IBERDROLA DIVIDENDO FLEXIBLE

"Iberdrola Dividendo Flexible" was the shareholder remuneration program that Iberdrola launched between July 2010 and January 2018. This system offered the shareholders the opportunity to choose whether they preferred to receive all or part of their remuneration in cash or in fre newly issued Iberdrola shares (i.e. without payment by the shareholder) and was instrumented by means of a capital increase charged to reserves approved by the General Shareholders' Meeting of Iberdrola.

The program "Iberdrola Dividendo Flexible" was replaced by the optional dividend system "Iberdrola Retribución Flexible."