Rule 8.1- Iberdrola SA

ACS Actividades De Const Y Servs SA 28 December 2006 FORM 8.1 DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS Rules 8.1(a) and (b)(i) of the Takeover Code) 1. KEY INFORMATION Name of person dealing (Note 1) ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. Company dealt in IBERDROLA S.A. Class of relevant security to which the dealings being disclosed relate (Note 2) EQUITY SHARE CAPITAL Date of dealing 27 DECEMBER 2006 2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE (a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3) Long Short Number (%) Number (%) (1) Relevant securities 90,154,918 10.000% (2) Derivatives (other than options) 7,953,485 0.882% (3) Options and agreements to purchase/sell Total 98,108,403 10.882% (b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3) Class of relevant security: Long Short Number (%) Number (%) (1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total (c) Rights to subscribe (Note 3) Class of relevant Details security: 3. DEALINGS (Note 4) (a) Purchases and sales Purchase/sale Number of Price per unit securities (Note 5) (b) Derivatives transactions (other than options) Product Long/short Number of Price per name, e.g. (Note 6) securities (Note unit (Note 5) CFD 7) EQUITY SWAP WITH PHYSICAL DELIVERY OPTION LONG 7,953,485 33.19€ (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Product Writing, Number of Exercise Type, Expiry Option name,e.g. selling, securities price e.g. date money call purchasing, to which American, paid/ option varying the option European received etc. relates etc. per unit (Note 7) (Note 5) (ii) Exercising Product name, Number of Exercise price per unit e.g. call securities (Note 5) option (d) Other dealings (including new securities) (Note 4) Nature of transaction Details Price per unit (Note 8) (if applicable) (Note 5) 4. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. NO VOTING RIGHT AGREEMENT AND PHYSICAL DELIVERY OPTION .............................................................................. .............................................................................. Is a Supplemental Form 8 attached? (Note 9) YES Date of disclosure 28 DECEMBER 2006 Contact name ALEJANDRO MATA Telephone number +34.91.343.95.12 Name of offeree/offeror with which associated NON APPLICABLE Specify category and nature of associate status (Note 10) NON APPLICABLE Notes The Notes on Form 8.1 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk SUPPLEMENTAL FORM 8 DETAILS OF OPEN POSITIONS (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as appropriate) OPEN POSITIONS (Note 1) Product Written or Number of Exercise Type, Expiry name,e.g. purchased securities price e.g. date call to which (Note 2) American, option the option European or etc. derivative relates EQUITY SWAP WITH PHYSICAL DELIVERY OPTION PURCHASED 7,953,485 €33.19 AMERICAN (EQUITY SWAP CAN BE UNWOUND AT ANYTIME) 13.12.2007 Notes 1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of any existing agreements to purchase or to sell should also be given on this form. 2. For all prices and other monetary amounts, the currency must be stated. For details of the Code's dealing disclosure requirements, see Rule 8 and its Notes which can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange
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