Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
15 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                                14/03/2007






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                        12,039,775.....................
                                               ....1.335%

(2) Derivatives (other than options)           20,749,772.....................  40,834,867.....................
                                               2.301%                           ....4.529%

(3) Options and agreements to purchase/sell    5,010,336..................      6,975,237......................
                                               .....0.555%                      ....0.774%

Total                                          37,799,883.....................  47,810,104.....................
                                               4.193%                           ....5.303%




(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                                                       3,850                               32.22
Purchase                                                     712,695                               32.58
Purchase                                                       8,000                               32.10
Purchase                                                      16,604                               32.16
Purchase                                                      25,000                               32.20
Purchase                                                       5,000                               32.22
Purchase                                                       5,000                               32.25
Purchase                                                      25,000                               32.28
Purchase                                                      30,000                               32.30
Purchase                                                       3,524                               32.31
Purchase                                                      82,520                               32.32
Purchase                                                      23,413                               32.33
Purchase                                                      19,365                               32.34
Purchase                                                      49,000                               32.35
Purchase                                                      14,537                               32.36
Purchase                                                      10,000                               32.37
Purchase                                                      40,147                               32.38
Purchase                                                      24,942                               32.39
Purchase                                                      14,000                               32.40
Purchase                                                       5,000                               32.41
Purchase                                                      18,143                               32.42
Purchase                                                      40,000                               32.43
Purchase                                                      10,000                               32.44
Purchase                                                      25,384                               32.45
Purchase                                                       2,911                               32.47
Purchase                                                      25,421                               32.48
Purchase                                                      15,645                               32.50
Purchase                                                      20,000                               32.53
Purchase                                                      94,173                               32.55
Purchase                                                       2,474                               32.56
Purchase                                                      19,543                               32.57
Purchase                                                       3,067                               32.58
Purchase                                                       1,255                               32.59
Purchase                                                      33,308                               32.60
Purchase                                                     108,059                               32.61
Purchase                                                       6,343                               32.62
Purchase                                                      14,981                               32.63
Purchase                                                       5,536                               32.64
Purchase                                                      13,284                               32.65
Purchase                                                      24,522                               32.66
Purchase                                                      19,205                               32.67
Purchase                                                      19,658                               32.68
Purchase                                                      10,000                               32.69
Purchase                                                      38,967                               32.70
Purchase                                                         394                               32.71
Purchase                                                      21,183                               32.73
Purchase                                                      12,553                               32.74
Purchase                                                      48,700                               32.75
Purchase                                                      30,000                               32.81
Purchase                                                      20,000                               32.82
Purchase                                                      26,000                               32.83
Purchase                                                       5,000                               32.84
Purchase                                                      10,000                               32.85
Purchase                                                      20,000                               32.89
Purchase                                                       4,000                               32.92
Purchase                                                      20,000                               32.93
Purchase                                                      35,000                               32.95
Purchase                                                      10,000                               32.97
Purchase                                                      20,000                               33.03
Purchase                                                       3,239                               33.06
Purchase                                                      10,000                               33.12
Purchase                                                       5,786                               33.14
Purchase                                                      15,214                               33.15
Purchase                                                      10,000                               33.18
Purchase                                                       2,464                               32.80
Purchase                                                       2,000                               32.82
Purchase                                                         516                               32.84
Purchase                                                      12,522                               32.85
Purchase                                                      10,000                               32.86
Purchase                                                       4,901                               32.90
Purchase                                                       5,000                               32.12
Purchase                                                       1,885                               32.21
Purchase                                                       5,000                               32.27
Purchase                                                      15,000                               32.31
Purchase                                                      15,000                               32.33
Purchase                                                      32,000                               32.45
Purchase                                                      23,000                               32.55
Purchase                                                       5,000                               33.02
Purchase                                                       5,000                               32.94
Purchase                                                       5,000                               32.91
Purchase                                                       5,000                               32.73
Purchase                                                      10,000                               32.71
Purchase                                                      20,000                               32.66
Purchase                                                      10,000                               32.61
Purchase                                                         110                               32.50
Purchase                                                      39,890                               32.44
Purchase                                                         600                               32.39
Purchase                                                      13,683                               32.21
Purchase                                                      10,000                               32.33
Purchase                                                       1,502                               32.39
Purchase                                                       8,498                               32.43
Purchase                                                       8,465                               32.77
Purchase                                                       1,535                               32.79
Purchase                                                       3,029                               32.81
Purchase                                                       6,971                               32.82
Purchase                                                       5,300                               33.19
Purchase                                                      14,700                               33.20
Purchase                                                       7,000                               32.40
Purchase                                                       1,714                               33.02
Purchase                                                       2,286                               33.03
Purchase                                                       8,899                               33.14
Purchase                                                      14,833                               33.15
Disposal                                                       3,850                               32.11
Disposal                                                   2,012,695                               32.58
Disposal                                                       9,000                               32.83
Disposal                                                       1,000                               32.87
Disposal                                                      22,403                               32.89
Disposal                                                      10,000                               32.24
Disposal                                                       4,444                               32.27
Disposal                                                      15,556                               32.25
Disposal                                                      30,000                               32.43
Disposal                                                      10,000                               32.40
Disposal                                                      10,000                               32.38
Disposal                                                      30,000                               32.44
Disposal                                                      31,678                               32.48
Disposal                                                       3,234                               32.50
Disposal                                                      25,088                               32.47
Disposal                                                      15,000                               32.35
Disposal                                                      12,000                               32.66
Disposal                                                      10,000                               32.85
Disposal                                                      10,000                               32.95
Disposal                                                      13,000                               32.86
Disposal                                                       3,709                               32.83
Disposal                                                       2,992                               32.80
Disposal                                                       5,000                               32.89
Disposal                                                         304                               32.84
Disposal                                                       2,100                               32.82
Disposal                                                       5,000                               32.55
Disposal                                                      14,668                               32.73
Disposal                                                       5,000                               32.78
Disposal                                                      10,000                               33.05
Disposal                                                      12,000                               33.14
Disposal                                                      15,000                               33.13
Disposal                                                         500                               33.12
Disposal                                                       4,500                               33.11
Disposal                                                       5,000                               33.10
Disposal                                                      10,000                               33.00
Disposal                                                      20,000                               33.04
Disposal                                                       5,000                               33.19
Disposal                                                      13,000                               33.15
Disposal                                                       5,000                               33.17
Disposal                                                       5,000                               33.16
Disposal                                                      13,000                               33.18
Disposal                                                       5,000                               33.03
Disposal                                                       5,000                               32.87
Disposal                                                       5,926                               32.81
Disposal                                                      12,000                               32.67
Disposal                                                      29,854                               32.60
Disposal                                                      40,000                               32.44
Disposal                                                       5,000                               32.10
Disposal                                                       1,313                               32.11
Disposal                                                       5,080                               32.15
Disposal                                                      17,000                               32.16
Disposal                                                       1,607                               32.20
Disposal                                                      10,000                               32.21
Disposal                                                       5,000                               32.22
Disposal                                                       1,944                               32.32
Disposal                                                       3,056                               32.33
Disposal                                                      10,000                               32.34
Disposal                                                      10,000                               32.37
Disposal                                                      19,700                               32.39
Disposal                                                      14,885                               32.40
Disposal                                                       5,415                               32.42
Disposal                                                       5,000                               32.43
Disposal                                                       9,850                               32.10
Disposal                                                         150                               32.11
Disposal                                                       8,250                               32.21
Disposal                                                       6,750                               32.22
Disposal                                                      14,877                               32.25
Disposal                                                         123                               32.29


