Iberia, Lineas Aereas De Espana, S.A

Iberia, Lineas Aereas de Espana, S.A.

Company Profile

Publication Date: 17 Oct 2011

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TABLE OF CONTENTS

Company Overview...... 4 Key Facts...... 4 Business Description...... 5 History...... 7 Key Employees...... 10 Key Employee Biographies...... 11 Major Products and Services...... 17 Top Competitors...... 18 Company View...... 19 Locations and Subsidiaries...... 21

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COMPANY OVERVIEW

Iberia Lineas Aereas de Espana (Iberia) is engaged in the air transportation of passengers and cargo. It also provides support services for passengers and planes in airports, and aircraft maintenance. Iberia operates a network serving three markets including Spain, Europe and the Americas. The company primarily operates in Europe and the Americas. It is headquartered in Madrid, Spain and employs around 21,592 people.

The company recorded revenues of E4,582 million (approximately $6,084.4 million) in the fiscal year ended December 2010, an increase of 8.3% over 2009. The company's operating loss was E26 million (approximately $34.5 million) in fiscal 2010, as compared to an operating loss of E475 million (approximately $630.7million) in 2009. Its net profit was E89 million (approximately $118.2 million) in fiscal 2010, as compared to the net loss of E273 million (approximately $362.5 million) in 2009.

KEY FACTS

Head Office Iberia, Lineas Aereas de Espana, S.A. Calle Velazquez 130 28006 Madrid ESP Phone 34 91 587 75 74 Fax Web Address http://grupo.iberia.es Revenue / turnover 4,582.0 (EUR Mn) Financial Year End December Employees 21,592 Bolsa de Madrid IBLA Ticker

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BUSINESS DESCRIPTION

Iberia Lineas Aereas de Espana (Iberia) is an international air transport group engaged in the transport of passengers and freight. The company operates flights from Spain to Europe and from Europe to Latin America. Iberia has a fleet of 161 aircraft and flies to 116 destinations in 45 countries. Iberia also maintains its own fleet and those of other airlines, and performs aircraft and passenger handling services at all Spanish airports, amongst other activities.The company is a member of the oneworld alliance, which allows it to extend its air transport business worldwide.

The company operates through three business activities which include: transportation of passengers and cargo; aircraft maintenance; and handling services in airports.

Iberia is primarily engaged in business of transport of passengers and cargo. The company flies to more than a 100 destinations in 45 countries, and, under code-sharing arrangement with other carriers it reaches another 190 cities. In addition, it offers its customers the air corridor: the Madrid-Barcelona Puente Aereo, the walk-on shuttle service connecting Spain two most important cities.

The company offers 35 destinations in Spain; 43 destinations and another 30 under code-sharing with other airlines in Europe; 11 destinations and 13 under code-sharing in Africa; 26 destinations and another 129 under code-sharing in America; and one destination and 12 under code-sharing in Near and Far East and Oceania.

Iberia and its franchise partner Air Nostrum operates Iberia Regional/Air Nostrum which has 67 aircraft and flies to about 60 destinations in Spain, elsewhere in Europe, and in North Africa.Vueling, a new generation airline owned by Iberia, with a 45.85% stake, and another two partners, Nefinsa (5%) and Inversiones Hemisferio (14%). Vueling is a new generation airline owned by Iberia with a 45.85% stake, and another two partners, Nefinsa (5%) and Inversiones Hemisferio (14%). Vueling has a fleet of 35 aircraft serving 45 destinations in Spain, Europe and North Africa.

Iberia cargo manages air freight and mail carried in the holds of Iberia’s airliners, and well as dedicated cargo planes, and a fleet of ground delivery vehicles. Iberia through its Cacesa subsidiary provides an express parcel service. Iberia cargo provides all-electronic, paperless procedures for air shipment operations.

Iberia maintenance carries out inspections and repairs of airframes, aircraft engines, and components for the Iberia fleet and other customers from all over the world. The company's maintenance and repair activities are carried out in seven hangars and numerous workshops and bench-testing facilities on a 2.5 million m2 site adjoining Madrid-Barajas Airport.

