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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.

OHL Mexico, S.A.B. de C.V. (the “Company”) (BMV: OHLMEX), informs the investing public that today (23 September) a civil suit for moral damages was admited. The Company and its subsidiary Concesionaria Mexiquense, S.A. de C.V. (“Conmex”) filed the suit with the Mexico City Civil Courts against Tecnologia Aplicada Infraiber S.A. de C.V. (“Infraiber”) and others.

OHLMEX and Conmex have filed the suit for the unprecedented smear and defamation campaign that for more than two years has been carried out by Infraiber with the intent of causing, to the Company as well as Conmex, severe damage to their reputations.

The Company and Conmex will closely monitor the legal proceeding and will exhaust all legal resources available to exercise their rights to avoid more damages to them, as well as to their shareholders.

When the going got tough this summer, commodities traders Glencore and Olam raised equity capital. Despite its own tough times, Singapore-listed Noble Group hasn’t yet gotten going.

In the past three months, Noble’s share price has dropped 35% and one of its bonds has lost 20% of its value as concerns over the company’s aggressive accounting has grown. Its stock and bond prices steadied this month, but the bad news out of China now means the outlook for commodities, and those who supply them, won’t be improving.

Glencore sensibly issued $2.5 billion of new equity last week. Separately, Singapore-listed agricultural trader Olam sold a $1.1 billion stake to Japanese trader Mitsubishi.

Noble hasn’t followed, though it needs equity more urgently than Glencore. While the latter’s credit is still rated two notches above junk status, Noble’s is right on the edge. The outlook on the trader’s debt was recently cut to negative by both Standard & Poor’s and Moody’s, putting it close to a downgrade to junk, which could imperil Noble’s ability to access cheap capital.

If Noble bit the bullet, how much capital could it raise? Glencore issued 10% more shares. If Noble did the same, at a 5% discount to its current stock price, it would raise $200 million, not nearly enough to meet its coming obligations.

As of June, Noble reported $3.5 billion of debt due in 12 months. Since then, it says it redeemed bonds worth $735 million, including a $500 million note due August 2015, by using cash and loans. That means it now has $3 billion of borrowings due by June 2016. Noble didn’t specify, but let’s assume it used its cash on hand for a third of the $735 million redemption and raised the rest by tapping a three-year bank facility.

Noble may be able to roll over some of the $3 billion debt maturing soon. But if not, after counting the cash it can definitely access and the committed bank facilities it still hasn’t drawn on, it will be $925 million short of what it needs for repayment. To get that all from the stock market, Noble would have to issue equity equal to 46% of its existing shares.

Noble could place shares with a strategic investor—perhaps a Japanese conglomerate, as Olam did. Such an investor might be comforted by Noble’s announcement Wednesday that founder Richard Elman will step down from the audit committee, giving more voice to others during the company’s controversial accounting deliberations.

Yet having already sold 51% of its agricultural unit last year, Noble lacks Olam’s key attraction. Most Japanese traders already deal in the hard commodities that Noble specializes in. And even if it did find a willing investor, bringing in an outsider to snap up 46% of the existing shares—or 32% of the enlarged company—would painfully dilute current owners.

Alternatively, Noble’s management could double down, as Glencore’s did. If Noble has to raise $925 million, Mr. Elman would need to spend about $200 million to maintain his stake.

Noble could avoid having to raise equity if its operations began generating cash, something they haven’t managed in a while. Otherwise, Noble will have to follow its peers—if it can find someone willing to pony up the cash.

We update our estimates for Glencore following the completion of its equity

placement on September 16, in which it raised its target of $2.5bn. We also

update our estimates to incorporate our commodity analysts’ lower thermal

coal forecasts ($58/54/52/t for 2015/16/17E) and lower met coal forecasts

($91/85/90/t), which impacts Glencore’s 2016/17/18E EBITDA by c.15-18%.

Since announcing c.$10bn of debt reduction measures on September 7 and

completing a 9.9% equity placing, shares have retreated a further 14%. In our

view investors are not yet convinced that Glencore has gone far enough to

totally allay fears that the industrial assets can service the new lower debt level.

