Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
07 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                              06/03/2007


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                    12,034,219               long         1.335%
(2) Derivatives (other     FUTURES
than options)                            short           31-Mar-07                       510,000     0.056%
                                         short           30-Jun-07                      -144,100     0.015%
                                         long            30-Jun-07                        30,000     0.003%
(3) Options and agreements
to purchase/sell           ORGANIZED MARKETS

                           call/putt     vto          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                     0         0%
                                                                    short             -301,000     0.033%
                                                      Total 32                         699,000     0.078%
                                                                 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%
                                                                 32 long               500,000     0.055%
                                                      Total 32                         500,000     0.055%
                                                                 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%

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
agreements to        OTC
purchase/sell
                     Call/put      maturity         strike    long/short  number      %
                     CALL                 16-Mar-07      33.5 long            500,000     0.055%
                                                    Total                     
                                                    33.5                      500,000     0.055%
                                                           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 32.57               -11,456     0.001%
                                                    
                                          29-Apr-08     20.17 long             87,613     0.010%
                                                    Total 20.17                87,613     0.010%
                                                    
                                          20-Aug-08     34.82 short           -22,975     0.003%
                                                    Total 34.82               -22,975     0.003%
                                                    
                                                      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 34.96                -8,563     0.001%
                                                    
                                          01-Apr-09     27.41 short          -820,868     0.091%
                                                    Total 27.41              -820,868     0.091%
                                                    
                     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 33.48                -8,961     0.001%
                                                    
                                          23-Mar-07     32.04 long            200,000     0.022%
                                                    Total 32.04               200,000     0.022%
                                                    
                                          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 24.98                59,648     0.007%
                                                    
                                          25-Jun-09    18.242 short          -160,810     0.018%
                                                    Total 18.242             -160,810     0.018%
                                                    


(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                               32.50
Purchase                                                       7,000                               32.40
Purchase                                                       7,000                               32.33
Purchase                                                       5,000                               32.48
Purchase                                                       5,000                               32.46
Purchase                                                       1,386                               32.47
Purchase                                                      10,000                               32.56
Purchase                                                       5,000                               32.65
Purchase                                                       5,000                               32.60
Purchase                                                      49,517                               32.50
Purchase                                                      30,000                               32.54
Disposal                                                       1,129                               32.66
Disposal                                                      24,171                               32.65
Disposal                                                      21,163                               32.70
Disposal                                                       5,000                               32.64
Disposal                                                       8,845                               32.67
Disposal                                                      13,000                               32.63
Disposal                                                       9,992                               32.68
Disposal                                                      10,000                               32.54
Disposal                                                       9,000                               32.50
Disposal                                                       9,000                               32.60
Disposal                                                         700                               32.69
Disposal                                                      30,000                               32.58
Disposal                                                       5,000                               32.75
Disposal                                                      20,000                               32.46
Disposal                                                       9,904                               32.82
Disposal                                                       3,693                               32.54
Disposal                                                       5,107                               32.56
Disposal                                                       7,660                               32.58
Disposal                                                      15,955                               32.60
Disposal                                                       4,115                               32.61
Disposal                                                         505                               32.63
Disposal                                                       8,887                               32.65
Disposal                                                       5,000                               32.68



(b)               Derivatives transactions (other than options)
                                        number      maturity        price
   Future      Disposal   short                -500   31-Mar-07     32.62
   Future      Purchase   long                3,000   31-Mar-07     32.72
   Future      Purchase   long                3,000   31-Mar-07     32.69
   Future      Purchase   long                2,000   31-Mar-07     32.64
   Future      Purchase   long                3,000   31-Mar-07     32.64
   Future      Purchase   long                5,000   31-Mar-07     32.62
   Future      Purchase   long                1,000   31-Mar-07     32.59
   Future      Purchase   long                  100   31-Mar-07     32.49
   Future      Disposal   short              -3,000   31-Mar-07     32.75
   Future      Purchase   long                  300   31-Mar-07     32.58
   Future      Purchase   long                  100   31-Mar-07     32.56
   Future      Purchase   long                5,000   31-Mar-07     32.39
   Future      Disposal   short              -3,000   31-Mar-07     32.45
   Future      Disposal   short                -500   31-Mar-07     32.63
   Future      Disposal   short              -3,000   30-Jun-07     32.90
   Future      Disposal   short              -3,000   30-Jun-07     33.04
   Future      Disposal   short              -3,000   30-Jun-07     33.01
   Future      Disposal   short              -3,000   30-Jun-07     32.94



(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying




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


PUT           selling          500,000       32          European     31-Mar-07       0.37
PUT           purchasing       500,000       32          European     30-Jun-07       1.32





(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                                             06/03/2007

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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