Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
08 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                              07/03/2007



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                  12,041,930           long                 1.336%
(2) Derivatives (other     FUTURES
than options)                            short           31-Mar-07                      -502,200     0.056%
                                         short           30-Jun-07                      -147,200     0.016%
                                         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
agreements to
purchase/sell        ORGANIZED MARKETS


                     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%
                                        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%
                                                             39 long              500,000      0.055%
                                                  Total 39                        500,000      0.055%
                     PUT                31-Mar-07            32 short            -301,000      0.033%
                                                  Total 32                       -301,000      0.033%
                                                             33 long              200,000      0.022%
                                                                short            -100,000      0.011%
                                                  Total 33                        100,000      0.011%
                                                             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              450,000      0.050%
                                                  Total 33                        450,000      0.050%
                                        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 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 short        -300,000    0.033%
                                            Total 34                      -300,000    0.033%
                                  20-Mar-07            33.48 long            8,961    0.001%
                                            Total 33.48                      8,961    0.001%
                                  23-Mar-07            32.04 short        -200,000    0.022%
                                            Total 32.04                   -200,000    0.022%
                                  11-Sep-07          27.5975 long           19,929    0.002%
                                            Total 27.5975                   19,929    0.002%
                                  20-Jun-08               22 short        -250,000    0.028%
                                            Total 22                      -250,000    0.028%
                                  12-Jun-09            24.98 short         -59,648    0.007%
                                            Total 24.98                    -59,648    0.007%
                                  25-Jun-09           18.242 long          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                                                     219                              32.55
       Purchase                                                   4,781                              32.54
       Purchase                                                   5,000                              32.48
       Purchase                                                  14,660                              32.50
       Purchase                                                  20,000                              32.52
       Purchase                                                  25,000                              32.48
       Disposal                                                  30,949                              32.56
       Disposal                                                  20,000                              32.50
       Disposal                                                   8,000                              32.52
       Disposal                                                   3,000                              32.49





(b)               Derivatives transactions (other than options)


                                        number      maturity        price
   Future      Purchase   long                  300   31-Mar-07     32.50
   Future      Purchase   long                2,500   31-Mar-07     32.51
   Future      Purchase   long                5,000   31-Mar-07     32.61
   Future      Disposal   short              -3,000   30-Jun-07     32.84
   Future      Disposal   short                -100   30-Jun-07     32.93



(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)







(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                                             07/03/2007

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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