Following a period of strong international expansion, IBERDROLA has established itself as one of the four largest investor-owned utilities in the world by market capitalization. IBERDROLA achieved this position by strengthening its commitment to sustainable development and care for the environment, which has earned the company multiple international recognitions. Based on these principles, IBERDROLA will continue working in pursuit of its ultimate target of creating more wealth and well-being in the areas in which it has a presence. IBERDROLA can look to years ahead with optimism and with an increasingly stronger motivation to carry out an energy plan that creates value in a sustainable fashion; a model for success in which everyone wins: shareholders, customers, employees, and the communities in which IBERDROLA carries out its activities.