Rule 8.3- Iberdrola, S.A.

Banco Bilbao Vizcaya Argentaria SA 06 March 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 March 05, 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 10,169,586 1.128% (2) Derivatives (other than options) 101,800 FUT 0.011% (3) Options and agreements to purchase/sell Total 10,271,386 1.139% (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 1,000 32.18 05/03/2007 PURCHASE 760 32.21 05/03/2007 PURCHASE 1,000 32 05/03/2007 PURCHASE 1,000 32 05/03/2007 PURCHASE 1,000 32 05/03/2007 PURCHASE 1,000 32 05/03/2007 PURCHASE 1,000 32 05/03/2007 PURCHASE 273 32.21 05/03/2007 PURCHASE 1,000 32.9 05/03/2007 PURCHASE 588 32.85 05/03/2007 PURCHASE 1,912 32.95 05/03/2007 PURCHASE 2,500 32.55 05/03/2007 SALE 500 32.08 05/03/2007 SALE 125 32.04 05/03/2007 SALE 200 32.04 05/03/2007 SALE 220 32.04 05/03/2007 SALE 80 32.04 05/03/2007 SALE 70 32.04 05/03/2007 SALE 225 32.04 05/03/2007 SALE 90 32.04 05/03/2007 SALE 40 32.04 05/03/2007 SALE 30 32.06 05/03/2007 SALE 140 32.06 05/03/2007 SALE 180 32.06 05/03/2007 SALE 75 32.06 05/03/2007 SALE 115 32.06 05/03/2007 SALE 118 32.05 05/03/2007 SALE 125 32.05 05/03/2007 SALE 120 32.06 05/03/2007 SALE 135 32.06 05/03/2007 SALE 350 32.1 05/03/2007 SALE 25 32.06 05/03/2007 SALE 20 32.06 05/03/2007 SALE 870 32.14 05/03/2007 SALE 385 32.1 05/03/2007 SALE 600 32.07 05/03/2007 SALE 125 32.06 05/03/2007 SALE 20 32.14 05/03/2007 SALE 125 32.06 05/03/2007 SALE 75 32.06 05/03/2007 SALE 110 32.14 05/03/2007 SALE 170 32.24 05/03/2007 SALE 815 32.19 05/03/2007 SALE 170 32.19 05/03/2007 SALE 195 32.24 05/03/2007 SALE 180 32.19 05/03/2007 SALE 95 32.24 05/03/2007 SALE 410 32.15 05/03/2007 SALE 85 32.15 05/03/2007 SALE 70 32.15 05/03/2007 SALE 110 32.21 05/03/2007 SALE 90 32.2 05/03/2007 SALE 245 32.2 05/03/2007 SALE 165 32.01 05/03/2007 SALE 205 32.01 05/03/2007 SALE 215 32.01 05/03/2007 SALE 770 32.2 05/03/2007 SALE 280 32.2 05/03/2007 SALE 100 32.04 05/03/2007 SALE 75 32.04 05/03/2007 SALE 500 32.04 05/03/2007 SALE 3,000 32.12 05/03/2007 SALE 1,846 32.87 05/03/2007 SALE 75 32.5 05/03/2007 SALE 80 32.5 05/03/2007 SALE 30 32.5 05/03/2007 SALE 130 32.4 05/03/2007 SALE 350 32.5 05/03/2007 SALE 230 32.5 05/03/2007 SALE 150 32.48 05/03/2007 SALE 125 32.48 05/03/2007 SALE 190 32.38 05/03/2007 SALE 205 32.38 05/03/2007 SALE 400 32.32 05/03/2007 SALE 180 32.49 05/03/2007 SALE 120 32.5 05/03/2007 SALE 150 32.32 05/03/2007 SALE 115 32.51 05/03/2007 SALE 630 32.51 05/03/2007 SALE 110 32.51 05/03/2007 SALE 165 32.49 05/03/2007 SALE 75 32.5 05/03/2007 SALE 55 32.4 05/03/2007 SALE 205 32.51 05/03/2007 SALE 60 32.48 05/03/2007 SALE 270 32.48 05/03/2007 SALE 