Our scenario analysis suggests that using GS estimates for commodities prices

and FX rates, Glencore’s IG rating would be secure in the medium term, but

our estimates for zinc, nickel and coal prices are higher than spot prices. When

we run the same analysis using spot commodity prices and spot FX rates, most

of Glencore’s credit metrics would be at the border of required ranges to

maintain its IG rating. Finally, a 5% drop in spot commodity and flat FX would

see most of Glencore’s credit rating metrics fall well outside the required range

to maintain its IG rating, suggesting concerns would quickly resurface.

Glencore has a few levers left – further lowering capex, signing streaming

deals and releasing more working capital. Recent underperformance

suggests that the measures exercised are insufficient and more is needed.

We remain Neutral rated but expect continued volatility in the near term.

We value Glencore using a SOTP approach with three components: (1)

industrial assets at 5x 2016E EV/EBITDA; (2) the marketing division at 15x

2016E P/E; and (3) the listed entities using closing prices on September 22.

On lower estimates we reduce our 12-month price target to 130p (was 170p).

Commodity prices, streaming agreements and FX moves are key risks.

We think it makes sense in the current market environment – attractive valuations on

European equities, a constructive medium term outlook but near term uncertainty – to

seek out quality, good value names in the European market. High dividend yielding

stocks are the prime candidates in that regard – and we believe there are many across a

variety of sectors in Europe.

We see four top-down reasons to consider yield strategies. 1) Attractive valuations and

upside in Europe with the equity vs. credit yield spread looking very favorable. 2) Nearterm

volatility makes quality yield an attractive space to build positions, and choppy

markets tend to favour yield strategies e.g. they outperformed in the 2013 taper

tantrum and in 2014. 3) Deflationary growth environment – i.e. PMIs above 50 but

inflation expectations falling – tends to be particularly bullish for yield strategies. 4) ECB

QE extension and renewed falls in bond yields typically favour outperformance of DY

stocks.

Banks and Insurance screen very favorably – offering some of the best combinations of

yield, dividend cover and DPS growth, a high spread of DY versus credit yields (especially

Banks) and positive DPS revisions trends. Telecoms also ranks favorably on DY, spreads

versus credit markets and DPS growth & revisions. Resources sectors offer high DYs but

dividend cover looks weak and our analysts see downside risks to earnings and

dividends.

Our ‘quality yield’ screen provides a list of stocks offering a blend of above-market,

relatively secure and growing dividends. Financials are very well represented on our

screen (Table 3) – including ING, Soc Gen, Nordea, L&G, Swiss Re and Unibail.

Traditional yield sectors like Telecoms, Utilities and Tobacco are also present – including

Orange, Imperial Tobacco, Snam and ENEL. Expensive defensives i.e. other Staples and

Healthcare are notable by their absence. Several non-resources cyclicals qualify

including BAE Systems, ACS and Royal Mail among industrials, Pearson in Media,

Ericsson in tech and two UK housebuilders.

We believe online advertising is about to be

fundamentally restructured in a way that will

result in massive consolidation of both content

buyers and ad platforms. We expect the

infrastructure underpinning the ecosystem to

move from the fragmented oversupply of largely

recycled or undifferentiated sites supported by a

massive ad tech ecosystem toward consolidation

around platforms and content owners.

While the platform shift to mobile and the

application of big data to ad targeting and

measurement are in later stages, the widespread

adoption of ad blocking tools could compound their

impact, intensifying the challenges to the existing

ecosystem. Apple extended content blocking

functionality to iOS with its mid-September

release in response, in our view, to slower site

performance, higher data costs and battery usage

that have arisen from advertising technology.

We expect Apple’s user experience and privacy

initiatives and Google’s response to heavily

influence how this unfolds. Three potential

outcomes include 1) Low incremental ad blocking

adoption, ecosystem gradually shifts toward

higher quality ad formats, 2) Apple facilitates a

closed advertising ecosystem, major redistribution

of winners and losers, or most likely in our view 3)

Google becomes the mechanism of change,

leveraging its scale to re-architect the ecosystem.

This report, relevant for Internet and media

investors alike, explores the architecture as it

exists today and the strategic changes companies

need to make for the changing ecosystem.

In an environment where user experience matters,

consumption occurs seamlessly across multiple

devices, with motivated players like Apple driving

change, we think value accrues to scaled

platforms like Facebook, Google, and secondarily

Twitter and LinkedIn, that have logged-in users,

proprietary data, and engineering resources.