Iberia supplies airport handling services such as servicing aircraft, handling baggage, and serving passengers at 41 Spanish airports. The handling division has a fleet of 11,000 ground vehicles and 8,170 equipments.

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The company also provides other business services such as information technology (IT) and telecommunications services to its airline and outside clients. Its services include IT systems development processes, maintenance of IT systems and data processing centre, user care and support, management of procurement of IT products and services and technical assistance services.

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HISTORY

Iberia Lineas Aereas de Espana (Iberia) was founded in 1927 by Horacio Echeberrieta. In the same year, the company began a regular service between Madrid and Barcelona. In the following year, Iberia started with three Rohrbach Roland aircraft.

The company initially focused on domestic routes until 1939, when regular services commenced between Madrid and Lisbon.

The Spanish government took control of the company in 1944, and extra state funding facilitated further growth, with a new service connecting Madrid with London and Rome commencing in 1946. Shortly afterwards regular flights to Havana, Caracas, Puerto Rico, Mexico City, Rio de Janeiro, and New York were added to the schedule.

The 1960s marked the start of the jet age of aircraft, and Iberia replaced its Super Constellations with DC-8s on the Madrid-New York route.

Iberia purchased Boeing B-747, popularly known as the Jumbo in 1970. Later in 1974, the company launched Europe’s walk-on air shuttle service, between Madrid and Barcelona.

In 1975, Iberia established Serviberia (formerly Inforiberia), a provider of customer service. In 1987, Iberia and another three European airlines joined to create Amadeus, a world-wide computerized air ticket reservations system.

The company joined the Oneworld airline alliance along with American Airlines, British Airways, Air Lingus, LAN Chile, Cathay Pacific, Finnair, and Qantas in 1999.

Iberia’s privatization process was completed in 2001, and its shares were listed for the first time on the stock exchange. In the following year, Iberia was included in the selective Ibex-35 stock market index.

Iberia signed an agreement with British Airways for the joint operation of routes between London, Madrid, and Barcelona in 2004.

In 2005, Iberia launched Business Plus, an enhanced seating and service class for intercontinental business travellers.

Iberia Airline launched its Madrid-Boston route, becoming the first and only scheduled airline offering non-stop flights between the two cities, in 2007. In the same year, Iberia signed maintenance contract with Cygnus Air to maintain its B-757.

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In 2008, Iberia LAE, a subsidiary of the company, signed a joint venture agreement with Singapur Technologies Aerospace, to establish Madrid Aerospace Services, S.L., an aircraft maintenance company specialized in landing gear.

Iberia, American Airlines, and British Airways signed a joint business agreement on flights between North America and Europe and planned to expand their global cooperation in the same year.

The company reorganised and renamed its airport handling services unit as Iberia Airport Services in March 2009. In the same month, Iberia Cargo appointed North Air Logistics as its General Sales and Service Agent (GSSA) in Denmark, Sweden, Norway and Finland, to provide full sales, customer service and support functions for Iberia Cargo’s operation in the Nordic countries.

In 2009, Iberia launched daily return flight between Madrid and Sofia under a code-sharing arrangement with Bulgaria Air. In the same year, Iberia Cargo appointed Air Logistics Group as its exclusive GSSA in the Czech Republic, Croatia, Hungary, Poland, Slovakia, Romania and Greece in order to improve its service in Central and Eastern Europe. Also in the same year, Iberia and ST Aerospace opened Madrid Aerospace Services (MAeS), a company created jointly for the maintenance and repair of landing gears for Airbus A-320, A-330 and A-340. Furthermore in 2009, Iberia signed two new contracts to maintain Rolls-Royce aircraft engines - RB211-535-E4 belonging to Russia’s Yakutia Airlines.

Iberia offered three direct flights each week, on Tuesdays, Fridays and Sundays to two new Brazilian destinations Fortaleza and Recife in September 2010. In the same month, the company launched flights to San Salvador.

