Most significant events of the financial restructuring proposal

On 28th October 2016, the application for the judicial approval (homologación judicial) of the Restructuring Agreement was filed with the Mercantile Courts of Seville. The judicial approval of the agreement was issued on 8th November 2016.

During the accession period that finalized on 25th October, the Restructuring Agreement received the support of 86% of the financial creditors to which it was addressed, exceeding the legally required majorities (75%).

During the Extraordinary Shareholders’ Meeting that took place on 22nd November 2016, all proposals related to the Restructuring Agreement were approved achieving another critical milestone in the restructuring process started in November 2015.

As a result of the Supplemental Accession Period that was open in January, accession to the Restructuring Agreement has increased to a total of 94% of the financial creditors to which it was addressed.

The company announced on March 31, 2017 through a Significant Event with the CNMV (Hecho Relevante) that it had achieved the completion of the financial restructuring. Those creditors that failed to adhere to the Restructuring Agreement to date will no longer be allowed to so.

March 2017

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