Highlights. EBITDA totalled E2.136 Billion (+8.8%) With an operating efficiency improvement of 1.9%

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1 SHAREHOLDER INFORMATION BULLETIN No APRIL 2015 Net profit of 841 M Eur Results reflecting satisfactory operating performance

2 Chairman s key points The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew 8.8% to E2.136 billion during the first quarter of the year, driven by the Networks and Renewable Energies businesses, and benefitted by favourable exchange rates against the Euro. The Recurring Net Profit has climbed 7.2% up to nearly E800 million and the Net Profit rose to 841 million, along the same levels as 2014 given the reduced extraordinary earnings. The Group resumed fortifying its financial position during the quarter as reflected in the net debt ratio over EBITDA, which improved up to 3.7 times while the leverage ratio dropped as much as 41.2%. Finally, in July the Board of Directors approved the execution of this year s edition of the Iberdrola Dividendo Flexible (Scrip Dividend), which will increase to at least euros per share. Additionally, the Company will pay out E0.03 in cash. Consequently, and in keeping with our commitment, the annual shareholders yield will be at least 0.27 euros per share. Ignacio Galán Chairman

3 Shareholder remuneration On 28 March 2015, as agreed at the 2015 General Shareholders Meeting, the Board of Directors approved the execution in July of a new edition of the scrip dividend programme, Iberdrola Dividendo Flexible, which will increase to euros per share. Additionally, the Company will pay out E0.03 in cash. Consequently, and in keeping with our commitment, the annual shareholders yield against 2014 will be at least 0.27 euros per share. Additionally, to preclude a dilutive effect from the Iberdrola Dividendo Flexible scrip dividend programme, the Board has also approved to reduce the Company s share capital by 2.32% with a view to keeping the total number of shares outstanding steady at 6.24 billion.

4 Highlights EBITDA totalled E2.136 Billion (+8.8%) EBITDA increased by 8.8% compared to the figure for the first quarter of 2014 and stands at E2.136 billion. This figure was attained because of superb results from regulated activities and the positive contribution from international companies, which grew by 14.5%. With an operating efficiency improvement of 1.9% The operating efficiency improved by 1.9% continuing the positive performance of recent years from 24.1% to 23.6%. Despite the increased net operating expenses affected by the exchange rate. Thus, excluding the impact of the exchange rate, the Net Operating Expense dropped 2.4%. Recurring Net Profit amounts to virtually E800 million The Recurring Net Profit, i.e., generated before the effect of non-current assets, reached E795.9 million (+7.2%). The Net Profit rose to E841 million with a slight slowdown of 0.7% compared to the figure from the first quarter of 2014 because of the significant extraordinary earnings in 2014 from the sale of stake in EDP.

5 Highlights Steadily improving financial strength Iberdrola has maintained some solid financial and solvency ratios. Net financial debt reached E billion, affected by the larger exchange rate. Notwithstanding this change, the 2.3% increase in Net Debt remains well under the 8.8% growth in EBITDA. Iberdrola has kept steady insofar as our strong liquidity position of over E8.5 billion, which covers 27 months of financial needs. Thus, the financial leverage is at 41.2% compared with last year s figure of 42.2% Forecasts The results obtained enable us to confirm the forecast for We thus expect that a favourable progress from Grids and Renewable Energies throughout the year, together with a performance by the Generation and Retail business affected by a decrease in hydroelectric power production in Spain, will contribute to increase EBITDA and the Recurring Net Profit above the figures attained in Further, the shoring up of the solid financial position will continue, resulting in better financial ratios at the close of the year. Iberdrola USA-UIL Holdings Merger Regarding the merger between UIL Holdings and Iberdrola USA, the process of authorisations for closing the transaction is underway as scheduled. We expect that the new company will be listed on the New York Stock Exchange before the end of the year, thus creating one of the largest public utilities in the United States, with over $30 billion in combined stocks. Filing Department of Justice and Federal Trade Commission under the Hart-Scott-Rodino Antitrust Act (HSR) Federal Communications Commission (FCC) Committee on Foreign Investments in the United States (CFIUS) Federal Energy Regulatory Commission (FERC) Connecticut Public Utilities Regulatory Authority (CT PURA) Massachusetts Department of Public Utilities (MA DPU) New York Stock Exchange (NYSE) S-4 Form Registration (SEC) UIL shareholders approval Estimated date Early termination received April 7, 2015 Q Q4 2015

