IBERDROLA Inmobiliaria is to have a stand at the fourth annual Mediterranean Home Show, held in the Malaga Congress and Fair Palace on 3-7 October. The property unit of the IBERDROLA utility group will show its beach, golf, and primary residence developments now underway in Andalusia.

Beach and Golf Estates:

Las Terrazas de Calamijas – Mijas Costa, Málaga:

A residential development with 206 two-story apartments, with landscaped commons, a pool, and a paddle court, only metres away from excellent beaches and 14 golf courses.

Alamar – Mijas Costa, Málaga:

A residential complex of 212 units with storerooms and garage spaces, a pool and paddle court, in the heart of the Costa del Sol.

Primary Residence:

Casería de San Jerónimo II – Jun, Granada:

Residential community consisting of 2- and 3-bedroom apartments with parking space and individual storerooms, in the San Jerónimo development just outside of the city of Granada.

Casería de San Jerónimo III – Jun, Granada:

24 semi-detached single family homes with independent gardens, in the San Jerónimo development with views of the Sierra Nevada.

Bioclimatic Homes:

Las Caléndulas – Jun, Granada:

In the San Jerónimo development are 25 exclusive two-storey homes with garage and private garden as well as shared landscaped areas and pool, built to high specifications and a modern design. It is the company’s most ambitious bioclimatic and ecological development, in which renewable energies play a major role.

Upcoming developments in Alcalá de Guadaira (Seville):

La Tahona Residencial:

30 semi-detached 4-bedroom homes.

Residencial Albero:

128 units in high-rise block.

IBERDROLA Inmobiliaria furnishes a wide spectrum of properties, including primary residences, holiday homes, offices, industrial premises, and shopping centres. In 2006 it earned a net profit of €110.3 million, up 14.8% for the year, on gross sales of €411.03 million.

At the end of 2006 the company possessed 2.1 million sqm of above-ground building land for housing and tertiary developments, and 417,189 sqm in functional real estate assets.

SALÓN INMOBILIARIO DEL MEDITERRÁNEO

Palacio de Ferias y Congresos, Málaga

3 - 7 October 2007

IBERDROLA Inmobiliaria Stand

Contacts during the show:

Paula Rodríguez (+34 670 207 195)

José Luis González (+34 647 442 372)

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IMPORTANT INFORMATION

This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Iberdrola S.A. may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.