Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
23 April 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                                20/04/2007






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                    10,572,769   ......         1.173%
                                                        

(2) Derivatives (other than options)       10,052,799   ......         1.115%   30,731,090   ......         3.409%
                                                        
(3) Options and agreements to purchase/     6,383,112   ......         0.708%    6,205,187   ......         0.688%
sell                                                    


Total                                      27,008,680   ......         2.996%   36,936,277   ......         4.097%
                                                       



(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                                                       1,100                               36.51
Purchase                                                         900                               36.56
Purchase                                                       5,000                               37.12
Purchase                                                       5,000                               37.13
Purchase                                                      10,000                               37.25
Purchase                                                      10,000                               37.27
Purchase                                                       5,000                               37.29
Purchase                                                       2,500                               37.30
Purchase                                                       2,500                               37.35
Purchase                                                      10,000                               37.37
Purchase                                                       5,000                               37.44
Purchase                                                       8,846                               37.70
Purchase                                                       3,000                               37.84
Purchase                                                       6,020                               37.92
Purchase                                                       3,099                               37.97
Purchase                                                      88,413                               37.99
Purchase                                                       4,804                               37.99
Purchase                                                      41,559                               38.00
Purchase                                                       5,000                               38.01
Purchase                                                         500                               38.03
Purchase                                                       2,741                               38.05
Purchase                                                       9,500                               38.05
Purchase                                                      72,100                               38.05
Purchase                                                       7,080                               38.05
Purchase                                                      70,000                               38.07
Purchase                                                       2,000                               38.08
Purchase                                                         200                               38.08
Purchase                                                       5,000                               38.08
Purchase                                                       6,000                               38.12
Purchase                                                       5,000                               38.15
Purchase                                                       7,838                               38.20
Purchase                                                       6,000                               38.27
Purchase                                                       5,000                               38.27
Purchase                                                      88,044                               38.27
Purchase                                                      10,000                               38.30
Purchase                                                       5,000                               38.31
Purchase                                                       5,000                               38.32
Purchase                                                      15,000                               38.38
Purchase                                                      10,000                               38.40
Purchase                                                      10,000                               38.43
Purchase                                                       6,549                               38.43
Purchase                                                      13,451                               38.50
Purchase                                                       2,500                               38.51
Purchase                                                         589                               38.52
Purchase                                                      20,658                               38.56
Purchase                                                         429                               38.58
Purchase                                                       3,324                               38.60
Purchase                                                      30,000                               38.62
Purchase                                                      21,012                               38.63
Purchase                                                      43,988                               38.64
Purchase                                                      20,000                               38.65
Purchase                                                       4,711                               38.66
Purchase                                                      25,289                               38.67
Purchase                                                      10,684                               38.68
Purchase                                                      29,316                               38.70
Purchase                                                       1,000                               38.72
Purchase                                                      10,000                               38.73
Purchase                                                      25,886                               38.74
Purchase                                                      20,000                               38.75
Purchase                                                      20,000                               38.76
Purchase                                                         500                               38.78
Purchase                                                      23,114                               38.80
Purchase                                                       6,782                               38.82
Purchase                                                      32,718                               38.85
Disposal                                                       2,000                               36.54
Disposal                                                      20,000                               36.75
Disposal                                                      16,000                               37.07
Disposal                                                      10,000                               37.17
Disposal                                                      10,000                               37.24
Disposal                                                       4,000                               37.27
Disposal                                                   1,000,000                               37.30
Disposal                                                       5,000                               37.37
Disposal                                                      13,000                               37.40
Disposal                                                      13,000                               37.58
Disposal                                                      10,000                               37.60
Disposal                                                      46,000                               38.00
Disposal                                                         200                               38.01
Disposal                                                     158,500                               38.05
Disposal                                                      30,000                               38.06
Disposal                                                       5,000                               38.07
Disposal                                                      11,986                               38.10
Disposal                                                       9,800                               38.10
Disposal                                                          14                               38.12
Disposal                                                       5,362                               38.12
Disposal                                                         200                               38.13
Disposal                                                      25,060                               38.14
Disposal                                                       4,940                               38.15
Disposal                                                     140,000                               38.15
Disposal                                                       1,063                               38.15
Disposal                                                       1,969                               38.19
Disposal                                                     141,000                               38.20
Disposal                                                       1,396                               38.20
Disposal                                                       8,575                               38.20
Disposal                                                          31                               38.23
Disposal                                                       2,000                               38.24
Disposal                                                         604                               38.27
Disposal                                                       5,000                               38.43
Disposal                                                       7,206                               38.58
Disposal                                                       2,794                               38.60
Disposal                                                     247,420                               38.60
Disposal                                                      27,274                               38.60
Disposal                                                       9,580                               38.63
Disposal                                                       2,580                               38.63
Disposal                                                      10,920                               38.64
Disposal                                                     400,000                               38.64