In October 2010, the company launched flights to Cordoba, Argentina and also launched non-stop Panama flights. In the same month, Iberia in a joint business agreement with American Airlines and British Airways launched three direct flights a week to Los Angeles.

The shareholders of Iberia and British Airways approved the merger of the two companies in November 2010. In the same month, Iberia signed a code-sharing agreement with the Russian carrier S7 for flights to Rostov, Kazan, Samara, Krasnodar and Perm.

In December 2010, under the joint business agreement signed by Iberia, American Airlines and British Airways, a new transfer centre in Iberia's terminal four passenger hub at the Madrid-Barajas airport was opened to assist passengers flying between Europe and North America. In the same month, Iberia offered 41 new routes in code share with American Airlines and British Airways.

International Airlines Group (IAG) was formed as the holding company of British Airways and Iberia in January 2011.

In March 2011, Iberia launched two new routes between Spain and the US which include New York JFK-Budapest and Chicago-Helsinki. In the same month, Iberia purchases 16 new aircraft Airbus A330.

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The company offered new destinations to Abu Dhabi, Kuwait, Doha, Bahrain, Muscat and Cape Town in the Middle East and South Africa in April 2011.

Iberia airport services (IBAS) and airberlin signed an agreement under which Iberia’s handling division will provide ramp and passenger services for Air Berlin at the airports of Gran Canaria and both Tenerife North and Tenerife South in the Canary Islands for three years starting in mid-June, in May 2011. In the same month, Iberia offered new destinations offers flights to Accra (Ghana), Lusaka (Zambia), Riyadh and Jeddah (Saudi Arabia).

In June 2011, the company launched freighter services to Brussels and Nouakchott. In the same month, Iberia launched non-stop flight between Barcelona-El Prat and Sao Paulo-Guarulhos route with 100% seat occupancy.

Iberia launched a new direct Madrid-Rabat service, with flights on Mondays and Fridays in July 2011. In the same month, Iberia and airberlin signed code share agreement for sharing flight codes. Iberia's code will go on several airberlin routes in Germany and to other central and northern European destinations, and airberlin's code will be used on Iberia flights to Germany and Switzerland.

In August 2011, Iberia and British Airways launched new destinations under code share: Sydney, Caracas, Santo Domingo and Montevideo.

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KEY EMPLOYEES

Name Job Title Board

Antonio Vazquez Romero Chairman Executive Board Rafael Sanchez Lozano Turmo Chief Executive Officer Executive Board Rodrigo de Rato y Figaredo Vice Chairman Non Executive Board Jose Manuel Fernandez Norniella Director Non Executive Board Javier Gomez-Navarro Navarrete Director Non Executive Board Jorge Pont Sanchez Director Non Executive Board Jose Manuel Serra Peris Director Non Executive Board Keith Williams Director Non Executive Board Roger Paul Maynard Director Non Executive Board Felipe Benjumea Llorente Independent Director Non Executive Board Antonio Masa Godoy Independent Director Non Executive Board Jose Pedro Perez Llorca Rodrigo Independent Director Non Executive Board Jose B Terceiro Lomba Independent Director Non Executive Board Lourdes Maiz Carro Secretary Senior Management

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KEY EMPLOYEE BIOGRAPHIES

Antonio Vazquez Romero

Board: Executive Board Job Title: Chairman Since: 2009 Age: 60

Mr. Romero has been Chairman at Iberia Lineas Aereas de Espana since 2009. He held different positions in the Osborne Group, as Manager of subsidiaries at Osborne, S.A. and General Manager at Osborne Mexico. Mr. Romero worked in the Domecq Group as Commercial Manager at Domecq Mexico and General Manager at Domecq Internacional, S.A. He held different positions at Tabacalera, S.A. and Altadis, S.A.: such as International Development Manager at Tabacalera; General Manager, Cigars at Tabacalera; General Manager, Cigar Division at Altadis; Chairman at Altadis, S.A.; Chairman at Logista; Chief Executive Officer at Altadis, S.A. and Director at Aldeasa. Mr. Romero holds a Bachelor of Science in Economics from Malaga University.

