Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA
12 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                                22.12.2006*


* In addition, the Asset Management Business of  BBVA has dealt on previous
dates during the offer period as attached at the end of this form.


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                        10,576,920       1.173%

(2) Derivatives (other than options)           100,800          0.011%

(3) Options and agreements to purchase/sell

Total                                          10,677,720       1.184%


(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)



SALE                                   14,835                                33                 22/12/2006

SALE                                   4,500                                 32.93              22/12/2006





(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.


None







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




Date of disclosure                                                12.01.07

Contact name                                                      Ignacio Rebollo Aladro

                                                                  Fernando Lazaro Vaca
Telephone number                                                  34 91 537 76 94

                                                                  34 91 537 87 67
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




APPENDIX





Additional dealings during the offer period



(a)            Purchases and sales


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



PURCHASE                                                                 480              35.37 10/11/2006

PURCHASE                                                                 150              35.09 10/11/2006

PURCHASE                                                               5,700              35.08 10/11/2006

PURCHASE                                                                 200              34.47 10/11/2006

PURCHASE                                                                 500              35.07 10/11/2006

PURCHASE                                                                 750              34.55 10/11/2006

PURCHASE                                                                 750               34.1 10/11/2006

PURCHASE                                                               1,500              35.08 10/11/2006

PURCHASE                                                               2,000                 35 10/11/2006

PURCHASE                                                               3,000              35.08 10/11/2006

SALE                                                                     115              35.06 10/11/2006

SALE                                                                   9,905              35.07 10/11/2006

SALE                                                                   1,100              35.15 10/11/2006

SALE                                                                   1,364              35.14 10/11/2006

SALE                                                                  25,913              35.09 10/11/2006

SALE                                                                     200              35.12 10/11/2006

SALE                                                                   1,000              34.43 10/11/2006

SALE                                                                   2,903              35.07 10/11/2006

PURCHASE                                                               1,000              33.94 13/11/2006

PURCHASE                                                                 130              33.75 13/11/2006

PURCHASE                                                                 810              33.86 13/11/2006

PURCHASE                                                                 400              34.09 13/11/2006

PURCHASE                                                                 500              34.01 13/11/2006

PURCHASE                                                                 500              34.03 13/11/2006

PURCHASE                                                               1,000              33.93 13/11/2006

PURCHASE                                                               2,000              33.75 13/11/2006

PURCHASE                                                               2,315              34.06 13/11/2006

PURCHASE                                                              31,705              34.15 13/11/2006

PURCHASE                                                              55,295               34.1 13/11/2006

PURCHASE                                                               7,536              33.85 13/11/2006

SALE                                                                     500              33.98 13/11/2006

SALE                                                                     270               34.1 13/11/2006

SALE                                                                     400              34.07 13/11/2006

SALE                                                                   5,937              34.09 13/11/2006

SALE                                                                     600              33.78 13/11/2006

SALE                                                                     202              34.08 13/11/2006

SALE                                                                     850              33.86 13/11/2006

SALE                                                                   1,154              33.85 13/11/2006

PURCHASE                                                                 750              34.18 14/11/2006

PURCHASE                                                                 130              33.87 14/11/2006

PURCHASE                                                                 250              34.05 14/11/2006

PURCHASE                                                                 295                 34 14/11/2006

PURCHASE                                                               6,000              34.23 14/11/2006

PURCHASE                                                               1,000              33.96 14/11/2006

PURCHASE                                                               4,005               33.9 14/11/2006

SALE                                                                     167              34.04 14/11/2006

SALE                                                                     155              34.04 14/11/2006

SALE                                                                     250              34.05 14/11/2006

SALE                                                                     206              34.04 14/11/2006

SALE                                                                     222              34.04 14/11/2006

SALE                                                                     372              34.04 14/11/2006

SALE                                                                     400              34.04 14/11/2006

SALE                                                                     524              34.04 14/11/2006

SALE                                                                     938              34.04 14/11/2006

SALE                                                                   1,154              34.03 14/11/2006

SALE                                                                   1,324              34.04 14/11/2006

SALE                                                                   2,184              34.04 14/11/2006

PURCHASE                                                                 300              34.36 15/11/2006

PURCHASE                                                                  80              34.39 15/11/2006

PURCHASE                                                                 110               34.3 15/11/2006

PURCHASE                                                                  80              34.15 15/11/2006

PURCHASE                                                                 600              34.28 15/11/2006

