Rule 8.3- (IBERDROLA S.A)

Banco Bilbao Vizcaya Argentaria SA
10 January 2007



                                                                      FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

                        (Rule 8.3 of the Takeover Code)





1.         KEY INFORMATION


Name of person dealing  (Note 1)               Asset Management Business of BANCO BILBAO VIZCAYA ARGENTARIA
Company dealt in                               IBERDROLA, S.A.
Class of relevant security to which the        IBERDROLA  (ES0144580018)
dealings being disclosed relate (Note 2)

Date of dealing                                January 9, 2007






2.            INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE



(a)            Interests and short positions (following dealing) in the class of
relevant security dealt in (Note 3)


                                                             Long                              Short


                                               Number                           Number
                                                                      (%)                                  (%)

(1) Relevant securities                        10,401,034            1.15%

(2) Derivatives (other than options)           1,008  FUT            0.0001%

(3) Options and agreements to purchase/sell


Total





(b)            Interests and short positions in relevant securities of the
company, other than the class dealt in (Note 3)


Class of relevant security:                                  Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total





(c)        Rights to subscribe (Note 3)


Class of relevant security:                    Details











3.            DEALINGS (Note 4)



(a)            Purchases and sales


Purchase/sale                          Number of securities                  Price per unit      TRADE  DATE
                                                                             (Note 5)





PURCHASE                                                70                         32.54            09/01/2007

PURCHASE                                                190                        32.54            09/01/2007

PURCHASE                                                150                        32.56            09/01/2007

PURCHASE                                                205                         32.6            09/01/2007

PURCHASE                                                40                          32.6            09/01/2007

PURCHASE                                                150                         32.6            09/01/2007

PURCHASE                                                395                         32.6            09/01/2007

PURCHASE                                                31                         32.67            09/01/2007

PURCHASE                                                78                         32.67            09/01/2007

PURCHASE                                                118                        32.67            09/01/2007

PURCHASE                                                11                         32.67            09/01/2007

PURCHASE                                                118                        32.67            09/01/2007

PURCHASE                                                205                        32.67            09/01/2007

PURCHASE                                                16                         32.67            09/01/2007

PURCHASE                                                25                         32.67            09/01/2007

PURCHASE                                                17                         32.67            09/01/2007

PURCHASE                                                161                        32.67            09/01/2007

PURCHASE                                                13                         32.67            09/01/2007

PURCHASE                                                56                         32.67            09/01/2007

PURCHASE                                                169                        32.67            09/01/2007

PURCHASE                                                18                         32.67            09/01/2007

PURCHASE                                                 5                         32.67            09/01/2007

PURCHASE                                                 5                         32.67            09/01/2007

PURCHASE                                                42                         32.67            09/01/2007

PURCHASE                                                11                         32.67            09/01/2007

PURCHASE                                                49                         32.67            09/01/2007

PURCHASE                                                31                         32.67            09/01/2007

PURCHASE                                                90                         32.67            09/01/2007

PURCHASE                                                41                         32.67            09/01/2007

PURCHASE                                                24                         32.67            09/01/2007

PURCHASE                                                 5                         32.67            09/01/2007

PURCHASE                                                 4                         32.67            09/01/2007

TRANSFER*                                              4,800                         -              09/01/2007

SALE                                                    130                        32.54            09/01/2007

SALE                                                    260                        32.54            09/01/2007

SALE                                                    135                        32.57            09/01/2007



(*) Transfer of the portfolio from another Bank.



b)            Derivatives transactions (other than options)


Product name,          Long/short (Note 6) Number of securities (Note 7)  Price per unit (Note 5) TRADE DATE

e.g. CFD








(c)            Options transactions in respect of existing securities

(i)            Writing, selling, purchasing or varying


Product name,        Writing, selling, Number of securities Exercise   Type, e.g.     Expiry     Option money
                       purchasing,     to which the option             American,
e.g. call option     varying etc.      relates (Note 7)     price      European etc.  date       paid/received per
                                                                                                 unit (Note 5)



 (ii)            Exercising


Product name, e.g. call option         Number of securities                  Exercise price per unit (Note 5)








(d)       Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8)         Details                               Price per unit (if applicable) (Note 5)










4.            OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives




Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating
to the voting rights of any relevant securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.










Is a Supplemental Form 8 attached? (Note 9)
            YES/NO




Date of disclosure                                                January 9, 2007

Contact name                                                      Ignacio Rebollo Aladro

                                                                  Fernando Lazaro Vaca
Telephone number                                                  34 91 537 87 67

                                                                  34 91 537 76 94
If a connected EFM, name of offeree/offeror with which connected
If a connected EFM, state nature of connection (Note 10)






Notes



The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk











                                                             SUPPLEMENTAL FORM 8





                           DETAILS OF OPEN POSITIONS

   (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as
                                  appropriate)









OPEN POSITIONS (Note 1)


Product name,        Written or      Number of securities   Exercise price   Type, e.g.     Expiry date
                     purchased       to which the option or (Note 2)         American,
e.g. call option                     derivative relates                      European etc.


FUTURE IBERDROLA     20.03.06        100                    NA               NA             16.03.2007
0307






Notes



1. Where there are open option positions or open derivative positions (except
for CFDs), full details should be given.  Full details of any  existing
agreements to purchase or to sell  should also be given on this form.



2. For all prices and other monetary amounts, the currency must be stated.



For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk






















                      This information is provided by RNS
            The company news service from the London Stock Exchange