Rafael Sanchez Lozano Turmo

Board: Executive Board Job Title: Chief Executive Officer Since: 2009 Age: 54

Mr. Turmo has been the Chief Executive Officer at Iberia Lineas Aereas de Espana since 2009. From 1984 to 1989, he held several positions at Manufacturers Hanover Trust such as Director Credits Department and Manager, Corporate Finance. Mr. Turmo served as a Accounts Manager and Manager, Credits, Spain at J.P. Morgan. He also served as a Director at Grupo Su Casita, Hipotecaria Su Casita, City National Bancshares, City National Bank, Florida, Holding de Inversiones Salovel, Vice Chairman and Trustee at Fundacion Padre Garralda and Joint and Several Director at CM Florida Holdings. Mr. Turmo holds a Bachlor of Arts in Law, ICADE, and a Bachelor of Art in Business Studies.

Rodrigo de Rato y Figaredo

Board: Non Executive Board Job Title: Vice Chairman Since: 2010 Age: 62

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Mr. Figaredo has been the Vice Chairman at Iberia Lineas Aereas de Espana since February 2010. He holds 25 years’ experience as a Member of Parliament and member of the Executive of Spain’s Popular Party (Partido Popular). Mr. Figaredo was the Spokesman of the Popular Party parliamentary group from 1989 to 1996 and served as theVice President and Minister of Economy and Finance of the Spanish Government from 1996 to 2004. He also served as President of the European Council of Finance Ministers during the introduction of the euro (2002) and as Managing Director of the International Monetary Fund (2004). Mr. Figaredo is currently the Chairman of the Board of Directors of Caja Madrid,Vice Chairman of the Board of Directors of CECA, member of the Board of Directors of MAPFRE and member of the Board of Trustees of the Teatro Real in Madrid. He studied BA in Law from Universidad Complutense, Madrid, Master in Business Administration from University of California and PhD in Economics from Universidad Complutense, Madrid.

Jose Manuel Fernandez Norniella

Board: Non Executive Board Job Title: Director Since: 2007 Age: 66

Mr. Norniella has been a Director at Iberia Lineas Aereas de Espana since 2007. He held several positions as business agent from 1970 to 1979 in Electromecanique, Alfa-Laval and Blactone; then several management positions from 1979 to 1993 in the Brown Boveri Group, as Supplies Manager, and subsequently in Aesa Brown Boveri (ABB) as General Affairs Manager and General Manager Administration. He served as the Vice Chairman at Aldeasa and Chairman of Ebro Puleva from 2000 to 2005. He was on the Boards of RTVE, Argentaria, Aldeasa, Chilectra, Endesa and Enagas. Mr. Norniella served as a Member of the International Chamber of Commerce and Chairman of the Council of Spanish Chambers of Commerce from 1996 to 2005. He served as the Vice Chairman at the W.S.R. Mr. Norniella is a Member of the board of Caja Madrid, representing the depositors, Director of Telvent, Honorary Chairman of the Ebro Puleva Group and Vice Chairman of Equipo Economico.

Javier Gomez-Navarro Navarrete

Board: Non Executive Board Job Title: Director Since: 2008 Age: 66

Mr. Navarrete has been a Director at Iberia Lineas Aereas de Espana since 2008. He began his professional career at Alcudia, S.A. Petroquímica in 1971 and furthered his professional experience at FRASER ESPANOLA (energy and mining consultancy) from 1972 to 1975. Mr. Navarrete served as the Manager of Cuadernos para el Dialogo publishing company from 1976 to 1978 and gained further business experience from 1979 to 1983 at Tania publishing company and was editor of Viajar magazine which he founded in 1978. During this period he was Managing Director of the Ortega y Gasset Foundation. Mr. Navarrete served as the Chairman of Viajes Marsans; Secretary of State

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for Sports and Chairman of ADO92, the Olympic Sports Association from 1987 to 1993;Vice-President of the Organizing Committee of the Barcelona 92 Olympic Games; Minister of Trade and Tourism from 1993 to 1996; and Chairman of MBD, a business consulting firm, from 1998. Mr. Navarrete is currently the Chairman of Aldeasa and Director of major companies such as Autogrill, Ibérica de Diagnóstico y Cirugía, Técnicas Reunidas and Isolux-Corsan. He holds BSc Industrial Chemical Engineering form Escuela Tecnica Superior de Ingenieros Industriales, Madrid.