SALE                                                                     300              34.33 15/11/2006

SALE                                                                   1,292              34.25 15/11/2006

SALE                                                                   2,107              34.26 15/11/2006

SALE                                                                     500              34.34 15/11/2006

SALE                                                                   1,000               34.3 15/11/2006

SALE                                                                     500              34.24 15/11/2006

SALE                                                                     500              34.34 15/11/2006

SALE                                                                     565              34.25 15/11/2006

SALE                                                                     750              34.46 15/11/2006

SALE                                                                  12,600              34.26 15/11/2006

PURCHASE                                                                 100              34.49 16/11/2006

SALE                                                                     300              34.39 16/11/2006

SALE                                                                     481              34.47 16/11/2006

SALE                                                                   3,000              34.32 16/11/2006

SALE                                                                   1,146              34.45 16/11/2006

SALE                                                                   8,507               34.5 16/11/2006

PURCHASE                                                                 750              33.91 17/11/2006

PURCHASE                                                                 930              33.97 17/11/2006

PURCHASE                                                                  70              34.09 17/11/2006

PURCHASE                                                                  95              34.31 17/11/2006

SALE                                                                     580              34.39 17/11/2006

SALE                                                                      80               34.3 17/11/2006

SALE                                                                     175              34.07 17/11/2006

SALE                                                                     565              34.05 17/11/2006

SALE                                                                   1,439              34.15 17/11/2006

PURCHASE                                                               2,200              34.05 20/11/2006

SALE                                                                  11,480              34.07 20/11/2006

SALE                                                                     400              34.19 20/11/2006

SALE                                                                   1,000               34.2 20/11/2006

PURCHASE                                                               2,280               33.9 21/11/2006

PURCHASE                                                                 500              33.91 21/11/2006

PURCHASE                                                               1,000              33.81 21/11/2006

PURCHASE                                                               1,000              33.73 21/11/2006

PURCHASE                                                               2,000               33.8 21/11/2006

PURCHASE                                                              21,766              33.68 21/11/2006

PURCHASE                                                               7,065               33.8 21/11/2006

SALE                                                                     200              33.84 21/11/2006

SALE                                                                     105              33.74 21/11/2006

SALE                                                                   1,500              34.01 21/11/2006

PURCHASE                                                                 375              33.15 22/11/2006

PURCHASE                                                                 500              33.58 22/11/2006

PURCHASE                                                                 750              33.52 22/11/2006

PURCHASE                                                                 750              33.27 22/11/2006

SALE                                                                     799              33.27 22/11/2006

SALE                                                                  12,755              33.47 22/11/2006

SALE                                                                     110              33.18 22/11/2006

SALE                                                                   4,500               33.2 22/11/2006

PURCHASE                                                                 665              33.31 23/11/2006

PURCHASE                                                                 180              33.26 23/11/2006

PURCHASE                                                               1,520               33.1 23/11/2006

PURCHASE                                                                 225              33.34 23/11/2006

PURCHASE                                                               1,000              33.21 23/11/2006

PURCHASE                                                               1,300              33.24 23/11/2006

SALE                                                                     200              33.24 23/11/2006

SALE                                                                     115              33.25 23/11/2006

SALE                                                                     170              33.27 23/11/2006

PURCHASE                                                                 145               33.1 24/11/2006

PURCHASE                                                                 700              33.17 24/11/2006

SALE                                                                     100               33.1 24/11/2006

SALE                                                                     300              33.08 24/11/2006

PURCHASE                                                                 120              32.89 27/11/2006

PURCHASE                                                                 180                 33 27/11/2006

PURCHASE                                                                 450              33.15 27/11/2006

PURCHASE                                                                 110              33.22 27/11/2006

SALE                                                                   2,985              33.01 27/11/2006

PURCHASE                                                              25,010              32.75 27/11/2006

PURCHASE                                                                 585              32.08 28/11/2006

PURCHASE                                                                 300              32.02 28/11/2006

PURCHASE                                                                 500              31.86 28/11/2006

PURCHASE                                                                 500              31.87 28/11/2006

PURCHASE                                                                 500              31.98 28/11/2006

PURCHASE                                                                 500              31.85 28/11/2006

PURCHASE                                                                 750                 32 28/11/2006

PURCHASE                                                                 800               31.9 28/11/2006

PURCHASE                                                               4,100              32.14 28/11/2006

SALE                                                                  27,214              31.99 28/11/2006

SALE                                                                 128,493              31.98 28/11/2006