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                                                     2,800                           32.32
Future 31/03/2007     short                                                    2,500                           32.36
Future 31/03/2007     long                                                       100                           32.53
Future 31/03/2007     long                                                       300                           32.56
Future 30/06/2007     short                                                    5,000                           32.67
Future 31/03/2007     long                                                       500                           32.67
Future 30/06/2007     long                                                     3,000                           32.68
Future 31/03/2007     long                                                     2,000                           32.68
Future 31/03/2007     long                                                       200                           32.69
Future 30/06/2007     short                                                      500                           32.70
Future 31/03/2007     long                                                     1,500                           32.72
Future 31/03/2007     long                                                     1,500                           32.73
Future 31/03/2007     long                                                       500                           32.75
Future 31/03/2007     long                                                       100                           32.81
Future 30/06/2007     short                                                    3,000                           32.82
Future 31/03/2007     long                                                       600                           32.82
Future 31/03/2007     long                                                       100                           32.83
Future 31/03/2007     long                                                     3,000                           32.84
Future 30/06/2007     short                                                      100                           32.85
Future 30/06/2007     short                                                      300                           32.88
Future 31/03/2007     long                                                     3,000                           32.98
Future 31/03/2007     long                                                       100                           32.99
Future 30/06/2007     short                                                      500                           32.99
Future 31/03/2007     long                                                     1,300                           33.00
Future 30/06/2007     short                                                    2,000                           33.00
Future 31/03/2007     long                                                     1,500                           33.01
Future 30/06/2007     short                                                      200                           33.01
Future 31/03/2007     long                                                       800                           33.02
Future 30/06/2007     short                                                    1,500                           33.05
Future 30/06/2007     short                                                      500                           33.07
Future 31/03/2007     long                                                     3,000                           33.08
Future 30/06/2007     short                                                      200                           33.13
Future 31/03/2007     long                                                     2,600                           33.13
Future 30/06/2007     short                                                      600                           33.14
Future 30/06/2007     short                                                      100                           33.15
Future 30/06/2007     short                                                    3,000                           33.16
Future 31/03/2007     long                                                       100                           33.16
Future 31/03/2007     long                                                     3,700                           33.20
Future 31/03/2007     long                                                     3,700                           33.22
Future 30/06/2007     short                                                    3,000                           33.30
Future 30/06/2007     short                                                      100                           33.31
Future 30/06/2007     short                                                    1,300                           33.32
Future 30/06/2007     short                                                    1,500                           33.33
Future 30/06/2007     short                                                      800                           33.34
Future 30/06/2007     short                                                    3,000                           33.40
Future 30/06/2007     short                                                    2,600                           33.45
Future 30/06/2007     short                                                      100                           33.48
Future 30/06/2007     short                                                    3,700                           33.52
Future 30/06/2007     short                                                    3,700                           33.54

