On May 17 , 2024, the Board, acting on the unanimous recommendation of the Unaffiliated Committee that
led the consideration of strategic alternatives and the negotiation of the terms of the Merger Agreement, unanimously approved the Merger Agreement, which is subject to a number of customary conditions, including affirmative votes of (1) the
holders of a majority of all outstanding shares of common stock of Avangrid, (2) the holders of a majority of all outstanding shares of common stock held by Avangrids shareholders other than Iberdrola, its subsidiaries, and their
controlled affiliates and (3) the holders of a majority of the outstanding shares of Avangrid common stock other than Iberdrola, Arizona Merger Sub, Inc., their affiliates, any members of the Board who are employed by Iberdrola or its
affiliates, any officer of Avangrid and any family members, affiliates or associates of the foregoing (collectively, the Company Shareholder Approval).
The Board unanimously recommends that Avangrid shareholders vote FOR each of the proposals to be considered at the annual meeting, which will be
held on Thursday, September 26, 2024, at 8:30 a.m. Eastern Time in Boston, Massachusetts. EVERY VOTE IS VERY IMPORTANT. Avangrid shareholders who have any questions concerning the Merger or the proxy statement or would like additional
copies or need help voting their shares of Avangrid common stock, please contact Avangrids proxy solicitors:
For U.S. Holders of Avangrid common
stock:
Okapi Partners LLC
1212 Avenue of the Americas, 17th
Floor
New York, NY 10036, USA
Telephone for Banks, Brokers,
and International Shareholders: (212) 297-0720
Shareholders may call toll-free (from the U.S. and Canada): (877) 279-2311
Email: info@okapipartners.com
For Non-U.S. Holders of Avangrid common stock:
Georgeson LLC
c/Orense 34, Edificio Norte, 8ª Planta, 28020
Madrid, Spain
Telephone for Banks, Brokers and
Shareholders: (+44) 370 703 0282
About Avangrid
Avangrid (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $45 billion
in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million
customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and was recognized by JUST
Capital as one of the JUST 100 companies a ranking of Americas best corporate citizens in 2024 for the fourth consecutive year. In 2024, Avangrid ranked first within the utility sector for its commitment to the environment. The
company supports the U.N.s Sustainable Development Goals and was named among the Worlds Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled
by Iberdrola. For more information, visit https://www.avangrid.com.
About Iberdrola
Iberdrola, Europes largest electricity utility by market capitalization and one of the worlds top three electricity companies, is a leader in
renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers,
Iberdrolas main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia.