Disposal

Banco Santander Central Hispano SA
23 September 2005




                                 MATERIAL FACT

Grupo Santander and ACS Actividades de Construccion y Servicios, S.A. (ACS) have
agreed to the sale and purchase of a block of shares of Union Fenosa, S.A.
equivalent to 22,07% of its share capital, for a price of Euro 33.0 per share,
which amounts to a total of Euro 2,219 million.

As a result of this sale, Santander Central Hispano obtains a capital gain of
Euro 1,160 million approximately.

Following this operation, Grupo Santander holds no stake in Union Fenosa, S.A.
Once that the transaction is executed, the representatives of Grupo Santander on
the Board of Directors of Union Fenosa, S.A. shall resign their respective
seats.


                                 Boadilla del Monte (Madrid), September 23, 2005




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