On 23rd April 2007, Iberdrola completed the friendly transaction with ScottishPower.

As a result, all of the ordinary share capital of Scottish Power plc was acquired by Iberdrola S.A. As part of the transaction and depending on their election under the “mix and match facility”, former Scottish Power plc shareholders may have become holders of Iberdrola S.A. CDIs. Further information on the mix and match facility is available within the Scheme Document, dated 26 February 2007.

ScottishPower now forms a key part of the Iberdrola Group, one of the largest utilities in the world. Iberdrola places great importance on its relationship with all shareholders and is committed to transparent and continuous communication with shareholders and financial markets.

• View information for Iberdrola S.A. shareholders

Further terms of the offer from Iberdrola and the associated documents are included below:

• Scheme Document - 26/02/2007
• Q&As for Ordinary Shareholders - 26/02/2007
• Q&As for American Depositary Shareholders - 26/02/2007
• Recommended Cash and Share Offer for Scottish Power PLC by IBERDROLA S.A. - 28/11/2006
• Iberdrola Transaction - UK Capital Gains Tax Information