125 32.48 05/03/2007 SALE 140 32.49 05/03/2007 SALE 1,010 32.46 05/03/2007 SALE 980 32.42 05/03/2007 SALE 600 32.42 05/03/2007 SALE 175 32.57 05/03/2007 SALE 245 32.57 05/03/2007 SALE 380 32.57 05/03/2007 SALE 250 32.5 05/03/2007 SALE 65 32.32 05/03/2007 SALE 65 32.32 05/03/2007 SALE 190 32.32 05/03/2007 SALE 300 32.31 05/03/2007 SALE 55 32.31 05/03/2007 SALE 160 32.49 05/03/2007 SALE 180 32.49 05/03/2007 SALE 90 32.33 05/03/2007 SALE 350 32.33 05/03/2007 SALE 175 32.49 05/03/2007 SALE 190 32.33 05/03/2007 SALE 125 32.5 05/03/2007 SALE 300 32.32 05/03/2007 SALE 300 32.32 05/03/2007 SALE 42 32.5 05/03/2007 SALE 265 32.31 05/03/2007 SALE 365 32.49 05/03/2007 SALE 215 32.5 05/03/2007 SALE 85 32.5 05/03/2007 SALE 250 32.5 05/03/2007 SALE 120 32.31 05/03/2007 SALE 315 32.3 05/03/2007 SALE 325 32.3 05/03/2007 SALE 100 32.3 05/03/2007 SALE 95 32.3 05/03/2007 SALE 90 32.5 05/03/2007 SALE 185 32.5 05/03/2007 SALE 95 32.5 05/03/2007 SALE 868 32.48 05/03/2007 SALE 65 32.48 05/03/2007 SALE 150 32.43 05/03/2007 SALE 150 32.5 05/03/2007 SALE 50 32.43 05/03/2007 SALE 100 32.43 05/03/2007 SALE 180 32.4 05/03/2007 SALE 250 32.4 05/03/2007 SALE 85 32.39 05/03/2007 SALE 100 32.4 05/03/2007 SALE 200 32.4 05/03/2007 SALE 200 32.5 05/03/2007 SALE 130 32.32 05/03/2007 SALE 160 32.32 05/03/2007 SALE 115 32.32 05/03/2007 SALE 155 32.32 05/03/2007 SALE 80 32.32 05/03/2007 SALE 125 32.32 05/03/2007 SALE 125 32.32 05/03/2007 SALE 55 32.32 05/03/2007 SALE 140 32.32 05/03/2007 SALE 85 32.32 05/03/2007 SALE 215 32.32 05/03/2007 SALE 85 32.32 05/03/2007 SALE 180 32.31 05/03/2007 SALE 3,610 32.41 05/03/2007 SALE 115 32.37 05/03/2007 SALE 500 32.39 05/03/2007 SALE 100 32.38 05/03/2007 SALE 450 32.38 05/03/2007 SALE 287 32.38 05/03/2007 SALE 90 32.5 05/03/2007 SALE 110 32.5 05/03/2007 SALE 110 32.5 05/03/2007 SALE 255 32.5 05/03/2007 SALE 81 32.5 05/03/2007 SALE 230 32.5 05/03/2007 SALE 115 32.48 05/03/2007 SALE 50 32.87 05/03/2007 SALE 85 32.82 05/03/2007 SALE 195 32.31 05/03/2007 SALE 105 32.31 05/03/2007 SALE 105 32.31 05/03/2007 SALE 70 32.3 05/03/2007 SALE 120 32.32 05/03/2007 SALE 210 32.4 05/03/2007 SALE 170 32.04 05/03/2007 SALE 500 32.55 05/03/2007 SALE 7,428 32.28 05/03/2007 SALE 150 32.43 05/03/2007 TRANSFER* 2 - 05/03/2007 TRANSFER* 15 - 05/03/2007 TRANSFER* 2 - 05/03/2007 TRANSFER* 308 - 05/03/2007 TRANSFER* 33 - 05/03/2007 TRANSFER* 355 - 05/03/2007 (*) 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 March 06, 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 This information is provided by RNS The company news service from the London Stock Exchange

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