Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
13 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                                12/03/2007






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                        12,442,576.....1.380%

(2) Derivatives (other than options)           20,852,122.....2.312%           40,832,967...4.529%

(3) Options and agreements to purchase/sell    4,910,336......0.545%           6,682,862...  0.741%

Total                                          38,205,034.....4.238%           47,515,829....5.270%




(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                                                       8,000                               33.30
Purchase                                                      10,000                               33.22
Purchase                                                      13,000                               33.11
Purchase                                                      10,000                               33.02
Purchase                                                       9,240                               32.84
Purchase                                                      10,000                               32.95
Purchase                                                      22,000                               32.93
Purchase                                                       1,369                               32.82
Purchase                                                      10,000                               32.79
Purchase                                                      10,000                               32.76
Purchase                                                      10,000                               32.75
Purchase                                                       9,000                               32.70
Purchase                                                       6,975                               32.71
Purchase                                                      10,000                               32.72
Purchase                                                       2,000                               32.83
Purchase                                                      28,000                               32.80
Purchase                                                       9,000                               33.17
Purchase                                                       1,000                               33.17
Purchase                                                          25                               32.82
Purchase                                                      12,532                               32.68
Purchase                                                      29,148                               32.70
Purchase                                                      15,000                               32.71
Purchase                                                      46,696                               32.72
Purchase                                                      96,624                               32.75
Purchase                                                      35,200                               32.76
Purchase                                                       7,706                               32.77
Purchase                                                       9,800                               32.78
Purchase                                                      16,915                               32.79
Purchase                                                      58,085                               32.80
Purchase                                                       9,699                               32.81
Purchase                                                      10,000                               32.83
Purchase                                                      50,000                               32.84
Purchase                                                      57,640                               32.85
Purchase                                                      10,000                               32.87
Purchase                                                      41,313                               32.88
Purchase                                                      86,184                               32.90
Purchase                                                      44,108                               32.91
Purchase                                                      16,034                               32.92
Purchase                                                      20,000                               32.93
Purchase                                                      25,000                               32.94
Purchase                                                      44,028                               32.95
Purchase                                                       5,000                               32.96
Purchase                                                       3,000                               32.97
Purchase                                                       4,794                               32.98
Purchase                                                         231                               32.99
Purchase                                                      67,645                               33.00
Purchase                                                      12,070                               33.01
Purchase                                                      11,500                               33.02
Purchase                                                       3,000                               33.03
Purchase                                                      46,148                               33.04
Purchase                                                      11,576                               33.05
Purchase                                                      19,184                               33.06
Purchase                                                      14,188                               33.08
Purchase                                                      10,000                               33.09
Purchase                                                      25,360                               33.10
Purchase                                                       4,592                               33.11
Purchase                                                      30,642                               33.17
Purchase                                                      10,000                               33.21
Purchase                                                      10,000                               33.23
Purchase                                                      21,356                               33.24
Purchase                                                      22,000                               33.25
Purchase                                                      48,236                               33.27
Purchase                                                      34,509                               33.28
Purchase                                                      17,897                               33.29
Purchase                                                      55,349                               33.30
Purchase                                                       3,287                               33.31
Purchase                                                       5,500                               33.32
Purchase                                                      30,989                               33.33
Purchase                                                       6,232                               33.34
Purchase                                                      38,075                               33.35
Purchase                                                      12,100                               33.36
Purchase                                                       5,040                               33.37
Purchase                                                      10,000                               33.39
Purchase                                                      11,863                               33.40
Purchase                                                      10,000                               33.43
Purchase                                                      10,000                               33.45
Purchase                                                      21,925                               33.46
Purchase                                                       5,000                               33.47
Purchase                                                      12,440                               33.29
Purchase                                                       5,000                               33.46
Purchase                                                         879                               33.47
Purchase                                                       4,121                               33.48
Purchase                                                      50,000                               33.40
Disposal                                                       5,000                               33.35
Disposal                                                       5,000                               33.45
Disposal                                                      10,000                               33.46
Disposal                                                       5,648                               33.36
Disposal                                                         400                               32.89
Disposal                                                       4,600                               32.88
Disposal                                                       5,000                               32.87
Disposal                                                       5,000                               32.90
Disposal                                                       5,000                               32.95
Disposal                                                      10,000                               32.80
Disposal                                                       1,000                               33.38
Disposal                                                          25                               32.80
Disposal                                                   1,400,000                               33.01
Disposal                                                       9,000                               33.48
Disposal                                                      50,000                               32.80




(b)               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
Future 31/03/2007     long                                                       200                           33.01
Future 31/03/2007     short                                                    1,000                           33.05
Future 31/03/2007     long                                                     4,900                           33.09
Future 31/03/2007     long                                                       300                           33.37
Future 30/06/2007     short                                                      100                           33.68

Warrant call 35       long                                                    50,000                            0.49
09/07
Warrant call 35       long                                                    50,000                            0.48
09/07
Warrant call 35       short                                                   50,000                            0.46
09/07
Warrant call 35       long                                                     1,000                            0.50
09/07
Warrant call 35       short                                                    1,000                            0.50
09/07
Warrant call 36       short                                                    7,000                            0.27
06/07
Warrant call 38       long                                                     3,000                            0.13
06/07



(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)







(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                                                13/03/2007

