AMENDMENT NO. 1 TO DEPOSIT AGREEMENTDeposit Agreement • November 13th, 2007 • Iberdrola, S.A. • American depositary receipts • New York
AMENDMENT NO. 1, dated as of November , 2007 (the “Amendment”), to the Deposit Agreement dated as of April 19, 2007 (as amended hereby, the “Deposit Agreement”), among Iberdrola, S.A., incorporated under the laws of the Kingdom of Spain (the “Company”), JPMorgan Chase Bank, N.A., as depositary (the “Depositary”), and all holders from time to time of American depositary receipts (“ADRs”) issued thereunder.