Jorge Pont Sanchez

Board: Non Executive Board Job Title: Director Since: 2006 Age: 73

Mr. Sanchez has been a Director at Iberia Lineas Aereas de Espana since 2006. He served as Assistant Professor of Commercial Law at the Faculty of Law and Economic Sciences of Universidad de Barcelona from 1960 to 1964. In 1965, Mr. Sanchez joined El Corte Ingles where he serves as Advisor to the Chairman and Chief International Affairs. In addition, he took the responsibility of Director of the Foundation Ramon Areces, Chairman of Sephora Cosmeticos de Espana, Director of Parque Tematico de Madrid, Chairman at The Harris Company (the US), Director of Gottschalks (the US). He holds a degree in Law.

Jose Manuel Serra Peris

Board: Non Executive Board Job Title: Director Since: 2010 Age: 52

Mr. Peris has been a Director at Iberia Lineas Aereas de Espana since 2010. He held several public-sector positions including State Attorney at the Tax Office of Las Palmas de Gran Canaria, of Valencia and at the Valencia High Court from 1984 to 1996 and Secretary of State for Industry and Energy from 1996 to 2000. Mr. Peris was former Chairman of the Spanish Patents and Trademarks Office, Chairman of CIEMAT (Centre for Energy, Environmental and Technological Research) and Chairman of CDTI. He served as a Director of Sociedad Estatal de Participaciones Industriales, Sociedad Estatal de Participaciones Patrimoniales, Endesa, Red Electrica De Espana, S.A., Uralita, S.A. and Cable y Television de Cataluna, S.A. (MENTA) -AUNA Group. Mr. Peris is currently a Director of Grupo Empresarial Ence, S.A. and Corporacion Financiera Alba, S.A. He holds BA in Law from Universidad de Valencia (1981).

Keith Williams

Board: Non Executive Board Job Title: Director

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Since: 2009 Age: 55

Mr. Williams has been at Director at Iberia Lineas Aereas de Espana since 2009. He served several executive positions atThe Boots Co (1986-1991), Apple Computer (Treasurer) in Paris (1991-1996); and Reckitt and Coleman (1996-1998). Mr. Williams has been Chief Finance Officer and Executive Director at BA since 2006. He also served as a Non Executive Director at Transport for London, a government organisation responsible for surface and underground transport in London. Mr. William holds a Bachelor of Arts Degree in Medieval History from Liverpool University.

Roger Paul Maynard

Board: Non Executive Board Job Title: Director Since: 2006 Age: 68

Mr. Maynard has been a Director at Iberia Lineas Aereas de Espana since 2006. He served as Government Official of the UK from 1965 to 1987 at the Department of Trade, Industry and Transport. Mr. Maynard joined the Diplomatic Service in Geneva, where he worked from 1968 till 1972 and in Washington from 1982 to 1987 and then became Director of Aviation. In addition, he was appointed as Director for Governmental Affairs in North Americaby British Airways. Mr. Maynard subsequently became Executive Director North America before returning to the UK as Director for Investor Relations. He obtained a degree in Economic Sciences from Queens College at Cambridge in 1965.