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 Long                                                     5,500                            1.08
Warrant Call 34 12/07 Long                                                       400                            1.12
Warrant Call 34 12/07 Long                                                     6,000                            1.20
Warrant Call 34 12/07 Long                                                       220                            1.26
Warrant Call 34 12/07 Long                                                       200                            1.27
Warrant Call 34 12/07 Short                                                    5,500                            1.07
Warrant Call 34 12/07 Short                                                    6,000                            1.18
Warrant Call 35 09/07 Long                                                    10,000                            0.80
Warrant Call 35 09/07 Long                                                    20,000                            0.84
Warrant Call 35 09/07 Long                                                     5,000                            0.85
Warrant Call 35 09/07 Long                                                    12,000                            0.89
Warrant Call 35 09/07 Long                                                     7,000                            0.92
Warrant Call 35 09/07 Long                                                    11,000                            0.97
Warrant Call 35 09/07 Long                                                    12,040                            0.99
Warrant Call 35 09/07 Long                                                    14,600                            1.00
Warrant Call 35 09/07 Long                                                    24,800                            1.01
Warrant Call 35 09/07 Long                                                     4,000                            1.02
Warrant Call 35 09/07 Long                                                     1,000                            1.06
Warrant Call 35 09/07 Short                                                    6,000                            0.86
Warrant Call 35 09/07 Short                                                    6,000                            0.87
Warrant Call 35 09/07 Short                                                   43,000                            0.88
Warrant Call 35 09/07 Short                                                    6,000                            0.90
Warrant Call 36 06/07 Long                                                     2,600                            0.68
Warrant Call 36 06/07 Long                                                     7,400                            0.70
Warrant Call 36 06/07 Long                                                       600                            0.74
Warrant Call 36 06/07 Long                                                     4,000                            0.75
Warrant Call 36 06/07 Long                                                       200                            0.51
Warrant Call 36 06/07 Long                                                     1,040                            0.59
Warrant Call 36 06/07 Long                                                       900                            0.60
Warrant Call 36 06/07 Long                                                     1,000                            0.66
Warrant Call 36 06/07 Long                                                     1,800                            0.67
Warrant Call 36 06/07 Short                                                      800                            0.48
Warrant Call 36 06/07 Short                                                      840                            0.64
Warrant Call 36 06/07 Short                                                    5,800                            0.65
Warrant Call 36.5 12/ Long                                                       400                            0.86
07
Warrant Call 36.5 12/ Long                                                    65,000                            1.01
07
Warrant Call 37 09/07 Long                                                     1,000                            0.71
Warrant Call 37 09/07 Long                                                       440                            0.73
Warrant Call 37 09/07 Long                                                       200                            0.80
Warrant Call 38 06/07 Long                                                     3,640                            0.41
Warrant Call 38 06/07 Long                                                     1,674                            0.43
Warrant Call 38 06/07 Long                                                     1,200                            0.48
Warrant Call 38 06/07 Short                                                    3,640                            0.40
Warrant Call 38 06/07 Short                                                      360                            0.42
Warrant Call 40 06/08 Long                                                     2,000                            5.50
Warrant Call 40 06/08 Short                                                      175                            5.64
Warrant Put 33 06/07  Long                                                       600                            0.08
Warrant Put 35 12/07  Long                                                     2,000                            0.46
Warrant Put 36 06/07  Long                                                     8,000                            0.21
Warrant Put 36 06/07  Long                                                     4,000                            0.22
Warrant Put 36 06/07  Short                                                    4,000                            0.20
CFD 20/06/2007        Short                                                1,000,000                           37.30
Future 30/06/2007     Long                                                     5,000                           38.17
Future 30/06/2007     Long                                                     1,600                           38.27
Future 30/06/2007     Long                                                     5,000                           38.31
Future 30/06/2007     Long                                                       300                           38.50
Future 30/06/2007     Long                                                       200                           38.52
Future 30/06/2007     Long                                                     2,000                           38.67
Future 30/06/2007     Short                                                      100                           36.80
Future 30/06/2007     Short                                                    3,000                           36.84
Future 30/06/2007     Short                                                    3,000                           36.86
Future 30/06/2007     Short                                                    3,000                           36.88
Future 30/06/2007     Short                                                    3,000                           36.90
Future 30/06/2007     Short                                                      500                           36.90
Future 30/06/2007     Short                                                      200                           36.92
Future 30/06/2007     Short                                                      200                           36.96
Future 30/06/2007     Short                                                      100                           36.98
Future 30/06/2007     Short                                                    1,600                           37.18
Future 30/06/2007     Short                                                      900                           37.36
Future 30/06/2007     Short                                                    1,000                           37.62
Future 30/06/2007     Short                                                      300                           38.11
Future 30/06/2007     Short                                                      200                           38.18
Future 30/06/2007     Short                                                    5,000                           38.23
Future 30/06/2007     Short                                                    2,600                           38.27
Future 30/06/2007     Short                                                    5,000                           38.29
Future 30/06/2007     Short                                                      100                           38.33
Future 30/06/2007     Short                                                      100                           38.34
Future 30/06/2007     Short                                                    1,800                           38.35
Future 30/06/2007     Short                                                      400                           38.43
Future 30/06/2007     Short                                                    5,000                           38.48
Future 30/06/2007     Short                                                      400                           38.49
Future 30/06/2007     Short                                                      700                           38.56
Future 30/06/2007     Short                                                      500                           38.58
Future 30/06/2007     Short                                                    2,500                           38.63
Future 30/06/2007     Short                                                    3,000                           38.81
Future 30/06/2007     Short                                                      100                           38.87
Future 30/06/2007     Short                                                    1,000                           38.93





