Rule 8.3- Iberdrola SA

Banco Santander Central Hispano SA
12 March 2007


                                    FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
                        (Rule 8.3 of the Takeover Code)



1. KEY INFORMATION

Name of person dealing (Note 1)                        BANCO SANTANDER CENTRAL
                                                       HISPANO, S.A.

Company dealt in                                       IBERDROLA

Class of relevant security to which the dealings being ORDINARY
disclosed relate (Note 2)

Date of dealing                                        09/03/2007


2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE


(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

            Long                                        Short
            Number (%)                                  Number (%)
(1)         12,306,200.................1.365%
Relevant
securities
(2)         22,108,767.................2.452%   40,805,917..............4.526%
Derivatives
(other than
options)
(3) Options 4,910,336..................0.545%    6,682,862..............0.741%
and
agreements
to purchase
/sell
    Total   39,325,303.................4.362%   47,488,779..............5.267%


(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)

Class of relevant security:                        Long           Short
                                                   Number (%)     Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
                                           Total


(c) Rights to subscribe (Note 3)

Class of relevant security:                                   Details





3. DEALINGS (Note 4)


(a) Purchases and sales

Purchase/sale   Number of securities        Price per unit - € (Note 5)

Purchase                            4,976                                33.28
Purchase                            4,000                                33.28
Purchase                           10,000                                33.46
Purchase                           10,000                                33.50
Disposal                            6,219                                33.13
Disposal                            4,647                                33.20
Disposal                              291                                33.22
Disposal                            4,938                                33.23
Disposal                            4,938                                33.25
Disposal                            4,938                                33.27
Disposal                            4,915                                33.30
Disposal                            4,961                                33.31
Disposal                            9,786                                33.32
Disposal                               90                                33.33
Disposal                            3,498                                33.35
Disposal                            6,378                                33.39
Purchase                            6,000                                33.11
Purchase                            3,383                                33.44
Purchase                           10,000                                33.42
Purchase                           10,000                                33.34
Purchase                            5,000                                33.32
Purchase                           10,000                                33.21
Purchase                            5,000                                33.25
Purchase                            9,000                                33.26
Purchase                           10,000                                33.19
Purchase                           40,000                                33.27
Disposal                           19,000                                33.34
Disposal                           21,000                                33.33
Disposal                            5,000                                33.36
Disposal                           12,000                                33.30
Disposal                           27,138                                33.50
Disposal                            2,862                                33.53
Disposal                            5,000                                33.54
Disposal                           15,000                                33.27
Purchase                          100,000                                33.30



(b)               Derivatives transactions (other than options)

Product      Long/short (Note  Number of securities      Price per unit - €
name,        6)                (Note 7)                  (Note 5)
e.g. CFD
Future
31/03/2007   long                                  500                   33.16
Future
31/03/2007   long                                  300                   33.30
Future
31/03/2007   long                                  500                   33.37
Future
31/03/2007   long                                1,500                   33.45
Future
31/03/2007   short                                 500                   33.19
Future
31/03/2007   short                               1,500                   33.29
Future
31/03/2007   short                                 500                   33.33
Future
30/06/2007   short                                 100                   33.67


(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product Writing,       Number of          Exercise Type, e.g.  Expiry Option
name,   selling,       securities to      price    American,   date   money
e.g.    purchasing,    which the option            European           paid/
call    varying etc.   relates (Note 7)            etc.               received
option                                                                per unit
                                                                      (Note 5)
                                                                     




(ii) Exercising

Product name, e.g. call       Number of           Exercise price per unit (Note
option                        securities          5)



(d) Other dealings (including new securities) (Note 4)

Nature of transaction (Note 8)  Details  Price per unit (if applicable) (Note 5)




4. OTHER INFORMATION


Agreements, arrangements or understandings relating to options or derivatives


NONE



Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced. If none, this should be
stated.




Is a Supplemental Form 8 attached? (Note 9) YES



Date of disclosure                                           12/03/2007

Contact name                                                 JOSE MANUEL ARALUCE

Telephone number                                             (34) 91-289 3392

If a connected EFM, name of offeree/offeror with which
connected

If a connected EFM, state nature of connection (Note 10)



Notes


The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk



                                                             SUPPLEMENTAL FORM 8



                           DETAILS OF OPEN POSITIONS

   (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as
                                  appropriate)






OPEN POSITIONS (Note 1)

