Rule 8.3- Iberdrola SA

Banco Santander Central Hispano SA
22 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        ORDINARY
dealings being disclosed relate (Note 2)

Date of dealing                                21/03/2007

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) Relevant securities                    11,238,322   ......         1.247%

(2) Derivatives (other than options)        9,702,430   ......         1.076%   29,766,995   ......         3.302%

(3) Options and agreements to purchase/     4,338,212   ......         0.481%    4,864,387   ......         0.540%
sell                                                 

Total                                      25,278,964   ......         2.804%   34,631,382   ......         3.841%


(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) Euro


Purchase                                                      10,000                               34.52
Purchase                                                      17,000                               34.62
Purchase                                                         970                               34.53
Purchase                                                      10,030                               34.56
Purchase                                                      13,000                               34.58
Purchase                                                       3,500                               34.59
Purchase                                                       9,896                               34.58
Purchase                                                       5,000                               34.50
Purchase                                                       5,000                               34.60
Purchase                                                       5,000                               34.62
Purchase                                                       3,000                               34.65
Purchase                                                       5,000                               34.70
Purchase                                                       2,500                               34.48
Purchase                                                       5,500                               34.49
Disposal                                                      12,370                               34.63
Disposal                                                       1,500                               34.57
Disposal                                                       6,000                               34.68





Derivatives transactions (other than options)


Product name,         Long/short (Note 6)              Number of securities (Note 7)    Price per unit (Note 5) Euro

e.g. CFD
Warrant Call 34 12/07 Short                                                    4,130                            0.83
Warrant Call 35 09/07 Long                                                     3,000                            0.61
Warrant Call 35 09/07 Long                                                     5,000                            0.62
Warrant Call 35 09/07 Long                                                     5,000                            0.62
Warrant Call 35 09/07 Long                                                     2,000                            0.62
Warrant Call 35 09/07 Long                                                     6,000                            0.62
Warrant Call 35 09/07 Long                                                     8,000                            0.62
Warrant Call 35 09/07 Long                                                     6,000                            0.62
Warrant Call 35 09/07 Long                                                     6,000                            0.62
Warrant Call 35 09/07 Short                                                      600                            0.62
Warrant Call 35 09/07 Short                                                      600                            0.62
Warrant Call 35 09/07 Short                                                    7,000                            0.61
Warrant Call 35 09/07 Short                                                    5,000                            0.61
Warrant Call 35 09/07 Short                                                    6,000                            0.61
Warrant Call 35 09/07 Short                                                      600                            0.62
Warrant Call 35 09/07 Short                                                      800                            0.62
Warrant Call 35 09/07 Short                                                       60                            0.62
Warrant Call 35 09/07 Short                                                    6,000                            0.61
Warrant Call 35 09/07 Short                                                    8,000                            0.61
Warrant Call 37 06/08 Short                                                      500                            5.02
Warrant Call 38 06/07 Short                                                    2,500                            0.24
Future 30/06/2007     Short                                                      300                           34.95
Future 30/06/2007     Short                                                    1,000                           34.96





(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


Product name,        Writing, selling, Number of securities Exercise   Type, e.g.     Expiry       Option money
                       purchasing,     to which the option             American,
e.g. call option     varying etc.      relates (Note 7)     price      European etc.  date         paid/received
                                                                                                   per unit (Note
                                                                                                   5)
Put Option           Expired                          8,961      33.48 European         20/03/2007            0.00





(ii)        Exercising


Product name, e.g. call option         Number of securities                  Exercise price per unit (Note 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                                                22/03/2007

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 name,        Written or        Number of securities   Exercise price     Type, e.g.       Expiry date
                     purchased       to which the option or         (Note 2)      American,
e.g. call option                         derivative relates                   European etc.
                                                                        Euro

