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  • As part of the ‘Iberdrola Dividendo Flexible’ scheme and coinciding with the traditional final dividend payment for 2011
  • For shareholders preferring a cash payment IBERDROLA shall also offer an acquisition price of at least €0.143 per share to purchase free allocation rights
  • The company will carry out a capital increase with a maximum benchmark value of €901 million to implement this remuneration system

The IBERDROLA Board of Directors has today approved a new edition of its Scrip Dividend: Iberdrola Dividendo Flexible scheme. This programme offers shareholders the opportunity to obtain new shares at no extra cost and with no withholding tax and coincides with the traditional final dividend payment for 2011.

On 30 December, the company will announce the number of free allocation rights necessary to receive a new share in IBERDROLA. The number will be calculated based on the number of outstanding shares and the weighted average price of the group’s shares between 22 and 29 December.  According to the schedule, trading in the new shares could begin on 25 January 2012.

However, shareholders can also choose a cash payment and IBERDROLA shall offer an acquisition price of at least €0.143 per share to purchase the free allocation rights. Shareholders choosing this option, subject to tax withholding, should make their preference known between 3 and 13 January 2012.   In this case, payment of the free allocation rights will take place on 20 January 2012.

A third option available to shareholders is to sell their rights on the market. Shareholders choosing this option do not have to pay any withholding tax, but they are also not entitled to the Guaranteed Fixed Price.

The company’s Board of Directors has approved a capital increase for a maximum benchmark value of €901 million to implement this scrip dividend scheme.

The schedule for this new edition of the programme is as follows:

  • 30 December 2011: Disclosure of the number of free allocation rights required to receive one (1) share and the price at which IBERDROLA undertakes to purchase the rights.
  • 2 January 2012: Publication of the notification of the second rights issue in the BORME and record date for the free allocation rights.
  • 3 January 2012: First day of trading of the new free allocation rights and start of period for requesting remuneration in cash by virtue of IBERDROLA’s purchase commitment.
  • 13 January 2012: Deadline for requesting remuneration in cash.
  • 17 January 2012: End of the trading period for new free allocation rights and acquisition of the same by IBERDROLA from shareholders who have opted to receive cash.
  • 20 January 2012: Cash payment to shareholders who have chosen to sell their rights to IBERDROLA.
  • 24 January 2012: Allocation of registration reference numbers to new shares.
  • 25 January 2012: New shares start trading on the continuous market.

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This announcement is not an offer for sale of securities in the United States, nor in any other jurisdiction. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended.


This communication contains forward-looking information and statements about IBERDROLA S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions.

Although IBERDROLA, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of IBERDROLA, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of IBERDROLA, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public documents sent by IBERDROLA, S.A. to the Comisión Nacional del Mercado de Valores.

Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of IBERDROLA, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to IBERDROLA, S.A., or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward looking statements included herein are based on information available on the date hereof. Except as required by applicable law, IBERDROLA, S.A. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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