Product Written   Number of securities to   Exercise    Type, e.g.     Expiry
name,   or        which the option or       price - €   American,      date
        purchased derivative relates        (Note 2)    European etc.
e.g.
call
option
CALL    written                   305,000          33   european       31-Mar-07
OPTION
CALL    written                   235,000          30   european       31-Mar-07
OPTION
CALL    written                     5,000          32   european       31-Mar-07
OPTION
CALL    purchase                  210,000          34   european       31-Mar-07
OPTION
CALL    written                    10,000          35   european       31-Mar-07
OPTION
CALL    purchase                   20,000          36   european       31-Mar-07
OPTION
CALL    written                    10,000          35   european       30-Jun-07
OPTION
CALL    written                     5,000          36   european       30-Jun-07
OPTION
CALL    written                   130,000          37   european       30-Jun-07
OPTION
CALL    written                 2,110,000          38   european       30-Jun-07
OPTION
CALL    written                    30,000          31   european       30-Sep-07
OPTION
CALL    written                   500,000          33   european       31-Dec-07
OPTION
CALL    purchase                  250,000          22   european       31-Dec-08
OPTION
CALL    purchase                  500,000          39   european       31-Dec-08
OPTION
CALL    purchase                      100          33   european       31-Mar-07
OPTION
CALL    written                       300          36   european       31-Mar-07
OPTION
CALL    purchase                    9,000          35   european       31-Dec-07
OPTION
CALL    purchase                  200,000          21   european       30-Jun-08
OPTION
CALL    written                   250,000          22   european       31-Dec-08
OPTION
CALL    written                   300,000          34   european       16-Mar-07
OPTION
CALL    purchase                  500,000        33.5   european       16-Mar-07
OPTION
CALL    written                   300,000          23   european       21-Dec-07
OPTION
CALL    written                    11,456       32.57   european       17-Jan-08
OPTION
CALL    written                    22,975       34.82   european       20-Aug-08
OPTION
CALL    purchase                   22,975     38.6502   european       20-Aug-08
OPTION
CALL    written                     8,563       34.96   european       26-Feb-09
OPTION
CALL    written                   820,868       27.41   european       01-Apr-09
OPTION
CALL    purchase                   87,613       20.17   european       29-Apr-08
OPTION
PUT     written                   300,000          34   european       16-Mar-07
OPTION
PUT     purchase                    8,961       33.48   european       20-Mar-07
OPTION
PUT     purchase                   19,929     27.5975   european       11-Sep-07
OPTION
PUT     written                   250,000          22   european       20-Jun-08
OPTION
PUT     written                    59,648       24.98   european       12-Jun-09
OPTION
PUT     purchase                  160,810      18.242   european       25-Jun-09
OPTION
PUT     written                   200,000       32.04   european       23-Mar-07
OPTION
PUT     written                   100,000          33   european       31-Mar-07
OPTION
PUT     written                   251,000          32   european       31-Mar-07
OPTION
PUT     purchase                   30,000          34   european       31-Mar-07
OPTION
PUT     purchase                  500,000          32   european       30-Jun-07
OPTION
PUT     purchase                  300,000          33   european       30-Jun-07
OPTION
PUT     written                   500,000          32   european       31-Dec-07
OPTION
PUT     written                   750,000          33   european       31-Dec-07
OPTION
PUT     purchase                  250,000          22   european       31-Dec-08
OPTION
PUT     written                    50,000          32   european       31-Mar-07
OPTION
PUT     purchase                  200,000          33   european       31-Mar-07
OPTION
PUT     written                   200,000          22   european       30-Jun-07
OPTION
PUT     purchase                  150,000          33   european       30-Jun-07
OPTION
PUT     purchase                    9,000          31   european       31-Dec-07
OPTION
PUT     written                   200,000          33   european       31-Dec-07
OPTION
PUT     written                   250,000          22   european       31-Dec-08
OPTION

WARRANT purchase                1,498,890          34   european       31-mar-07
CALL
WARRANT purchase                1,500,000          37   european       31-mar-07
CALL
WARRANT purchase                1,499,460          40   european       31-Dec-07
CALL
WARRANT purchase                1,841,530          36   european       15-jun-07
CALL
WARRANT purchase                1,900,862          38   european       15-jun-07
CALL
WARRANT purchase                1,453,400          35   european       21-sep-07
CALL
WARRANT purchase                  739,218          37   european       21-sep-07
CALL
WARRANT purchase                2,999,300          37   european       21-Dec-07
CALL
WARRANT purchase                3,000,000          34   european       21-Dec-07
CALL
WARRANT purchase                  999,890          28   european       15-jun-07
CALL
WARRANT purchase                  999,900          26   european       16-mar-07
CALL
WARRANT written                 1,500,000          24   european       31-mar-07
PUT
WARRANT purchase                1,978,940          33   european       15-jun-07
PUT
WARRANT purchase                1,998,700          36   european       15-jun-07
PUT
WARRANT purchase                2,000,000          32   european       21-sep-07
PUT
WARRANT purchase                1,989,000          34   european       21-sep-07
PUT
WARRANT purchase                3,000,000          31   european       21-Dec-07
PUT
WARRANT purchase                3,000,000          35   european       21-Dec-07
PUT
WARRANT purchase                  995,250          26   european       15-jun-07
PUT
WARRANT purchase                  998,500          24   european       16-mar-07
PUT

FUTURE  written                   466,000                              31-mar-07
FUTURE  purchase                   10,000                              31-mar-07
FUTURE  written                   158,700                              30-jun-07
FUTURE  purchase                2,000,000                              18-may-07
FUTURE  purchase                  166,317                              19-nov-08
CFD     selling                23,995,272                              06-feb-08
CFD     selling                   225,555                              08-jun-07



Notes


1. Where there are open option positions or open derivative positions (except
for CFDs), full details should be given. Full details of any existing agreements
to purchase or to sell should also be given on this form.


2. For all prices and other monetary amounts, the currency must be stated.


For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk






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