Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA
21 February 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    IBERDROLA  (ES0144580018)
the dealings being disclosed relate
(Note 2)

Date of dealing                        February 20, 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                         10,431,416         1.157%

(2) Derivatives (other than options)            101,800  FUT       0.011%

(3) Options and agreements to purchase/sell

Total                                           10,533,216         1.168%



(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 (Note 5)     TRADE  DATE


PURCHASE                                             2,500            35.05                20/02/2007

PURCHASE                                               940            34.99                20/02/2007

PURCHASE                                                70            35.19                20/02/2007

PURCHASE                                                95            34.93                20/02/2007

PURCHASE                                               150            35.30                20/02/2007

PURCHASE                                               200            35.15                20/02/2007

PURCHASE                                               215            35.39                20/02/2007

PURCHASE                                               400            35.28                20/02/2007

PURCHASE                                             1,000            34.82                20/02/2007

PURCHASE                                             1,100            35.26                20/02/2007

SALE                                                   500            35.04                20/02/2007

SALE                                                   500            35.24                20/02/2007

SALE                                                    95            35.33                20/02/2007

SALE                                                   140            35.21                20/02/2007

SALE                                                   270            34.96                20/02/2007

SALE                                                   430            35.32                20/02/2007

SALE                                                   542            35.22                20/02/2007

SALE                                                 1,000            35.28                20/02/2007

SALE                                                 2,494            35.32                20/02/2007

SALE                                                 2,506            35.33                20/02/2007

SALE                                                 5,000            35.24                20/02/2007

TRANSFER*                                            4,498              -                  20/02/2007

TRANSFER*                                            4,982              -                  20/02/2007

(*) Transfer of the portfolio from another bank.



b)            Derivatives transactions (other than options)


Product name,           Long/short (Note 6)   Number of securities (Note Price per unit    TRADE DATE
                                              7)                         (Note 5)
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                                                      February 21, 2007

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







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


FUTURE IBERDROLA 0307 20.03.06         100                     NA                NA              16.03.2007




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




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