Iberdrola SA (IBE.MC): Solid quarter, guidance "qualitatively" improved

Research evidence excerpt

Iberdrola SA (IBE.MC): Solid quarter, guidance "qualitatively" improved

ty, should read this

research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have

been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are

available from Goldman Sachs International on request.

European Union and United Kingdom: Disclosure information in relation to Article 6 (2) of the European Commission Delegated Regulation (EU)

(2016/958) supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council (including as that Delegated Regulation is

implemented into United Kingdom domestic law and regulation following the United Kingdom’s departure from the European Union and the European

Economic Area) with regard to regulatory technical standards for the technical arrangements for objective presentation of investment

recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of

conflicts of interest is available at https://www.gs.com/disclosures/europeanpolicy.html which states the European Policy for Managing Conflicts of

Interest in Connection with Investment Research.

Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer registered with the Kanto Financial Bureau under registration number Kinsho 69,

and a member of Japan Securities Dealers Association, Financial Futures Association of Japan Type II Financial Instruments Firms Association, and

Investment Management Association of Japan. Sales and purchase of equities are subject to commission pre-determined with clients plus consumption

tax.