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( It may agree to supply additional information, if the consortium decides to make a formal bid and the Board judges it to be of interest to the company.
Madrid, July 12th, 2007
At a meeting today, and in order to protect stakeholders’ interests, Iberia’s Board unanimously agreed to make the delivery of all the information requested conditional on the receipt of a formal and binding offer from the consortium composed of TPG Capital L.L.P., British Airways Plc, Inversiones Ibersuizas, s.a., Quercus Equity, S.L. and Vista Capital de Expansión.

Although the Board has not authorised access to information regarded as sensitive, it has indicated its willingness to negotiate terms acceptable to both parties under which the information needed for the formulation of a formal bid may be supplied, with sufficient guarantees of confidentiality, and permission from third parties when appropriate. This decision was taken in due consideration of the interests of the company, its shareholders, and its employees.

The Board considers it positive that the consortium is continuing to advance towards a definitive proposal, but stresses that today’s decision must not be construed as validating in any way the indicative bid put forward by the consortium, nor any other economic or strategic proposal the consortium has made to date, and neither does it affect the mandatory report which the Board would prepare in the event of a takeover bid.

Today, Iberia is Spain’s leading airline and also leader on routes linking Europe with Latin America. It posted an operating income of about 5.4 billion euros, net earnings of 116.1 million euros and an Ebitdar of 790.5 million euros in 2006. It is also distinguished by its commitment to socially and environmentally responsible conduct. Along with its franchise partner Iberia Regional, Iberia operates some 1,000 flights each day to about 100 different destinations. Last year, Iberia carried a total of 33 million passengers. It is a member of the oneworld airline alliance, along with American Airlines, British Airways, Cathay Pacific, Finnair, JAL, LAN, Malev, Qantas and Royal Jordanian.

Iberia International Press Office Tel.: +34 91 587 7732 / 7462 / 7465 Fax: +34 91 587 7469 E-mail:

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