credit rating of “BB-“ from S&P or “Ba3” from Moody’s or the Company’s leverage ratio of gross corporate debt (including non-recourse debt in process) to corporate Ebitda falls below 3.5x, the Company has agreed to change its current dividend policy and suspend the payment of a dividend.

5. Reinforcement of corporate governance.

 I.C. has committed to limit its direct and indirect aggregate voting rights to 40% following completion of the rights issue, regardless of the voting rights it would otherwise be entitled to based on its shareholding.

 The Board of Directors will reflect this new voting rights structure by way of reducing the number of directors to 13 and the number of directors appointed by I.C. to 5, while there will continue to be 6 independent directors.

 Two new independent directors with a strong financial and global business background will be appointed to the Board.

 As indicated above, a new Investment Committee will be created with the responsibility to approve and monitor all capex investments, among other things.

6. Finally, the Board of Directors has decided to appoint Felipe Benjumea as Honorary Chairman and José Dominguez as his replacement as Non Executive Chairman. After 25 years with Felipe Benjumea as Chairman, Abengoa starts a

new era with the plan and changes we are announcing today.