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          Written                        305,000               33       european        31-Mar-07
CALL OPTION          Written                        235,000               30       european        31-Mar-07
CALL OPTION          Written                          5,000               32       european        31-Mar-07
CALL OPTION          purchase                       210,000               34       european        31-Mar-07
CALL OPTION          Written                         10,000               35       european        31-Mar-07
CALL OPTION          purchase                        20,000               36       european        31-Mar-07
CALL OPTION          Written                         10,000               35       european        30-Jun-07
CALL OPTION          Written                          5,000               36       european        30-Jun-07
CALL OPTION          Written                        130,000               37       european        30-Jun-07
CALL OPTION          Written                      2,110,000               38       european        30-Jun-07
CALL OPTION          Written                         30,000               31       european        30-Sep-07
CALL OPTION          Written                        500,000               33       european        31-Dec-07
CALL OPTION          purchase                       250,000               22       european        31-Dec-08
CALL OPTION          purchase                       500,000               39       european        31-Dec-08
CALL OPTION          purchase                           100               33       european        31-Mar-07
CALL OPTION          Written                            300               36       european        31-Mar-07
CALL OPTION          purchase                         9,000               35       european        31-Dec-07
CALL OPTION          purchase                       200,000               21       european        30-Jun-08
CALL OPTION          Written                        250,000               22       european        31-Dec-08
CALL OPTION          Written                        300,000               34       european        16-Mar-07
CALL OPTION          purchase                       500,000             33.5       european        16-Mar-07
CALL OPTION          Written                        300,000               23       european        21-Dec-07
CALL OPTION          Written                         11,456            32.57       european        17-Jan-08
CALL OPTION          Written                         22,975            34.82       european        20-Aug-08
CALL OPTION          purchase                        22,975          38.6502       european        20-Aug-08
CALL OPTION          Written                          8,563            34.96       european        26-Feb-09
CALL OPTION          Written                        820,868            27.41       european        01-Apr-09
CALL OPTION          purchase                        87,613            20.17       european        29-Apr-08
PUT OPTION           Written                        300,000               34       european        16-Mar-07
PUT OPTION           purchase                         8,961            33.48       european        20-Mar-07
PUT OPTION           purchase                        19,929          27.5975       european        11-Sep-07
PUT OPTION           Written                        250,000               22       european        20-Jun-08
PUT OPTION           Written                         59,648            24.98       european        12-Jun-09
PUT OPTION           purchase                       160,810           18.242       european        25-Jun-09
PUT OPTION           Written                        200,000            32.04       european        23-Mar-07
PUT OPTION           Written                        100,000               33       european        31-Mar-07
PUT OPTION           Written                        251,000               32       european        31-Mar-07
PUT OPTION           purchase                        30,000               34       european        31-Mar-07
PUT OPTION           purchase                       500,000               32       european        30-Jun-07
PUT OPTION           purchase                       300,000               33       european        30-Jun-07
PUT OPTION           Written                        500,000               32       european        31-Dec-07
PUT OPTION           Written                        750,000               33       european        31-Dec-07
PUT OPTION           purchase                       250,000               22       european        31-Dec-08
PUT OPTION           Written                         50,000               32       european        31-Mar-07
PUT OPTION           purchase                       200,000               33       european        31-Mar-07
PUT OPTION           Written                        200,000               22       european        30-Jun-07
PUT OPTION           purchase                       150,000               33       european        30-Jun-07
PUT OPTION           purchase                         9,000               31       european        31-Dec-07
PUT OPTION           Written                        200,000               33       european        31-Dec-07
PUT OPTION           Written                        250,000               22       european        31-Dec-08

FUTURE               Written                        461,600                                        31-mar-07
FUTURE               purchase                        10,000                                        31-mar-07
FUTURE               Written                        158,800                                        30-jun-07
FUTURE               purchase                     2,000,000                                        18-may-07
FUTURE               purchase                       166,317                                        19-nov-08

WARRANT CALL         purchase                     1,858,205            36.00 european              15-Jun-07
WARRANT CALL         purchase                     1,926,162            38.00 european              15-Jun-07
WARRANT CALL         purchase                       898,460            35.00 european              21-Sep-07
WARRANT CALL         purchase                         8,938            37.00 european              21-Sep-07
WARRANT CALL         purchase                     2,989,800            36.50 european              21-Dec-07
WARRANT CALL         purchase                     2,996,100            34.00 european              21-Dec-07
WARRANT CALL         purchase                       999,890            28.00 european              15-Jun-07
WARRANT CALL         purchase                       999,900            26.00 european              16-Mar-07
WARRANT CALL         purchase                     1,498,890            34.00 european              31-Mar-07
WARRANT CALL         purchase                     1,500,000            37.00 european              31-Mar-07
WARRANT CALL         purchase                     1,499,460            40.00 european              31-Dec-07
WARRANT PUT          purchase                     1,999,740            33.00 european              15-Jun-07
WARRANT PUT          purchase                     2,000,000            36.00 european              15-Jun-07
WARRANT PUT          purchase                     2,000,000            32.00 european              21-Sep-07
WARRANT PUT          purchase                     1,998,000            34.00 european              21-Sep-07
WARRANT PUT          purchase                     3,000,000            31.00 european              21-Dec-07
WARRANT PUT          purchase                     2,999,000            35.00 european              21-Dec-07
WARRANT PUT          purchase                       996,500            26.00 european              15-Jun-07
WARRANT PUT          purchase                       998,500            24.00 european              16-Mar-07
WARRANT PUT          Written                      1,500,000            24.00 european              31-Mar-07



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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