6 Shareholder Day The Company held Shareholders Day this past 27 March 2015, and the event hosted a number of presentations and activities to bring shareholders closer to the inner workings of the corporate, social and institutional reality at Iberdrola. This new initiative was enthusiastically welcomed by Iberdrola shareholders. The core of this event was the 2015 General Shareholders Meeting, which had a noteworthy quorum of over 78%. In this regard, we appreciate the huge support that all Iberdrola shareholders have given to the Company, resulting in the approval of all proposals included in the agenda. During the event, Ignacio Galán gave an overview of the 2014 results, which, presented this past February, exceeded the expectations for the Group. The EBITDA reached E6,964.5 million during 2014 while the net benefit was E2,326.5 million at the close of the year. It should be noted that the total profitability for shareholders during 2014 surpassed 30%, which is substantially higher than our main European competitors and indices such as Eurostoxx Utilities or Ibex 35. Further, the Iberdrola Chairman confirmed that the strategy underway has permitted a strengthening of the long-term business model to enable not only economic results but also the generation of progress and well-being in countries where the Company operates through the cultivation of a corporate fabric with purchasing, investments and job creation- to supply quality electrical power while respecting the environment. The Group s chairman underscored Iberdrola s solid commitment to the economic and social development of the regions where the Group operates. During 2014, 1,800 new contracts were signed and 350,000 direct, indirect and induced jobs were created worldwide, annual purchases engaged the goods and services of over 18,000 suppliers and providers for E5.4 billion, etc. Also worth mentioning, the Group received the World Finance Corporate Governance Award as the Spanish company with the best corporate governance, and the Ethical Boardroom Corporate Governance Award as the European utility with the best practices in this area. Moreover, the Company accomplished virtually all of the recommendations under the new Unified Good Governance Code approved by the Spanish Securities Exchange Commission (CNMV) one year in advance.

7 IBERDROLA s share price performance 25% IBERDROLA s share price performance 20% 15% 10% 5% 0% -5% -10% -15% Dec-14 Jan-15 IBERDROLA +7.2% Eurostoxx Utilities +3.9% Ibex % Eurostoxx % Feb-15 Mar-15 IBERDRoLA shares Q Q Number of shares outstanding 6,388,483,000 6,373,467,000 Price at end of period Average share price in the period Average daily volume 37,292,319 37,775,999 Maximum volume ( / ) 86,811, ,411,256 Minimum volume ( / ) 15,286,837 14,885,600 Dividends paid (E) Gross interim ( / ) (1) (1) Dividend yield (2) 4.60% 5.74% (1) Iberdrola-guaranteed rights purchase price, (2) Last interim and final dividend paid and Shareholder s Meeting. Stock market data Q Q Market capitalisation ME 38,344 32,352 Earnings per share (6,388,483,000 shares as of 03/31/15 and 6,373,467,000 shares as of 31/03/2014) E Net operating cash flow per share E P/E Times For further information on share performance, please visit Your Tools on:

8 LEGAL NOTICE DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the first quarter of the 2015 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Iberdrola, S.A. Iberdrola, S.A. does not assume liability for this document if it is used with a purpose other than the above. The information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither Iberdrola, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. Information in this document about the price at which securities issued by Iberdrola, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola, S.A. cannot be relied upon as a guide to future performance. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of Law 24/1988, of 28 July, on the Securities Market, Royal Decree-Law 5/2005, of 11 March, and/or Royal Decree 1310/2005, of 4 November, and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. 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 of 1933 or pursuant to a valid exemption from registration. FORWARD-LOOKING STATEMENTS 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. shares 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 sent by Iberdrola, S.A. to the Comisión Nacional del Mercado de Valores, which are accessible 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 subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola, S.A. 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. ADDITIONAL INFORMATION AND WHERE TO FIND IT Iberdrola USA, Inc. will file with the United States Securities and Exchange Commission ( SEC ) a registration statement on Form S-4, in which a proxy statement will be included as a prospectus, and other documents in connection with the proposed merger. The UIL Holdings Corporation ( UIL ) proxy statement/prospectus will be sent to the stockholders of UIL. STOCKHOLDERS OF UIL ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER FILINGS THAT MAY BE MADE WITH THE SEC IN CONNECTION WITH THE MERGER WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The registration statement and proxy statement/prospectus and other documents which will be filed by Iberdrola USA, Inc. with the SEC, when filed, will be available free of charge at the SEC s website at on Iberdrola USA, Inc. s website at or by contacting Iberdrola s Investor Relations Department. Such documents are not currently available. You may also read and copy any reports, statements and other information filed by Iberdrola USA, Inc. and UIL with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C Please call the SEC at (800) or visit the SEC s website for further information on its public reference room. Certain executive officers and directors of UIL have interests in the proposed transaction that may differ from interests of stockholders generally, including benefits conferred under retention, severance and change in control arrangements and continuation of director and officer insurance and indemnification. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Toll-free number for shareholders (in Spain) Number for Shareholders (UK) (0) Calls to this number are charged at 8p per minute from a BT landline. Other telephony providers costs may vary Number for Shareholders (US) Tel: 1 (866) (toll free) accionistas@iberdrola.com Web site