"IBERDROLA RETRIBUCIÓN FLEXIBLE" CALENDAR

The estimated timetable for the implementation of this edition of the "Iberdrola Retribución Flexible" system will be as follows:

25, 26, 27, 28 June and 1 July 2019

• Trading sessions considered for the calculation of the number of free allocation rights required to receive one newly-issued share and the amount per share corresponding to the Interim Dividend for the fiscal year 2018.

2 July 2019

• Notice of significant event (hecho relevante) regarding the number of free allocation rights required to receive one newly-issued share and the gross amount of the Supplementary Dividend per share.

3 July 2019

• Last trading date on which the shares of Iberdrola are traded with the right to participate in the "Iberdrola Retribución Flexible" system.

4 July 2019

• Ex date from which the shares of Iberdrola are traded without the right to participate in the "Iberdrola Retribución Flexible" system.
• Commencement of the Common Election Period and of the trading period for the free allocation rights.

5 July 2019

• Record date to determine the shareholders with the right to participate in the "Iberdrola Retribución Flexible" system.

18 July 2019

• End of the Common Election Period and of the trading period for the free allocation rights.

1 August 2019

• Payment of the Supplementary Dividend to those shareholders who have elected to receive cash through this option.
• Expected date for the registration of the newly-issued shares.

2 August 2019

• Expected date for the trading of the new shares.