Attn.: Mr. Rodrigo Buenaventura Director del Área de

Attn.: Mr. Rodrigo Buenaventura Director del Área de

[ON THE IBERDROLA LETTERHEAD]
COMISIÓN NACIONAL DEL MERCADO DE VALORES
Attn.: Mr. Rodrigo Buenaventura
Director del Área de Mercado
Pº de la Castellana, 19
28046 Madrid
Bilbao, April 19, 2007
COMISIÓN NACIONAL DEL MERCADO DE VALORES - Significant Event
Dear Sir,
We hereby inform you that, as disclosed by an announcement made public today, April 19,
2007, by SCOTTISH POWER PLC, the Court of Session of Edinburgh, Scotland (the “Court”)
has sanctioned the Scheme of Arrangement by means of which the combination of
IBERDROLA, S.A. with SCOTTISH POWER PLC is implemented. The effectiveness of the
Scheme of Arrangement is subject to the Court confirming SCOTTISH POWER PLC’s capital
reduction in a subsequent hearing expected to be held on April 23, 2007 and also to the
registration by the Registrar of Companies of the Court orders in respect thereof.
Furthermore, the combination of IBERDROLA, S.A. with SCOTTISH POWER PLC is expected to
be completed on April 23, 2007.
We remain at your disposal and at the disposal of that National Commission.
Yours sincerely,
_________________________________
Federico San Sebastian
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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.
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