equity stake in Capitalia

Banco Santander Central Hispano SA
07 February 2007


                                 MATERIAL FACT


       INTEREST HELD BY BANCO SANTANDER CENTRAL HISPANO S.A. IN THE SHARE 
                              CAPITAL OF CAPITALIA


Banco Santander Central Hispano S.A., following specific request to such effect
of Consob - Commissione Nazionale per le Societa e la Borsa regarding the recent
news reporting that Banco Santander Central Hispano S.A. would be holding shares
representing the 6.25% of the share capital of Capitalia and that a not better
specified portion of the said interest would have been purchased indirectly
through Mr. Vincent Bollore, hereby specifies that it does not hold any stake in
the share capital of Capitalia other than that, representing in the aggregate
the 1.89% of such share capital, which has been already communicated by its
Chairman Mr. Emilio Botin on the occasion of the presentation of the 2006
results, nor has Banco Santander Central Hispano S.A. ever entered into any
agreement for the acquisition of any such further stake with any third parties
whatsoever.


                          Boadilla del Monte (Madrid) - Milan, 7th February 2007




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