Affiliate's Holding

Banco Santander Central Hispano SA
24 October 2000

                                MATERIAL EVENT

Banco Santander Central Hispano S.A. informs that its affiliate, Cantabra de
Inversiones, has exchanged its holding of 51% on Activos Mass Market S.L. for
8.383.005 shares of Wanadoo, S.A., which is listed on Paris Primier Marche,
equivalent to 2.35% of its stock.

Activos Mass Market S.L. is a portfolio holding company whose asset is a stake
of 31% in Wanadoo Espana, S.L.  The latter is the beneficiary company of the
stake relating to residential internet and small enterprise businesses following
the partition of Lince Telecomunicaciones, S.A.

Madrid, 24th October 2000