Disposal

Banco Santander Central Hispano SA
4 April 2002


                         OTHER COMMUNICATIONS

BANCO SANTANDER CENTRAL HISPANO, S.A, hereby notifies that yesterday it was
signed an agreement to sell its 21.97% stake in the capital of AGUAS DE
VALENCIA, S.A. for an amount of Euro 32.5 million.

Such sale will either be made to the institutions signing such purchase and sale
agreement or, if applicable, to those institutions exercising the rights of
first refusal granted by the current Agreement of the Shareholders of AGUAS DE
VALENCIA, S.A. of which BANCO SANTANDER CENTRAL HISPANO, S.A. forms part.

                                        In Madrid, this 4th day of April 2002.


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