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The optional dividend system "Iberdrola Retribución Flexible" offers the shareholders the opportunity to decide whether they prefer to receive all or a portion of their remuneration in free newly issued shares of the company or in cash.

This system is carried out through a capital increase charged to reserves and the payment of a cash dividend. Thus, all shareholders will receive a free allocation right per share held as of the record date. Shareholders who wish to receive the cash dividend will have to expressly waive these rights.

As a consequence, on July 2023 the shareholders will be able to choose between the following remuneration options during the Common Election Period(1):

a) Receive free newly issued shares;

b) Receive cash by selling all of a portion of the free allocation rights in the market;

c) Receive cash by means of the payment of the Supplementary Dividend for 2022.

Shareholders will be able to combine any of the options mentioned above with respect to the different groups of shares owned by each shareholder.

The value of the remuneration that the shareholders will receive from the Company under the options referred to in options (a) and (c) above will be equivalent (in terms of market value and notwithstanding the tax treatment applicable to each of them).

(1) We recommend that you check the deadlines of each option with your bank as they may present peculiarities.