Felipe Benjumea Llorente

Board: Non Executive Board Job Title: Independent Director Since: 2007 Age: 54

Mr. Llorente has been an Independent Director at Iberia Lineas Aereas de Espana since 2007. He is the Executive Chairman at ABENGOA, Chairman of the FOCUS-ABENGOA Foundation, Chairman at Inversion Corporativa, Director of Compania Operadora del Mercado Espanol de la Electricidad (OMEL), and Director, member, of the Spanish Energy Club-Club Espanol de la Energia. Mr. Llorente is also Trustee of the Spain–United States Council Foundation, Trustee of the Foundation of Studies and Applied Economy (FEDEA) and on the Board of Governors of the Pontifical University of Salamanca. From 1993 to 1996, he served as the Board member of Sociedad General de Cablevision, La Papelera Espanola from 1987 to 1995, Thyssen Industrie from 1989 to 1993, Hispano Inmobiliaria de Gestion from 1989 to 1998 and Banco Santander Central Hispano from 1990 to 2002. He holds a degree in Law from Deusto University.

Antonio Masa Godoy

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Board: Non Executive Board Job Title: Independent Director Since: 2007 Age: 69

Mr. Godoy has been an Independent Director at Iberia Lineas Aereas de Espana since 2007. He has held managerial posts at Compania de Seguros Hercules Hispano and Cartex. He served as the Vice Chairman of CEOE. Mr. Godoy is the Chairman at Inversiones Varias Extremenas and Director of Corporacion Empresarial de Extremadura, Tecnicas Urbanas y Rusticas, Proyectos y Promociones del Tormes, Instituto de Estudios Economicos. Mr. Godoy also serves as the Vice Chairman of Instituto de Estudios Farmaceuticos and as Director of Refineria Balboa.

Jose Pedro Perez Llorca Rodrigo

Board: Non Executive Board Job Title: Independent Director Since: 2007 Age: 71

Mr. Rodrigo has been an Independent Director at Iberia Lineas Aereas de Espana since 2007. He is a Member at Carrera Diplomatica y Letrado de las Cortes. Mr. Rodrigo served as Minister of Foreign Affairs, Secretary of State for the Home Department and Minister of State. In addition, he held positions at Urquijo leasing, AEG Iberica and Sociedad Rectora de la Bolsa de Madrid. He is the Founder and Solicitor at Law firm Perez-Llorca. He holds a degree in Law.

Jose B Terceiro Lomba

Board: Non Executive Board Job Title: Independent Director Since: 2007 Age: 68

Mr. Lomba has been an Independent Director at Iberia Lineas Aereas de Espana since 2007. He is the Head, Applied Economics Department at Universidad Complutense de Madrid. Mr. Lomba also serves as the President at Bioetanol Galicia and Director at Grupo Prisa, Executive Vice President at Abengoa, as well as Director at Telvent and Union Fenosa.

Lourdes Maiz Carro

Board: Senior Management Job Title: Secretary Since: 2001 Age: 52

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Ms. Carro has been the Secretary at Iberia Lineas Aereas de Espana since 2001. From 1982 to 1988, she lectured Metaphysics and Theory of Knowledge at the Philosophy Faculty of Universidad Comlutense de Madrid, being part of the Governmental Program for Personal Investigation of the Ministry of Education and obtaining her Doctorate in Philosophy. Ms. Carro has been State Lawyer since 1992. She has served as Director, Cabinet at Assistant Secretarial and Administrative Offices, Director General at Public Administrative Organization, Director General at Sociedad Estatal de Participaciones Patrimoniales and Secretary General at Department of Agriculture, Fishing and Food. Ms. Carro served as Director at Renfe, la Gerencia de Infraestructuras Ferroviarias (GIF), Instituto de Credito Oficial (ICO), INISAS, Aldeasa, Almacenaje y Distribucion, (ALDEASA) and Banco Hipotecario (ARGENTARIA). She holds a degree in Law, Philosophy and Educational Sciences.

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MAJOR PRODUCTS AND SERVICES

Iberia Lineas Aereas de Espana (Iberia) is an international air transport group. The company's key services include the following:

Services:

Transportation of passengers Transportation of freight and cargo Aircraft maintenance Airport handling services Information technology systems

TOP COMPETITORS

The following companies are the major competitors of Iberia, Lineas Aereas de Espana, S.A.