Warrant call 34       long                                                    50,000                            0.56
12/07
Warrant call 34       short                                                   50,000                            0.56
12/07
Warrant call 34       short                                                   30,000                            0.62
12/07
Warrant call 34       long                                                    30,000                            0.62
12/07
Warrant call 34       short                                                   30,000                            0.59
12/07
Warrant call 34       long                                                    30,000                            0.59
12/07
Warrant call 34       short                                                   30,000                             0.6
12/07
Warrant call 34       long                                                    30,000                            0.61
12/07
Warrant call 34       short                                                   30,000                            0.63
12/07
Warrant call 34       long                                                    30,000                            0.63
12/07
Warrant call 34       short                                                   30,000                            0.62
12/07
Warrant call 34       long                                                    30,000                            0.62
12/07
Warrant call 35       short                                                    4,500                            0.42
09/07
Warrant call 35       short                                                   45,500                            0.41
09/07
Warrant call 35       short                                                    4,500                            0.41
09/07
Warrant call 35       short                                                   45,500                            0.41
09/07
Warrant call 35       short                                                    4,500                            0.41
09/07
Warrant call 35       long                                                    50,000                            0.45
09/07
Warrant call 35       short                                                   45,500                            0.45
09/07
Warrant call 35       short                                                    4,500                            0.45
09/07
Warrant call 35       long                                                    50,000                            0.46
09/07
Warrant call 35       long                                                    50,000                            0.46
09/07
Warrant call 35       long                                                    50,000                            0.47
09/07
Warrant call 35       short                                                   50,000                            0.48
09/07
Warrant call 35       short                                                   50,000                            0.47
09/07
Warrant call 35       short                                                   50,000                            0.47
09/07
Warrant call 37       long                                                     2,150                            0.31
09/07



(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                                                15/03/2007

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                        105,000               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
CALL OPTION          purchase                       100,000               34       european        30-Jun-07
CALL OPTION          Written                        192,375          17.4867       european        19-Nov-07
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                        428,700                                        31-mar-07
FUTURE               purchase                        10,000                                        31-mar-07
FUTURE               Written                        193,600                                        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                       793,960            35.00 european              21-Sep-07
WARRANT CALL         purchase                        11,088            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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