Rule 8.3- IBERDROLA

Banco Santander Central Hispano SA
06 March 2007

                                                                        FORM 8.3



    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

              (Rule 8.3 of the City Code on Takeovers and Mergers)



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      ORD
dealings being disclosed relate (Note 2)
Date of dealing                              05/03/2007



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)




(1) Relevant securities                    12,127,142               long         1.345%
(2) Derivatives (other     FUTURES
than options)                            short           31-Mar-07                       525,500     0.058%
                                         short           30-Jun-07                       132,100     0.015%
                                         long            30-Jun-07                        30,000     0.003%
(3) Options and agreements
to purchase/sell
Total


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


 Class of relevant
security:

(1) Relevant
securities
(2) Derivatives      WARRANTS
(other than options)                             maturity      strike        Number        %
                     CALL          long            31-Mar-07              34     1,498,890        0.166%
                     CALL          long            31-Mar-07              37     1,500,000        0.167%
                     CALL          long            31-Dec-07              40     1,499,460        0.167%
                     PUT           short           31-Mar-07              24     1,500,000        0.166%

                     FUTURES
                                                   18-May-07                     2,000,000        0.222%
                                                   19-Nov-08                       166,317        0.018%

(3) Options and      ORGANIZED MARKETS
agreements to
purchase/sell        call/putt   maturity       strike        long/short   number       %
                     CALL             31-Mar-07            30 short            -235,000      0.026%
                                                Total 30                       -235,000      0.026%
                                                           32 short              -5,000      0.001%
                                                Total 32                         -5,000      0.001%
                                                           33 long                  100      0.000%
                                                              short            -305,000      0.034%
                                                Total 33                       -304,900      0.034%
                                                           34 long              210,000      0.023%
                                                Total 34                        210,000      0.023%
                                                           35 short             -10,000      0.001%
                                                Total 35                        -10,000      0.001%
                                                           36 long               20,000      0.002%
                                                              short                -300      0.000%
                                                Total 36                         19,700      0.002%
                                      30-Jun-07            35 short             -10,000      0.001%
                                                Total 35                        -10,000      0.001%
                                                           36 short              -5,000      0.001%
                                                Total 36                         -5,000      0.001%
                                                           37 short            -130,000      0.014%
                                                Total 37                       -130,000      0.014%
                                                           38 short          -2,110,000      0.234%
                                                Total 38                     -2,110,000      0.234%
                                      30-Sep-07            31 short             -30,000      0.003%
                                                Total 31                        -30,000      0.003%
                                      31-Dec-07            33 short            -500,000      0.055%
                                                Total 33                       -500,000      0.055%
                                                           35 long                9,000      0.001%
                                                Total 35                          9,000      0.001%
                                                           38 long                4,000      0.000%
                                                Total 38                          4,000      0.000%
                                      30-Jun-08            21 long              200,000      0.022%
                                                Total 21                        200,000      0.022%
                                      31-Dec-08            22 long              250,000      0.028%
                                                              short            -250,000      0.028%
                                                Total 22                              0      0.000%
                     PUT              31-Mar-07            32 long              249,000      0.028%
                                                              short             -50,000      0.006%
                                                Total 32                        199,000      0.022%
                                                           33 long              400,000      0.044%
                                                Total 33                        400,000      0.044%
                                                           34 long               30,000      0.003%
                                                Total 34                         30,000      0.003%
                                      30-Jun-07            22 short            -200,000      0.022%
                                                Total 22                       -200,000      0.022%
                                                           33 long              150,000      0.017%
                                                Total 33                        150,000      0.017%
                                      31-Dec-07            31 long                9,000      0.001%
                                                Total 31                          9,000      0.001%
                                                           32 short            -500,000      0.055%
                                                Total 32                       -500,000      0.055%
                                                           33 short            -950,000      0.105%
                                                Total 33                       -950,000      0.105%
                                      31-Dec-08            22 long              250,000      0.028%
                                                              short            -250,000      0.028%
                                                Total 22                              0      0.000%