Air France KLM Lufthansa Vueling Airlines SA British Airways Plc Ryanair Holdings plc

COMPANY VIEW

A statement by Antonio Vazquez Romero, the Chairman at Iberia Lineas Aereas de Espana is given below. The statement has been taken from the company's 2010 annual report.

2010 was an intense year for our sector. With the world economy still fragile, there were several serious disruptions to air traffic during the year (caused by volcanoes, snow, industrial action…) in Spain, Europe and elsewhere. With one thing and another, we have been forced to employ a great deal of resources and effort to meet our customers' needs, while achieving positive results for the benefit of our employees and shareholders.Yet neither the general adverse situation nor the specific difficulties hampered our corporate social responsibility policy.

For the fifth year in succession, Iberia was chosen for the selective Dow Jones Sustainability Index, which acknowledges the best economic, social and environmental practices of the major enterprises worldwide. As in 2009, Iberia was the airline with the best environmental performance in this index, in which there is only one other airline, and was given an excellent ratings in aspects such as conservation of the local air quality, organisation of the flight network (for environmental purposes) and the ecological efficiency of our operations.

In 2010 we cut our CO2 emissions again, by 4% year on year.With the renewal of our long-haul fleet over coming years, we will foreseeably achieve further improvements in the future. We also work on other projects designed to enhance our environmental performance, including our involvement in researching the possibility of producing biofuels that could be used in aviation and would contribute enormously to improving the environment.

In 2010 we also maintained our commitments to customers, employees and the society at large.

With a view to improving our service to customers, we have opened new direct communication channels in the social networks, which have been especially helpful in crisis situations, such as when the air space was closed due to the presence of volcanic ash or during the industrial action by the Spanish air traffic controllers. I am particularly honoured by the large number of congratulations Iberia has received for the wonderful response it gave its customers during those crises.

As regards our employees, we have managed to maintain and even raise our level of stable employment by about 2%.We have also opened a portal for the company's employees to collaborate with various solidarity projects. In 2010, our commitment to society has focused above all on one name: Haiti. A lion's share of the resources we dedicated to welfare action was sent there, including the carriage of almost 250,000 kg of humanitarian aid.

We have endeavoured to be wherever we were needed, whether through “Mano a Mano” -the NGO run by Iberia employees-, or collaborating with the Spanish International Development Cooperation Agency, the Red Cross, numerous foundations or other enterprises such as Amadeus, with whom

we have sent around 150 computers from Spanish travel agencies to South Africa and to one of the areas in southern Chile hardest hit by the earthquake in February 2010.

We doubled our contribution to welfare causes and enterprises in 2010 and spent part of our resources on improving the environment. Our social engagement and commitment to sustainability require this of us.

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LOCATIONS AND SUBSIDIARIES Head Office Iberia, Lineas Aereas de Espana, S.A. Calle Velazquez 130 28006 Madrid ESP P:34 91 587 75 74 http://grupo.iberia.es

Other Locations and Subsidiaries

Compania Auxiliar al Cargo Express, S.A. Cargosur, S.A. Madrid Velazquez 130 ESP Madrid ESP

Iberia Tecnologia, S.A. Iberia Mexico, S.A. Velazquez 130 Ejercito Nacional 439 Madrid MEX ESP

IB OPCO Holdings, S.L Binter Finance B.V. Velazquez 130 Strawinskian 3105 Madrid 1097 JB Amsterdam ESP NLD

VIVA Vuelos Internacionales de Campos Velazquez, S.A. Vacaciones, S.A. Velazquez 130 Velazquez 130 Madrid Madrid ESP ESP

Auxiliar Logistica Aeroportuaria, S.A. Consultores Hansa, S.A. Centro de Carga Aerea Parcela 2 p 5 nave Velazquez 130 6 Madrid Madrid ESP ESP

Iberia Desarrollo Barcelona, S.L.R. Iber-America Aerospace, LLC Bergara 3 Miami Barcelona Florida ESP USA