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( Madrid, April 12th, 2007
Operating performance
The load factor improved 2.9 points compared to March 2006, to 80.6%, a record level for this month in Iberia’s history. Revenue passenger-kilometres (RPK) grew by 5.0%, increasing by 7.8% on international flights. The growing weight of long haul traffic (61% of total RPK in March compared to 57% last year) led to a 6.9% increase in the average stage length.

Long haul traffic rose 11% and the load factor improved by 25%, to 86.8%. The number of Business Plus passengers increased more than 25%. The highest growth corresponded to South America flights with increases of 31.3% in RPK and 27.4% in capacity; the load factor improved by 2.6 points. The load factor also improved in the Mid Atlantic (1.0 point) and North Atlantic routes (0.3 points) where traffic grew 6.7% compared to the previous year.

In the international medium haul, the load factor improved by 1.9 points, standing at 72.0%. In Europe the load factor went up 1.2 points, with a 4.8% reduction in capacity (ASK), due to the decrease of some point to point routes. In flights to Africa and the Middle East, the load factor improved 7.2 points, with significant increases in capacity and traffic (15.1% and 27.1%, respectively), highlighting the growth in Israel and Egypt.

In the domestic market, the load factor went up 4.1 points, improving the mix. In accordance with the capacity restructuring of the Director Plan, ASK dropped by 12.3%, with decreases of 8.1% in flights to the Canary and Balearic Islands, and 14.6% in the rest of flights.

In the first quarter, traffic rose 7.8%, against a 2.6% increase in capacity; consequently, the load factor improved by 3.8 points, reaching 79.5%.

● On the 15th of March, Iberia management and cabin attendants’ representatives on the Works Committee signed the 15th Collective Bargaining Agreement, to be in force from January 1st, 2005 until December 31st, 2007, covering more than 4,200 cabin attendants. The agreement incorporates flexibility and productivity measures, a one-off payment of 3.4% of the total 2006 cabin staff payroll, together with an ongoing profit-sharing system, as well as some employment and social benefits.

● As from April 1st, Japan Airlines (JAL), Malév Hungarian Airlines and Royal Jordanian Airlines are members of oneworld, and other five members of JAL have joined the alliance as affiliates (JALways, Japan Asia Airways, JAL Express, J-AIR and Japan Transocean Air). With these incorporations Iberia and the rest of the oneworld companies offer better advantages to their clients, operating 9,000 daily flights to nearly 700 destinations around the world.

● From April Iberia offers an additional daily flight from Madrid to London and Casablanca, and operates the third weekly frequency to Algiers. Likewise, the company operates tour new weekly frequencies to New York, offering two daily flights in the summer season.

● Iberia incorporated a new Airbus A319, following the short haul fleet renewal and homogenisation plan.

● Iberia’s Board of Directors approved a capital increase of €3.7 million through the emission of 4.8 million ordinary shares, following the third date of exercise of the Stock Option Plan approved by the Annual General Meeting 2002. Consequently, the total number of shares amounts to 952.8 million.

● Iberia has received a request from TPG Capital LLP for access to specific corporate information, with a view to the possible formulation of a public offer to buy all shares in the Company. In the coming days the Board of Directors will decide about the request.

For further information: Iberia
International Press Office
Tel.: +34 91 587 7732 / 7462 / 7465
Fax: +34 91 587 7469

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