"IBERDROLA RETRIBUCIÓN FLEXIBLE" CALENDAR

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

27, 28 and 31 December 2018 and 2 and 3 January 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.

4 January 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 Interim Dividend per share.

8 January 2019

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

9 January 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.

10 January 2019

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

23 January 2019

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

5 February 2019

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

6 February 2019

• Expected date for the trading of the new shares.