Iberdrola S A : Estimated calendar of the first edition of the "Iberdrola Retribución Flexible" optional dividend system corresponding to the fiscal year 2021

Julián Martínez-Simancas

Secretary of the Board of Directors

Bilbao, 20 April 2021

To the National Securities Market Commission

Subject:	Other relevant information / Definition of the estimated calendar of the first edition
	of the "Iberdrola Retribución Flexible" optional dividend system for the fiscal year
	2021

Pursuant to article 227 of the restated text of the Securities Market Law approved by the Royal Legislative Decree 4/2015, of 23 October (texto refundido de la Ley del Mercado de Valores aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre) and related provisions, we hereby inform you that, at its meeting held yesterday, the Board of Directors of Iberdrola, S.A. ("Iberdrola" or the "Company") approved the estimated calendar for the first edition of the "Iberdrola Retribución Flexible" optional dividend system corresponding to the fiscal year 2021, the implementation of which is subject to the approval of the system by the General Shareholders' Meeting of the Company.

As usual, under this system the Company's shareholders will be entitled to choose between the following options:

1. receive their remuneration through the delivery of fully paid-up new shares; (ii) transfer all or a part of their free allocation rights in the market; or (iii) receive their remuneration in cash (in this edition, by means of the supplementary payment to the dividend corresponding to the fiscal year 2020 (the "Supplementary Dividend" and the "Flexible Remuneration Options", respectively). Likewise, the shareholders of the Company will be able to combine any of the alternatives mentioned in sections (i) through (iii) above with respect to the different groups of shares owned by each shareholder.

Further to the results presentation corresponding to the fiscal year 2020 (which was made available to the public by means of a notice of other relevant information filed with this National Commission on 24 February 2021, with official registry number 7,281), Iberdrola estimates that the gross amount of the Supplementary Dividend per share will be, at least, 0.252 euros.

The estimated calendar for the execution of this first edition of the "Iberdrola Retribución Flexible" optional dividend system corresponding to the fiscal year 2021 will be as follows:

• During June 2021

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Approval, as the case may be, of the "Iberdrola Retribución Flexible" optional dividend system by the Company's General Shareholders' Meeting, including, amongst other resolutions, two capital increases and the distribution of the Supplementary Dividend.

Approval by the Board of Directors of the relevant resolutions with respect to the implementation of the first capital increase, distribution of the Supplementary Dividend and approval of the information memorandum regarding the "Iberdrola Retribución Flexible" system.

Publication of the information memorandum.

NOTICE: This document is a translation of a duly approved Spanish-language document, and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish-language document shall prevail.

www.iberdrola.com

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•	6 July 2021	•	Notice regarding the number of free allocation rights required to receive
			one newly-issued share and the gross amount of the Supplementary
			Dividend per share. These figures will be determined according to the
			formula that will be submitted for approval by the General Shareholders'
			Meeting of the Company, which will take into account the arithmetic mean
			of the average weighted listing prices of the Company's shares on the
			Bilbao, Madrid, Barcelona and Valencia Stock Exchanges at the five
			trading sessions corresponding to 29 and 30 June 2021 and 1, 2 and 5
			July 2021.

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7 July 2021

8 July 2021

21 July 2021

29 July 2021

30 July 2021

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Publication of the announcement of the implementation of the capital increase in the Official Gazette of the Commercial Registry.

Last date on which the Iberdrola shares are traded with the right to participate in the "Iberdrola Retribución Flexible" optional dividend system, that is, traded with the right to choose any of the Flexible Remuneration Options offered by this system (including the Supplementary Dividend) (last trading date).

Ex-date from which -inclusive- the shares of Iberdrola will be traded without the right to participate in the "Iberdrola Retribución Flexible" optional dividend system.

Commencement of the common election period and of the trading period for the free allocation rights.

End of the common election period and trading period for the free allocation rights.

Payment of the Supplementary Dividend to those shareholders who have elected to receive cash through this Flexible Remuneration Option.

Registration of the newly-issued shares to be issued under the capital increase in the book-entry records of "Sociedad de Gestión de los

Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal" (IBERCLEAR).

Expected commencement of trading of the newly-issued ordinary shares to be issued under the capital increase.

It is stated that the scheduled dates for communicating the corresponding Flexible Remuneration Option as well as for the actual payment of cash and delivery of shares may be different for holders of ADRs (in the United States of America) and CDIs (in the United Kingdom) representing shares of the Company.

This information is provided to you for the appropriate purposes.

Secretary of the Board of Directors

NOTICE: This document is a translation of a duly approved Spanish-language document, and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish-language document shall prevail.

www.iberdrola.com

Take care of the environment.

Printed in black and white and only if necessary

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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 of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.

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. securities 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 documents filed by Iberdrola, S.A. with the Comisión Nacional del Mercado de Valores and which are available to the public.

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 oral or written forward-looking statements hereby made or otherwise attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified on its entirety by the cautionary statement above. All the forward-looking statements included herein are based on information available on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

NOTICE: This document is a translation of a duly approved Spanish-language document, and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish-language document shall prevail.

www.iberdrola.com

Take care of the environment.

Printed in black and white and only if necessary

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