I.  FOR APPROVAL:

1. Examination and approval, if appropriate, of the separate and consolidated Annual Accounts and Directors’ Report of IBERIA, L.A.E. for the year ended 31 December 2008.

2. Proposal for the application of profits 2008.

3. Examination and approval of the management of corporate affairs by the Board in 2008.

4. Reappointment of the Auditors of the Company and its Consolidated Group for 2009.

5. Approval of the maximum global amount of the directors’ emoluments.

6. Authorisation of the Board to buy back shares in IBERIA, L.A.E., directly or through subsidiaries, within 18 months from the resolution adopted by the General Meeting, rendering void the authorisation granted at the AGM held on 29 May 2008.

7. Delegation of powers to the Board, including the powers to delegate, to evidence in a public instrument, remedy, register, interpret, develop and implement the resolutions adopted.

II. FOR INFORMATION:

1. Report by the Board on the extra contents of the Directors’ Report pursuant to the Securities Market Act s. 116 bis.