"IBERDROLA RETRIBUCIÓN FLEXIBLE" CALENDAR

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

28, 29 June and 2, 3 and 4 July 2018

• 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 Supplementary Dividend for the fiscal year 2017.

5 July 2018

• 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.

6 July 2018

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

9 July 2018

• Ex date from which the shares of Iberdrola are traded without the right to participate in the "Iberdrola Retribución Flexible" system.

10 July 2018

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

19 July 2018

• End of the Common Election Period and, consequently, of the period to request remuneration in cash under the Supplementary Dividend.

23 July 2018

• End of the trading period for the free allocation rights.

25 July 2018

• Payment of the Supplementary Dividend to those shareholders who have elected to receive cash through this option.

31 July 2018

• Expected date for the registration of the newly-issued shares.

1 August 2018

• Expected date for the trading of the new shares.