Re Agreement

Banco Santander Central Hispano SA
26 April 2001


                               OTHER NOTIFICATIONS

Banco Santander Central Hispano informs that, with the conclusion of the period
applicable to the stability pact signed at the time of the privatization of
Instituto Bancario San Paolo di Torino, S.p.A. by this bank's principal
shareholders, Banco Santander Central Hispano has reviewed the convenience to it
and its shareholders of renewing, or not renewing the agreement.

This review has resulted in a decision not to renew the agreement.  Banco
Santander Central Hispano thereby regains full freedom of decision relating to
its 7% shareholding in San Paolo.

In any event, the business agreements in place between both Banks continue in
effect, in accord with their continuing relationship.