CORPORATE GOVERNANCE

Iberdrola España, S.A.U. is the subholding company of the Iberdrola Group in Spain that holds the equity stakes in the head of business companies relating to Iberdrola España, S.A.U., and whose activities shall be performed essentially in Spain, either directly, wholly or in part, by the company, or via ownership of shares or stakes in other companies, while remaining subject to the provisions of sectorial legislation applicable at all times, and especially to the electricity sector.

Iberdrola España, pursues its activity in Spain through the following head of business companies: Iberdrola Energía España, which engages in the activities of electric power and natural gas retailing; Iberdrola Energía Sostenible España, which engages in the commercialization of electric power through sustainable energy sources; and I-DE Redes Eléctricas Inteligentes, which engages in the activities of regulated activities in Spain.