                     OTC

                     call/put      maturity         strike    long/short  number      %
                     CALL                 16-Mar-07      33.5 long            500,000     0.055%
                                                    Total                     500,000     0.055%
                                                    33.5
                                                           34 short          -300,000     0.033%
                                                    Total 34                 -300,000     0.033%
                                          21-Dec-07        23 short          -300,000     0.033%
                                                    Total 23                 -300,000     0.033%
                                          17-Jan-08     32.57 short           -11,456     0.001%
                                                    Total                     -11,456     0.001%
                                                    32.57
                                          29-Apr-08     20.17 long             87,613     0.010%
                                                    Total                      87,613     0.010%
                                                    20.17
                                          20-Aug-08     34.82 short           -22,975     0.003%
                                                    Total                     -22,975     0.003%
                                                    34.82
                                                      38.6502 long             22,975     0.003%
                                                    Total 38.6502              22,975     0.003%
                                          26-Feb-09     34.96 short            -8,563     0.001%
                                                    Total                      -8,563     0.001%
                                                    34.96
                                          01-Apr-09     27.41 short          -820,868     0.091%
                                                    Total                    -820,868     0.091%
                                                    27.41
                     PUT                  16-Mar-07        34 long            300,000     0.033%
                                                    Total 34                  300,000     0.033%
                                          20-Mar-07     33.48 short            -8,961     0.001%
                                                    Total                      -8,961     0.001%
                                                    33.48
                                          23-Mar-07     32.04 long            200,000     0.022%
                                                    Total                     200,000     0.022%
                                                    32.04
                                          11-Sep-07   27.5975 short           -19,929     0.002%
                                                    Total 27.5975             -19,929     0.002%
                                          20-Jun-08        22 long            250,000     0.028%
                                                    Total 22                  250,000     0.028%
                                          12-Jun-09     24.98 long             59,648     0.007%
                                                    Total                      59,648     0.007%
                                                    24.98
                                          25-Jun-09    18.242 short          -160,810     0.018%
                                                    Total                    -160,810     0.018%
                                                    18.242


(4) CFD                                         24,220,827     2.687%      Santander pays to counterparty the
                                                                           increase in price of the shares of
                                                                           Iberdrola above a reference level and
                                                                           receives the decrease in price with
                                                                           respect to such reference price.



(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                                                     10,000                32.17
Purchase                                                         328                32.33
Purchase                                                       4,672                32.28
Purchase                                                      14,856                32.22
Purchase                                                      20,000                32.25
Purchase                                                      30,000                32.15
Purchase                                                      15,000                32.05
Purchase                                                       5,000                32.02
Purchase                                                      10,000                32.11
Purchase                                                         126                32.08
Purchase                                                      11,874                32.09
Purchase                                                      10,000                32.13
Purchase                                                       6,800                32.06
Purchase                                                      15,000                32.41
Purchase                                                       7,500                32.39
Purchase                                                       9,000                32.28
Disposal                                                       5,000                32.29
Disposal                                                       5,000                32.40
Disposal                                                      10,000                32.37
Disposal                                                      49,519                32.25
Disposal                                                       8,000                32.32
Disposal                                                       5,000                32.35
Disposal                                                       5,000                32.36
Disposal                                                       2,000                32.40
Disposal                                                       3,000                32.44
Disposal                                                       5,000                32.25
Disposal                                                       2,153                32.37
Disposal                                                      19,000                32.33
Disposal                                                      13,000                32.35
Disposal                                                       5,000                32.40
Disposal                                                       7,800                32.45
Disposal                                                       3,700                32.50
Disposal                                                      18,000                32.48
Disposal                                                      40,000                32.28



(b)               Derivatives transactions (other than options)


                        number                      price
  Future     Purchase           3,000 long                  32.20
  Future     Purchase           2,500 long                  32.14
  Future     Purchase             500 long                  32.14
  Future     Disposal          -1,000 short                 32.14
  Future     Purchase             500 long                  32.51
  Future     Purchase           2,000 long                  32.30
  Future     Purchase             200 long                  32.37
  Future     Purchase             200 long                  32.12
  Future     Disposal            -200 short                 32.40
  Future     Disposal          -3,000 short                 32.76
  Future     Purchase             100 long                  32.67



(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


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









(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



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.



NONE...........................................................................
...





Is a Supplemental Form 8 attached? (Note 9)
            NO




Date of disclosure                                             05/03/2007
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


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