SALE                                                                     417              31.96 28/11/2006

SALE                                                                     450              32.11 28/11/2006

PURCHASE                                                               1,300              32.76 29/11/2006

PURCHASE                                                                 300              32.69 29/11/2006

PURCHASE                                                                 300              33.47 29/11/2006

PURCHASE                                                               1,000              32.36 29/11/2006

PURCHASE                                                               2,300              32.33 29/11/2006

PURCHASE                                                               2,300              32.41 29/11/2006

PURCHASE                                                               1,000              32.89 29/11/2006

PURCHASE                                                               1,800              33.15 29/11/2006

SALE                                                                     500              32.87 29/11/2006

SALE                                                                   2,040               33.5 29/11/2006

PURCHASE                                                                 500               33.5 30/11/2006

PURCHASE                                                                 500               33.7 30/11/2006

PURCHASE                                                                 500              34.02 30/11/2006

PURCHASE                                                             150,000               33.5 30/11/2006

PURCHASE                                                                 800              34.11 30/11/2006

PURCHASE                                                                 300              34.14 30/11/2006

SALE                                                                     500              34.43 30/11/2006

SALE                                                                     750              34.13 30/11/2006

SALE                                                                     500              34.19 30/11/2006

SALE                                                                   2,160               33.5 30/11/2006

SALE                                                                   1,000              33.96 30/11/2006

PURCHASE                                                               6,123               33.5 30/11/2006

PURCHASE                                                              75,000              33.85 01/12/2006

PURCHASE                                                             150,000               33.5 01/12/2006

PURCHASE                                                              75,000              32.85 01/12/2006

PURCHASE                                                              75,000               32.9 01/12/2006

PURCHASE                                                              62,703              33.89 01/12/2006

PURCHASE                                                              12,297              33.87 01/12/2006

PURCHASE                                                             121,000              33.28 04/12/2006

SALE                                                                     114              32.98 04/12/2006

SALE                                                                     400              33.48 04/12/2006

SALE                                                                   1,000              33.25 04/12/2006

SALE                                                                  14,172              33.48 04/12/2006

PURCHASE                                                              25,000              33.78 05/12/2006

PURCHASE                                                              40,000              33.79 05/12/2006

PURCHASE                                                              85,000               33.8 05/12/2006

SALE                                                                   7,000               33.6 05/12/2006

PURCHASE                                                             150,000              33.85 06/12/2006

PURCHASE                                                              50,000               33.7 06/12/2006

PURCHASE                                                              50,000               33.9 06/12/2006

PURCHASE                                                              64,537               33.8 06/12/2006

PURCHASE                                                              85,463              33.69 06/12/2006

PURCHASE                                                             100,000              33.75 06/12/2006

PURCHASE                                                                 500              33.42 07/12/2006

PURCHASE                                                                 500              33.33 07/12/2006

PURCHASE                                                                 750               33.6 07/12/2006

PURCHASE                                                                 500              33.14 08/12/2006

PURCHASE                                                              24,860              33.31 11/12/2006

PURCHASE                                                                 500              33.26 11/12/2006

SALE                                                                     500              33.56 11/12/2006

SALE                                                                 300,000              33.37 13/12/2006

PURCHASE                                                                 500              33.35 14/12/2006

PURCHASE                                                               2,345               33.4 14/12/2006

SALE                                                                   3,098              33.48 15/12/2006

SALE                                                                  48,216              33.48 15/12/2006

PURCHASE                                                               4,480              33.25 18/12/2006

PURCHASE                                                               1,000              33.34 18/12/2006

PURCHASE                                                                 154              33.27 18/12/2006

SALE                                                                   1,000              33.09 19/12/2006

SALE                                                                   1,800              33.21 19/12/2006

PURCHASE                                                               2,933              33.22 20/12/2006

SALE                                                                     700              33.08 21/12/2006

SALE                                                                   4,094              33.07 21/12/2006





(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
Futures 1206           Long                              31               34.35                   15/11/2006

Futures 1206           Long                              95               34.36                   15/11/2006

Futures 1206           Long                              10               33.17                   29/11/2006

Futures 0307           Long                             112               33.5                    07/12/2006

Futures 0307           Long                             656               33.5                    07/12/2006

Futures 0307           Long                              34               33.49                   07/12/2006

Futures 0307           Long                             196               33.49                   07/12/2006

Futures 1206           Short                            -146              33.6                    07/12/2006

Futures 1206           Short                            -852              33.6                    07/12/2006

Futures 0307           Long                              10               33.35                   15/12/2006

Futures 1206           Short                            -10               33.5                    15/12/2006




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