Material Event - Replacement

Banco Santander Central Hispano SA
24 October 2000


The issuer has made the following amendment to the Material Event
announcement released today at 12:33 p.m. under RNS No. 9556S.

In paragraph 1, the amount of shares exchanged should read 8.382.005 shares and
not 8.383.005 as previously stated.

The percentage of stock should read 0.704% and not 2.35% as previously stated.

All other details remain unchanged.

The full corrected version is shown below.

                                   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
8.382.005 shares of Wanadoo, S.A., which is listed on Paris Primier Marche,
equivalent to 0.704 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