Call Option          Purchase                         9,000            35.00 European                    31/12/2007
Call Option          Purchase                       200,000            21.00 European                    30/06/2008
Call Option          Purchase                       100,000            34.00 European                    30/06/2007
Call Option          Purchase                       250,000            22.00 European                    31/12/2008
Call Option          Purchase                       500,000            39.00 European                    31/12/2008
Call Option          Purchase                         8,563            34.96 European                    26/02/2009
Call Option          Purchase                        22,975            38.65 European                    20/08/2008
Call Option          Purchase                        22,975            34.82 European                    20/08/2008
Call Option          Purchase                        11,456            32.57 European                    17/01/2008
Call Option          Purchase                       820,868            27.41 European                    01/04/2009
Call Option          Purchase                       300,000            23.00 European                    21/12/2007
Call Option          Purchase                       192,375            17.48 European                    19/11/2007
Call Option          Disposal                       250,000            22.00 European                    31/12/2008
Call Option          Disposal                        10,000            35.00 European                    30/06/2007
Call Option          Disposal                       105,000            36.00 European                    30/06/2007
Call Option          Disposal                       130,000            37.00 European                    30/06/2007
Call Option          Disposal                     2,110,000            38.00 European                    30/06/2007
Call Option          Disposal                        30,000            31.00 European                    30/09/2007
Call Option          Disposal                       500,000            33.00 European                    31/12/2007
Put Option           Purchase                         9,000            31.00 European                    31/12/2007
Put Option           Purchase                       150,000            33.00 European                    30/06/2007
Put Option           Purchase                        30,000            29.00 European                    30/09/2007
Put Option           Purchase                       500,000            32.00 European                    30/06/2007
Put Option           Purchase                       300,000            33.00 European                    30/06/2007
Put Option           Purchase                       250,000            22.00 European                    31/12/2008
Put Option           Purchase                        19,929            27.60 European                    11/09/2007
Put Option           Purchase                       160,810            18.24 European                    25/06/2009
Put Option           Purchase                        59,648            24.98 European                    12/06/2009
Put Option           Purchase                       250,000            22.00 European                    20/06/2008
Put Option           Disposal                       200,000            22.00 European                    30/06/2007
Put Option           Disposal                       200,000            33.00 European                    31/12/2007
Put Option           Disposal                       250,000            22.00 European                    31/12/2008
Put Option           Disposal                       500,000            32.00 European                    31/12/2007
Put Option           Disposal                       750,000            33.00 European                    31/12/2007
Warrant  Call        Purchase                     1,498,890            34.00 European                    20/06/2008
Warrant Call         Purchase                     1,499,500            37.00 European                    20/06/2008
Warrant Call         Purchase                     1,499,460            40.00 European                    20/06/2008
Warrant Call         Purchase                       374,241            36.00 European                    30/06/2007
Warrant Call         Purchase                       382,732            38.00 European                    30/06/2007
Warrant Call         Purchase                        87,132            35.00 European                    30/09/2007
Warrant Call         Purchase                         2,218            37.00 European                    30/09/2007
Warrant Call         Purchase                       596,960            36.50 European                    31/12/2007
Warrant Call         Purchase                       595,090            34.00 European                    31/12/2007
Warrant Call         Purchase                       999,890            28.00 European                    30/06/2007
Warrant Put          Purchase                     1,500,000            24.00 European                    20/06/2008
Warrant Put          Purchase                       399,768            33.00 European                    30/06/2007
Warrant Put          Purchase                       400,000            36.00 European                    30/06/2007
Warrant Put          Purchase                       400,000            32.00 European                    30/09/2007
Warrant Put          Purchase                       399,600            34.00 European                    30/09/2007
Warrant Put          Purchase                       600,000            31.00 European                    31/12/2007
Warrant Put          Purchase                       599,800            35.00 European                    31/12/2007
Warrant Put          Purchase                       996,500            26.00 European                    30/06/2007
Future               Purchase                     1,000,000                                              19/05/2007
Future               Purchase                     1,000,000                                              19/05/2007
Future               Purchase                       166,317                                              16/11/2007
Future               Disposal                        20,000                                              01/06/2007
Future               Disposal                       230,500                                              30/06/2007







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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