Rule 8.3- Iberdrola

Banco Santander Central Hispano SA
19 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    ORDINARY
the dealings being disclosed relate
(Note 2)
Date of dealing                        16/03/2007


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                 11,305,793 .........      1.254%
(2) Derivatives (other than options)    20,739,772 .........      2.300%   40,754,784 .........              4.520%
(3) Options and agreements to purchase   4,338,212 .........      0.481%    4,873,348 .........              0.541%
/sell
Total                                   36,383,777 .........      4.036%   45,628,132 .........              5.061%




(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)
Purchase                                          48,000                                 33.41
Purchase                                          31,464                                 33.42
Purchase                                           8,798                                 33.43
Purchase                                          25,000                                 33.44
Purchase                                          62,411                                 33.45
Purchase                                          33,154                                 33.46
Purchase                                          42,245                                 33.47
Purchase                                          80,344                                 33.48
Purchase                                           2,501                                 33.49
Purchase                                         140,345                                 33.50
Purchase                                           5,665                                 33.51
Purchase                                          60,496                                 33.52
Purchase                                         107,309                                 33.53
Purchase                                          58,407                                 33.54
Purchase                                         100,705                                 33.55
Purchase                                           2,402                                 33.56
Purchase                                          27,260                                 33.57
Purchase                                          27,738                                 33.58
Purchase                                          10,000                                 33.60
Purchase                                          80,018                                 33.61
Purchase                                          10,000                                 33.62
Purchase                                          10,000                                 33.63
Purchase                                          25,738                                 33.65
Purchase                                          10,000                                 33.66
Purchase                                          10,000                                 33.68
Disposal                                       1,020,000                                 33.52
Purchase                                          12,000                                 33.47
Purchase                                          10,000                                 33.43
Purchase                                           8,000                                 33.42
Disposal                                           7,000                                 33.52
Disposal                                          15,000                                 33.56
Disposal                                           1,953                                 33.27
Disposal                                           5,000                                 33.57
Disposal                                         456,470                                 33.13
Disposal                                           9,000                                 33.42
Purchase                                           2,488                                 33.60
Purchase                                          10,000                                 33.50
Purchase                                             100                                 33.51
Purchase                                          11,027                                 33.52
Purchase                                          10,000                                 33.53
Purchase                                          10,000                                 33.56
Purchase                                              90                                 33.58
Purchase                                             500                                 33.59
Purchase                                           8,283                                 33.60
Purchase                                          15,000                                 33.71
Purchase                                         500,000                                 33.44
Purchase                                         195,000                                 33.40
Disposal                                          36,075                                 33.45
Disposal                                         300,000                                 33.60
Disposal                                         235,000                                 30.00
Disposal                                           5,000                                 32.00
Disposal                                         305,000                                 33.00
Disposal                                         376,800                                 33.44
Disposal                                          15,000                                 33.65
Disposal                                          30,000                                 34.00
Purchase                                           4,317                                 33.69
Purchase                                          11,107                                 33.70
Purchase                                           4,576                                 33.68
Disposal                                          20,000                                 33.70


(b)            Derivatives transactions (other than options)

Product name, e.g. CFD               Long/short (Note  Number of securities (Note 7)   Price per unit - € (Note 5)
                                     6)
Warrant Call 36 06/07                Long               3,000                           0.29
Future 01/03/2007                    Short             10,000                          33,44
Future 16/03/2007                    Long               1,000                          33.43
Future 16/03/2007                    Long               3,000                          33.44
Future 16/03/2007                    Long               1,500                          33.52
Future 16/03/2007                    Long               4,000                          33.53
Future 16/03/2007                    Long               3,800                          33.57
Future 16/03/2007                    Long                 100                          33.60
Future 16/03/2007                    Long                 100                          33.62
Future 16/03/2007                    Long              26,500                          33.63
Future 16/03/2007                    Long               5,000                          33.71
Future 15/06/2007                    Long                 500                          33.73
Future 15/06/2007                    Short              1,000                          33.75
Future 15/06/2007                    Long               1,400                          33.82
Future 15/06/2007                    Short                200                          33.85
Future 15/06/2007                    Long                 600                          33.85
Future 15/06/2007                    Long               4,300                          33.86
Future 15/06/2007                    Long               5,000                          33.88
Future 15/06/2007                    Short              3,800                          33.89
Future 15/06/2007                    Short              1,000                          33.93
Future 15/06/2007                    Long                 200                          33.94
Future 15/06/2007                    Short                100                          33.94
Future 15/06/2007                    Short             26,500                          33.95
Future 15/06/2007                    Long               1,000                          33.99
Future 15/06/2007                    Long                 200                          34.00