(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)
Call Option          Purchase                       138,000      38.00 European         30/06/2007            1.68
Call Option          Purchase                       105,000      37.00 European         30/06/2007            2.26
Call Option          Purchase                        98,900      36.00 European         31/12/2007            4.38
Call Option          Purchase                        50,000      37.00 European         30/06/2007            2.27
Call Option          Disposal                        50,500      42.00 European         31/12/2007            1.98
Call Option          Disposal                        36,600      40.00 European         31/12/2007            2.73
Put Option           Purchase                           300      37.00 European         30/06/2007            1.25
Put Option           Purchase                         2,900      37.00 European         30/06/2007            0.89





(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                                                23/04/2007

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                        35,000            36.00 European                    15/06/2007
Call  Option         Purchase                        35,000            36.00 European                    19/12/2008
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          Purchase                       100,000            34.00 European                    30/06/2007
Call Option          Purchase                       490,000            35.00 European                    30/06/2007
Call Option          Purchase                       145,000            36.00 European                    30/06/2007
Call Option          Purchase                        11,000            39.00 European                    30/06/2007
Call Option          Purchase                        98,900            36.00 European                    31/12/2007
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                         9,000            35.00 European                    31/12/2007
Call Option          Purchase                       200,000            21.00 European                    30/06/2008
Call Option          Purchase                        50,000            37.00 European                    30/06/2007
Call Option          Disposal                        25,000            37.00 European                    30/06/2007
Call Option          Disposal                     1,722,000            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
Call Option          Disposal                        36,600            40.00 European                    31/12/2007
Call Option          Disposal                        50,500            42.00 European                    31/12/2007
Call Option          Disposal                       250,000            22.00 European                    31/12/2008
Call Option          Disposal                         2,800            38.00 European                    31/12/2007
Call Option          Disposal                         3,000            38.00 European                    31/03/2008
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           Purchase                       500,000            32.00 European                    30/06/2007
Put Option           Purchase                       550,000            33.00 European                    30/06/2007
Put Option           Purchase                       281,700            34.00 European                    30/06/2007
Put Option           Purchase                       500,000            35.00 European                    31/12/2007
Put Option           Purchase                       250,000            22.00 European                    31/12/2008
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            35.00 European                    31/12/2008
Put Option           Purchase                       250,000            28.00 European                    31/12/2008
Put Option           Purchase                         1,000            35.00 European                    30/06/2007
Put Option           Purchase                         3,200            37.00 European                    30/06/2007
Put Option           Disposal                       500,000            32.00 European                    31/12/2007
Put Option           Disposal                       750,000            33.00 European                    31/12/2007
Put Option           Disposal                       250,000            28.00 European                    31/12/2008
Put Option           Disposal                       500,000            35.00 European                    31/12/2008
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            35.00 European                    31/12/2007
Warrant Call         Purchase                     1,498,890            34.00 European                    20/06/2008
Warrant Call         Purchase                     1,500,000            37.00 European                    20/06/2008
Warrant Call         Purchase                     1,499,285            40.00 European                    20/06/2008
Warrant Call         Purchase                       999,890            28.00 European                    30/06/2007
Warrant Call         Purchase                       595,200            34.00 European                    31/12/2007
Warrant Call         Purchase                       343,593            35.00 European                    30/09/2007
Warrant Call         Purchase                       321,370            36.00 European                    30/06/2007
Warrant Call         Purchase                       347,340            36.50 European                    31/12/2007
Warrant Call         Purchase                       393,068            37.00 European                    30/09/2007
Warrant Call         Purchase                       380,346            38.00 European                    30/06/2007
Warrant Put          Purchase                     1,500,000            24.00 European                    20/06/2008
Warrant Put          Purchase                       996,500            26.00 European                    30/06/2007
Warrant Put          Purchase                       600,000            31.00 European                    31/12/2007
Warrant Put          Purchase                       400,000            32.00 European                    30/09/2007
Warrant Put          Purchase                       399,168            33.00 European                    30/06/2007
Warrant Put          Purchase                       399,600            34.00 European                    30/09/2007
Warrant Put          Purchase                       597,200            35.00 European                    31/12/2007
Warrant Put          Purchase                       391,850            36.00 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               Purchase                         7,500                                              01/06/2007
Future               Disposal                       451,500                                              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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