 (c)          Options transactions in respect of existing securities

(i)          Writing, selling, purchasing or varying

Product name, e.g. Writing, selling,     Number of     Exercise     Type, e.g.     Expiry date   Option money paid
call option          purchasing,       securities to   price        American,                    /received per
                   varying etc.      which the option               European etc.                unit (Note 5)
                                     relates (Note 7)
Put Option         Expired                300,000      34.00        European          16/03/2007
Call Option        Expired                300,000      34.00        European          16/03/2007
Call Option        Expired                500,000      33.50        European          16/03/2007
Call Option        Expired                    100      33.00        European          31/03/2007
Put Option         Expired                200,000      33.00        European          31/03/2007
Call Option        Expired                    300      36.00        European          31/03/2007
Put Option         Expired                 50,000      32.00        European          31/03/2007
Call Option        Expired                305,000      33.00        European          16/03/2007
Put Option         Expired                100,000      33.00        European          16/03/2007
Call Option        Expired                235,000      30.00        European          16/03/2007
Call Option        Expired                  5,000      32.00        European          16/03/2007
Call Option        Expired                210,000      34.00        European          16/03/2007
Call Option        Expired                 10,000      35.00        European          16/03/2007
Call Option        Expired                 20,000      36.00        European          16/03/2007
Put Option         Expired                251,000      32.00        European          16/03/2007
Put Option         Expired                 30,000      34.00        European          16/03/2007




(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                                               19/03/2007
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, e.g.     Written or         Number of       Exercise     Type, e.g. American,       Expiry date
    call option         purchased       securities to    price - €        European etc.
                                      which the option    (Note 2)
                                        or derivative
                                           relates
    Call Option         Purchase             8,563          34.96           European              26/02/2009
    Call Option         Purchase            22,975          38.65           European              20/08/2008
    Call Option         Purchase            22,975          34.82           European              20/08/2008
    Call Option         Purchase            11,456          32.57           European              17/01/2008
    Call Option         Purchase           820,868          27.41           European              01/04/2009
    Call Option         Purchase           300,000             23           European              21/12/2007
    Call Option         Purchase           192,375          17.48           European              19/11/2007
    Call Option         Purchase             8,563          34.96           European              26/02/2009
    Call Option         Purchase            22,975          38.65           European              20/08/2008
    Call Option         Purchase            22,975          34.82           European              20/08/2008
    Call Option         Purchase            11,456          32.57           European              17/01/2008
    Call Option         Purchase           820,868          27.41           European              01/04/2009
    Call Option         Purchase           300,000             23           European              21/12/2007
    Call Option         Purchase           192,375          17.48           European              19/11/2007
    Call Option         Purchase           100,000             34           European              15/06/2007
    Call Option         Disposal            10,000             35           European              15/06/2007
    Call Option         Disposal           105,000             36           European              15/06/2007
    Call Option         Disposal           130,000             37           European              15/06/2007
    Call Option         Disposal         2,110,000             38           European              15/06/2007
    Call Option         Disposal            30,000             31           European              21/09/2007
    Call Option         Disposal           500,000             33           European              21/12/2007
    Call Option         Purchase           250,000             22           European              19/12/2008
    Call Option         Purchase           500,000             39           European              19/12/2008
    Put Option          Purchase             8,961          33.48           European              20/03/2007
    Put Option          Purchase            19,929          27.6            European              11/09/2007
    Put Option          Purchase           160,810          18.24           European              25/06/2009
    Put Option          Purchase            59,648          24.98           European              12/06/2009
    Put Option          Purchase           250,000             22           European              20/06/2008
    Put Option          Purchase             8,961          33.48           European              20/03/2007
    Put Option          Purchase            19,929          27.6            European              11/09/2007
    Put Option          Purchase           160,810          18.24           European              25/06/2009
    Put Option          Purchase            59,648          24.98           European              12/06/2009
    Put Option          Purchase           250,000             22           European              20/06/2008
    Put Option          Purchase           500,000             32           European              15/06/2007
    Put Option          Purchase           300,000             33           European              15/06/2007
    Put Option          Disposal           500,000             32           European              21/12/2007
    Put Option          Disposal           750,000             33           European              21/12/2007
    Put Option          Purchase           250,000             22           European              19/12/2008
      Future            Purchase         2,000,000                                                18/05/2007
      Future            Purchase           166,317                                                19/11/2007
      Future            Disposal           214,000                                                30/06/2007
      Future            Disposal           376,800                                                16/03/2007
   Warrant Call         Purchase         1,873,205             36           European              15/06/2007
   Warrant Call         Purchase         1,926,162             38           European              15/06/2007
   Warrant Call         Purchase           778,960             35           European              21/09/2007
   Warrant Call         Purchase            11,088             37           European              21/09/2007
   Warrant Call         Purchase         2,989,800          36.5            European              21/09/2007
   Warrant Call         Purchase         2,996,100             34           European              21/09/2007
   Warrant Call         Purchase           999,890             28           European              15/06/2007
   Warrant Call         Purchase           999,900             26           European              16/03/2007
   Warrant Call         Purchase         1,498,890             34           European              20/06/2008
   Warrant Call         Purchase         1,500,000             37           European              20/06/2008
   Warrant Call         Purchase         1,499,460             40           European              20/06/2008
    Warrant Put         Purchase         1,998,840             33           European              15/06/2007
    Warrant Put         Purchase         2,000,000             36           European              15/06/2007
    Warrant Put         Purchase         2,000,000             32           European              21/09/2007
    Warrant Put         Purchase         1,998,000             34           European              21/09/2007
    Warrant Put         Purchase         3,000,000             31           European              21/09/2007
    Warrant Put         Purchase         2,999,000             35           European              21/09/2007
    Warrant Put         Purchase           996,500             26           European              15/06/2007
    Warrant Put         Purchase           998,500             24           European              16/03/2007
    Warrant Put         Disposal         1,500,000             24           European              20/06/2008




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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